Open banking is set to shape the future of the banking industry and will bring significant opportunities for financial centres, including Switzerland’s.
Potential for all
Changing customer needs, new stakeholders and innovative technologies are posing challenges for traditional banks. In light of the increasingly fragmented value chain, where customers are served by a variety of financial services providers including banks, fintech companies, neobanks and providers from other industries, it is no longer a question of whether open banking will establish itself, but what form it will take.
Switzerland recognises the significant potential of open banking for all market participants. It is establishing framework conditions that facilitate business models based on open banking, thus increasing the competitiveness of Switzerland’s financial centre.
Open Financial Interfaces: The importance of trust
The opportunities that arise from open interfaces and third-party collaboration are endless, but it is key that this openness is not one-sided. The mutual exchange of data provides added value to all stakeholders including customers, third-party providers, and banks.
The opening of interfaces and increased exchanges of data can give rise to new challenges, especially in the areas of data protection and cybersecurity. For Swiss banks, the protection of customer data is fundamental. Exchanges of data must take place at the highest technical level, and this must be safeguarded not only by the banks involved, but also by any third-party providers.
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