A survey of CIOs from financial institutions and fintechs (CIO Barometer) also confirms the potential of open finance as a future business model. Although only just under half of the participants rate this potential as "currently" high or very high, the figure for 2026 is over 85%. "Especially in the area of wealth management, Open Finance offers good opportunities for success," says Ankenbrand. The reasons for this, he says, are the global market size, the Swiss market share and the need to maintain the pioneering role of the Swiss financial center.
Interestingly, both financial institutions and fintechs cite a lack of API standardization (both 55%) and the integration of APIs into the core banking system (financial institutions: 47%, fintechs: 45%) as key hurdles to the implementation of open finance in wealth management. Fintechs only give higher weighting to financial institutions' legacy systems, while the financial institutions themselves additionally cite high expenses and the loss of customers. In order to realize the potential of OpenWealth, a broad adaptation of common standards is necessary, which financial institutions and fintechs are currently struggling with, even though corresponding initiatives and scalable platforms already exist and are in operation in Switzerland, according to Ankenbrand.
As a sponsor SIX is happy to provide you with free access to the "IFZ Fintech Study 2022" to find out more about the current state of the Swiss fintech sector.