Credit Suisse Group AG (CS - Free Report) is adopting Apple Business Chat as a mode of communication with private banking clients in Singapore and Hong Kong, in a bid to upscale its digital offerings. With the help of this messaging service, customers will be able to know their account balance and portfolio or the status of their transactions, as of now.
Later on, Credit Suisse plans to introduce more geographical booking centers. It also intends to add functions such as enabling clients to perform self-servicing functions like placing trade orders and completing tasks relating to their accounts (for instance, submitting forms). Moreover, Credit Suisse will give its clients the option to update personal details via communicating with the company’s relationship managers.
Per the company, about 95% of its client base in the Asian region using mobile banking platform are users of iPhones or iPads. Thus, integration of this chat service would make it easier for the clients to communicate with the company to a great extent.
San Francisco-based major bank, Wells Fargo (WFC - Free Report) was one of the banks that integrated this chat service, which was introduced in January 2018.
Credit Suisse’s head of private banking in South Asia, Benjamin Cavalli said, “Using messaging to communicate is a core part of our clients’ everyday life and fast becoming the next transformational shift all over the world.”
The company has reached the last phase of its three-year restructuring overhaul, aimed at boosting the bank’s financials. However, it continues to encounter legal hassles, which might result in higher expenses.
Recently, it was ordered to improve internal control processes and accelerate the implementation of steps that had been initiated by the company in 2015 for the same. Credit Suisse was slapped with a fine of $10 million by the U.S. federal regulators for malpractices related to the retail execution services business in mid-2011 through March 2015.
The stock has lost 17.9% so far this year compared with 13.6% decline recorded by the industry it belongs to.
Credit Suisse currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the same space are DNB ASA (DNHBY - Free Report) and Hang Seng Bank Ltd. (HSNGY - Free Report) , each carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DNB ASA has been revised 16.9% upward for the current year over the past 60 days. The company’s share price has risen 1.8% in the past year.
Hang Seng’s earnings estimates for 2018 have remained stable in the past 30 days. Its share price was up 9.6% over the past year.
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