Many Swiss financial service providers want to make their IT more flexible and simpler: They want to benefit from the latest developments in analytics and artificial intelligence (AI) and integrate innovative Fintechs profitably. To do this, they must bring their in-house applications into the cloud and systematically use the technical possibilities there.
However, the regulatory requirements that have to be met generate high costs. That's why future-oriented software providers offer cloud solutions as a service - so far, however, only from the USA or China. In the future, SIX wants to create a Swiss offer.
Why is Swissness decisive in this area?
In March 2018, the so-called Cloud Act was passed in the USA. The law obliges American cloud providers to give the US authorities access to stored data - even if the data is stored in Switzerland, for example. It must therefore be assumed that the US authorities have access to all data of the US cloud providers. The Swiss banks are accordingly insecure and skeptical about the use of such services: after all, many have already experienced considerable pressure from abroad in recent years. In addition, FINMA and the SFOPH impose restrictive requirements on the use of such services in order to protect Switzerland and its interests. Foreign services are therefore not very popular. The investment backlog is high.
Cloud services from SIX
In recent weeks, SIX has developed a rough cloud concept. Your offer will consist of three parts:
- An extremely robust and modern technology platform that offers both a “highly secure” Swiss cloud and a scalable global cloud. Both worlds are strictly separated from each other and serve different goals.
- Engineering and consulting services to support our customers on their way to the cloud: We will help make today's applications cloud-ready and initiate a technological transformation. In addition, we will support them in using innovative services (analytics or AI) in the cloud.
- We build ecosystems for the Swiss financial center with our partners wishing to provide their services in a secure Swiss cloud. SIX is arranging the providers and working with them to lay down fundamental requirements such as service governance. FinTechs and their services can be involved, alongside established providers. SIX also aims to migrate its own services into the new world and make new ones available.
Based on this rough concept, SIX will now design the details and build the solution in close cooperation with the banks. Our SIX team headed by Marcel Holdener from the IT side is closely working together with leading technology companies such as HIAG Data, HP or Microsoft. SIX ensures the required security and compliance with regulatory requirements.
Dr. Henrik Czurda is Head of Bank-driven Innovation at SIX in the Innovation & Digital business unit. He combines more than 25 years of professional experience in top management with his work as a consultant at the interface between strategy and technology. He began his career as a consultant at Price Waterhouse, The Boston Consulting Group and most recently as a partner at Boydak Strategy Consulting. He has held management positions at Bank Julius Baer and Swiss Re and was CFO of a medium-sized Swiss industrial company for several years.