Greater financial sovereignty for retail bank customers, new opportunities for financial institutions
Greater financial sovereignty for retail bank customers, new opportunities for financial institutions
The time has come – 2025 will be the year of multibanking for individuals in Switzerland. With bLink, a secure platform is available, more and more banks are joining in – and we at Contovista provide the right multibanking capabilities for a convenient account overview while adding extra value to this new banking paradigm with our AI Personal Finance Manager.
Multibanking is a vital step into the world of Open Banking, Open Finance, and Beyond Banking – representing an exciting development for retail customers. With multibanking, they can get a perfect overview of their finances with just one login. And in the growing Open Banking ecosystem, they benefit from new offerings and continuous innovation through customer-centric value-added services, powered by the AI Personal Finance Manager. Of course, this development also benefits banks: it increases customer engagement, secures the customer interface, and provides deeper insights into their customers’ needs.
Once multibanking for individuals is launched in Switzerland in the near future, it will mark the first step towards the future of banking. Alongside the immediate benefits of multibanking, this will lay the foundation for Open Finance and Beyond Banking, enabling a continuous stream of new offers for users. With Contovista, banks are perfectly prepared for this transformation.
As a Swiss pioneer in multibanking for SMEs, we have been implementing multibanking solutions for banks for several years, facilitating efficient financial management across different bank accounts. Our wealth of experience in multibanking allows us to deliver highly innovative solutions. These include multibanking for individuals as a standalone option, but also the multibanking-enabled AI Personal Finance Manager with a wide range of value-added services.
The testing phases and implementation are largely complete. Our partner banks have also successfully conducted “friends and family” testing in a production environment. The next phase will be the nationwide rollout for all retail customers of the relevant banks. We expect them to launch their multibanking offerings in the coming weeks. And then, the powerful platform effect of Open Banking will unfold – a banking revolution that benefits everyone: financial institutions, third-party providers, and, most importantly, the customers themselves.
Multibanking offers customers huge benefits by providing a complete overview of their finances with a single login – especially when combined with a finance cockpit like the AI Personal Finance Manager.
The broader data foundation enables banks to offer significantly improved services to their customers. This goes beyond basic banking tools for account balances and transactions – it includes deeper financial insights and value-added services such as intelligent tax deductions, a carbon footprint manager, and a subscription overview. These services and financial insights are tailored precisely to each customer’s individual situation, based on their account information. The result is a deeper understanding of your own financial situation, allowing for better control and planning of expenses. Thanks to multibanking, customers can now access financial insights across accounts and transactions from multiple banks.
Personalised services and offers that fit their daily lives – that’s what today’s bank customers increasingly expect from their financial institution. By meeting these needs with a multibanking offering, banks can position themselves as reliable partners and strengthen customer relationships. The bond with the primary bank, whose app provides users with these numerous benefits, is hereby reinforced in a lasting way.
Banks can use multibanking offerings to project an innovative image and thus better stand out from the crowd. In particular, institutions that combine multibanking with a Personal Finance Manager position themselves as modern and customer-centric companies. And especially in markets like Switzerland, where multibanking is still new, early adopters gain a significant competitive advantage.
This helps secure the customer interface – just as an integrated Personal Finance Manager with multibanking functionality and value-added services increases app usage frequency. Customers regularly check and manage their financial data using the app. The integration of value-added services significantly boosts customer engagement and interaction on digital channels.
The AI Personal Finance Manager’s features will be continually expanded in the future, with upcoming additions such as automatic interest yield optimisation and account balance management. These enhancements will make the tool even more valuable and appealing to customers.
