Driving Financial Digitalization in Switzerland: Trends, Projects, Collaboration

Switzerland has long held a reputation as the center of the world’s financial business, welcoming global players to its banking system. In fact, the financial sector is so crucial to the country that it accounts for almost 10% of the Swiss GDP.

However, the same report highlights the numerous challenges that banks face in the country:

• Prohibitively high operational costs;
• Customers seeking new, innovative markets;
• Lack of global connectivity.

Each of these points can be addressed through digital transformation in financial industry, helping the already thriving sector reach new heights. In this write-up, we will talk about the current trends driving Swiss financial digitalization and illustrate them with our own projects. Our hope is to showcase the potential for growth and offer ideas for how to achieve it in banking.

Trends in Financial Digitalization in Switzerland

While overall data suggests that digital transformation financial services in Switzerland are lagging behind the rest of the world, we still see some notable movement. This section highlights the core trends we observe in the industry and their impact on financial growth. We’ll try to mention both positive and negative ones to show the full picture.

Smooth Onboarding

Deloitte’s report outlines the healthy ecosystem of digital services offered by pretty much every Swiss bank. They simplify the process of opening accounts online, handling investments, and getting support. In fact, the average Swiss state of onboarding is equal to that of the global average, highlighting the country’s ability to keep up with other regions.

This skillful adoption is a far cry from the last decade’s resistance to the idea, which derided it as costly and overly complex. Perhaps the evolution of modern technology and the presence of companies offering their tech services have helped encourage banking to change.

Either way, with modern banks like Alpian offering easy digital services, customers can feel the positive impact of digitalization in financial services. It’s a strong beginning for the Swiss banking sector, but it’s not the only trend.

Potential for Mobile Market

While digital offerings are strong overall, too many Swiss banks are underutilizing the essential platform of mobile devices. As the number of those preferring in-person banking plummets, it’s important to capture all possible digital approaches. Luckily, some banks are doing just that.

One shining example of Swiss banks recognizing the mobile potential is Dukascopy, a digital-forward institution. Millions of downloads on the app stores indicate that investing in mobile apps is worthwhile, as it generates appropriate interest. Its 20+ years of history and popularity among users should prove to other businesses that digital transformation in finance is more than viable.

The best approach to capturing a large mobile audience is to simply offer a high-quality, accessible mobile app that matches the functionality of desktop solutions. While development may require an initial investment, it should “pay for itself” just by boosting customer interactions.

Customer Engagement Through Value Addition

Swiss banks are doing quite well when it comes to loyalty programs, the simplest of value-add services. However, given their success with onboarding and the untapped potential of mobile apps, we also anticipate strong growth in additional offerings.

This doesn’t have to involve overly complex reward schemes or functionality. Banks can simply offer day-to-day payment processing like paying tolls, booking tickets and accommodation, etc. These simple, minor points are already a good value add for the average user.

It’s also possible to enhance this aspect of digital transformation in financial services further with more intricate offerings such as tax form submissions and insurance contract processing. Though some reports are pessimistic about Swiss banks’ ability to change, we know that they can achieve more by partnering with the right companies. Here’s how.

How S-PRO Drives Digitalization in Swiss Financial Institutions

Thanks to our HQ in Zug, S-PRO has been at the center of the Swiss financial industry for years now, while our global team has enabled us to reach across country lines for collaborations. Although our clientele spans the globe, we remain committed to helping local Swiss institutions with digital transformation in the finance industry.

For example, our work with Earlybird, an investment platform that has modernized through AI use. Their 25+ years of working in the venture capital space have given them a clear vision of what their clients need, while our technical prowess has enabled them to blossom into an AI-powered tool.

Using this trendy technology to speed up decision-making and minimize risks for Earlybird’s clients is a prime example of how digitalization strengthens financial businesses. Plus, our ongoing collaboration ensures that Earlybird stays ahead of the pack with its AI features.

Another Swiss investment firm, ZZ AG, collaborated with S-PRO to reinvent its internal workflow, building automated pipelines and connecting data sources. As a result, the firm’s experts could make decisions faster, using precise information and minimizing routine operations.

Lastly, we want to highlight our work on building an e-banking platform for a Swiss bank, modernizing their offerings and making them easily accessible to customers worldwide. This expands the bank’s reach and brings it in line with the top players in the global banking sector.

This isn’t the full extent of our work with the Swiss financial industry, as we’ve also worked with companies like Hyposwiss, Sygnum, CoreLedger, Amina Bank, and more. You’ll notice that we’re focused on forward-thinking, digital-first operations, such as Amina Bank’s crypto-centric model.

The ADVEA and S-PRO Collaboration as a Strategic Step Forward for Financial Digitalization

Rounding off our guide to financial digital transformation is the exciting new partnership between ADVEA, Switzerland’s top consulting firm, and S-PRO, the tech gurus pushing Swiss banking forward.
The value of this collaboration is illustrated perfectly by Thomas Sontheimer, ADVEA’s co-founder, who said:

Every change our clients face in the financial services sector today requires technology expertise, especially as a key enabler of growth. ADVEA is significantly strengthening its consulting expertise with the partnership with S-PRO, making it even more relevant.

This partnership will enable both companies to expand their positive impact, with S-PRO connecting with companies in need of revitalization. Meanwhile, ADVEA will be able to supplement its expertise in finance with access to technological solutions that enable business growth.

With Swiss banks clearly on the right track but needing a final push into digitalization, ADVEA and S-PRO aim to foster an environment where innovation plays a key role. Through our companies’ experience in the Swiss financial sector, we have learned what clients expect, how banks can deliver it, and what the best way forward is.

So if you want to see the Swiss banking sector grow and take advantage of financial digitalization, turn to us for any solutions and consultations you need to succeed.