Numerous fintechs and the federal government have done important work in that respect. But the game winner will be how both major Swiss banks will be able to serve a broader number of clients with such products and services. It is the only way that fintechs can gain enough critical mass to be successful in the long term.
A Credit Suisse absorbed in itself is not likely to be in a situation to be a trendsetter in digital banking. The best example for that would be the CSX digital bank, which became operational just as the Greensill debacle broke. Potential clients probably thought twice before opening a digital account in those circumstances.
Political Dagger
Only UBS and Credit Suisse can drive Swiss finance. They also carry a larger responsibility because of that. If they are negligent and ill-considered in their risk-taking, the whole sector is under the danger of living under a Sword of Damocles. That can't be what the banks want.
«But the implementation of a strategy which taps new markets and partnerships and isn't afraid to think big, as the DNA of Silicon Valley dictates, would fit the ambitions of wealth management's number-one as well as the Swiss financial center.», said Swiss professor Teodoro Cocca to finews.asia.
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