PostFinance is transforming itself from a traditional financial service provider into a digital powerhouse, and, by the end of 2020, aims to be Switzerland’s leading digital bank. This leading position is not only about products, services and processes, it’s also about providing customers with secure protection against cyberspace threats. PostFinance is the first bank in Switzerland to actively pledge to fully cover its customers for any financial damages they suffer in online banking resulting from system attacks, and up to a sum of 100,000 francs per case.

Today, PostFinance is the market leader in online banking and mobile banking in Switzerland. And yet, many of its customers still carry out their banking business non-digitally. PostFinance plans on reducing these numbers significantly over the coming years by helping its customers make the jump from the analogue world to the digital world. The goal is “digital banking – easy and for everyone”.

Threats of system attacks

Alongside the numerous benefits, there are also hurdles preventing customers from making the switch to online banking. A PostFinance survey shows that threats like phishing (acquiring personal data such as online banking login details using fake e-mails or websites) and malware (software that invades computer systems and may result in malfunctions or damage) and the fear this generates of being the victim of a cyberattack like these are amongst the main reasons customers aren’t banking online. This is precisely where PostFinance’s new performance pledge comes in.

PostFinance will cover financial damages

PostFinance wants online banking to be secure for its customers. This is why it is the first bank in Switzerland to actively pledge to fully cover any financial damages customers suffer in e-finance and the PostFinance App resulting from phishing or malware attacks, up to a sum of 100,000 francs per case. However, claims resulting, for example, from gross negligence on the part of the customer, are not covered.