Open finance is set to transform the financial sector over the long term. With this in mind, the Swiss Bankers Association (SBA) and Swiss FinTech Innovations (SFTI) are stepping up their co-operation in this key area to ensure that clear and effective principles can be drawn up for the Swiss financial centre that benefit all stakeholders.
Cross-bank liquidity planning, custody data aggregation and bancassurance, for example, are steadily gaining importance. In a world where the value chain is becoming increasingly fragmented, with customers being served by a large number of different financial service providers such as banks, insurers, fintech and insurtech firms, and service providers from other industries, it is no longer a question of whether open finance will establish itself, but in what form.
See the Swiss Bankers Association communication.