TRANSFORMATION OF BANKING ACTIVITIES IN SWITZERLAND: THE INFLUENCE OF NEO-BANKS AND PROSPECTS FOR THE DEVELOPMENT OF THE FINANCIAL SECTOR

Abstract

Neobanks are dominant in the development of the financial sector of the leading countries of the world, the financial sector of Switzerland is no exception. The purpose of the article is a comprehensive study of the ways in which neo-banks change the Swiss banking sphere, namely the influence of neo-banks on the competitive environment and the behavior of Swiss consumers of banking services. The article examines the dynamic neobank market in Switzerland, analyzing data from the Statista and Swiss Payment Monitor platforms. A significant growth potential of this segment has been revealed, with an expected increase in the value of transactions to 109.7 billion USD by 2028. The article reveals the main areas of use of neobank services by the Swiss, including online payments, cash withdrawals, P2P transfers, bank transfers, cryptocurrency exchange , budgeting, donations and insurance. A comparative analysis of neobanks Neon, Revolut, Yuh, CSX, Wise, Yapeal, Zak based on data from the Moneyland.ch analytical platform revealed the most favorable offers for cards, interest rates and accounts. Investigated the cost of cash withdrawals and payments in different currencies, identifying Neon and Revolut as key options for users of neobank services in Switzerland. The article outlines the prospects for the development of neobanks in Switzerland, emphasizing the importance of technological innovation, focus on customer experience and competitive advantage. At the same time, challenges related to regulatory requirements, competition and the need to strengthen customer trust are noted. Overall, the study confirms that non-banks are playing an increasingly important role in the Swiss financial sector, offering innovative solutions and contributing to the development of the digital economy. The proposed article can be useful to professional researchers and analysts, banking institutions, business associations, regulators, international financial organizations. Further research in this area is expected in the direction of studying the specifics of the impact of regulation on the development prospects of neobanks in Switzerland.