The Swiss FinTech sector has grown into a major provider of innovative solutions for the Swiss finance industry over the past few years. However, a closer look at the industry reveals that its development is gradually slowing down. At the end of the year 2020, 405 domestic FinTech companies were based in Switzerland, an increase of six percent compared to 2019. A year earlier, the growth rate was seven percent. The majority of the companies offer solutions in the field of investment management and banking infrastructure. Their business models predominantly revolve around technologies in the areas of process digitization, automation and robotics.
Partnerships between banks and FinTechs accelerate FinTech success
One trend that could give the industry the kick it needs is strong cooperation between banks and FinTechs in the context of open banking. Driven by pressure on traditional business models, technological advances, changing customer needs and international regulatory requirements, open banking is increasingly becoming a strategic priority among Swiss banks.
Platforms like bLink help banks reduce effort and complexity in establishing open banking
A survey of IT responsibles at Swiss banks presented in the study shows that the pressure to open up bank interfaces to FinTechs is still relatively low. Similarly, the obstacles cited are diverse and revolve mainly around high costs and effort, as well as concerns about IT security and the lack of standardization. However, new comprehensive platforms such as bLink from SIX greatly simplify access to Open Banking and, as exemplified by bLink, are already being used increasingly by Swiss banks.
Find out more. As a platinum sponsor, SIX provides you with the "IFZ FinTech Study 2021".