Capture the opportunities of disruption in finance

A critical time to act

Our whitepaper How to capture opportunities in disruptive banking and insurance – a vision for Switzerland across six key areas provides in-depth analysis of the key factors that drive transformation in banking and insurance. We’ve identified six trends that are shaping the Swiss financial services market and have provided action guidelines for each trend.

The financial sector in Switzerland faces significant transformational forces and challenges. At the heart of this transformation are the changing needs and expectations of customers, as well as emerging technologies. Traditional banks and insurance companies need to change significantly to avoid losing further market share to disruptive fintechs. It’s a critical time for the financial industry to act.

How to keep up with customers?

Based on our clients’ transformation projects and our interactions with clients, academics and industry experts, we were able to identify six trends that are shaping the Swiss financial services market – and show ways to deal with them. The six trends range from changing customer needs, new disruptive market entrants, ecosystems and emerging technologies to new ways of working, regulation and sustainability.

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«One thing upfront: to stay relevant, banks and insurance companies can either focus on their existing business model by aiming to be leaders in scale, value, customer experience, products and services; or they can strive to evolve their business model by becoming creators, manufacturers, value aggregators, distribution experts, and segment players – as well as by providing banking as a service provider and leader. »

Dr. Marcel Tschanz,Partner Advisory, PwC Switzerland
Six Trends Financial Service Industry
Break down data silos

Another core topic is the deployment and use of new technologies. In both banks and insurance companies, master data management is a challenge. The same data is stored in multiple systems, and systems can’t exchange data in an efficient and standardised way. As a result, streamlining, introducing new applications or data exchange with third parties remains time consuming, expensive and error-prone; the existing data can’t be used to its full potential.

Your people are key

Banks and insurers must ensure that they don’t leave their own workforce behind on the transformation journey. As ground-breaking as customer-centric processes and advanced digital tools can be, the greatest challenge for the digital transformation – as for any process of change – is the human being. 

When working with our clients, we often notice how a culture of experimentation and learning from mistakes is cultivated in interdisciplinary teams. This usually differs from previously known ways of working – and it requires a change in the organisational design and culture to improve collaboration and become more customer-centric.

Regulation favours fintechs

Swiss banks and insurance companies also have to deal with increasing regulation. Putting the spotlight on fintechs, the adapted regulatory framework deliberately enables structural change in the industry. With the introduction of a new authorisation category (‘fintech license’), the market entry hurdles for new providers of financial services have been lowered. However, the ‘fintech license’ is not only open to fintech companies, but also to banks and other financial institutions.

In addition, the international regulatory framework for sustainable finance will continue to evolve in the coming years. It remains to be seen to what extent further regulatory requirements related to ESG will be adapted by Swiss legislators, but they’ll certainly put further pressure on financial institutions' risk methodologies and their capital and liquidity management. However, banks and insurers can find ways to rethink their strategy, business models and products within sustainable finance while ensuring the resilience of their business.

Rethink your strategy

Our whitepaper How to capture opportunities in disruptive banking and insurance – a vision for Switzerland across six key areas identifies the trends that drive change in the Swiss financial services market. We analyse each of these trends in detail and offer specific recommendations on how to address them. Furthermore, the whitepaper supports you in strengthening your digital strategy and your business model. 

Keep in mind: the opportunities presented by disruptive change are worth any challenges along the way.

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Find out how you can capture the opportunities of disruption in banking and insurance in Switzerland. Please submit your data below, and we will send you the whitepaper upon launch.

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Contact us

Alexander Schultz-Wirth

Alexander Schultz-Wirth

Partner, Leader Customer Transformation, PwC Switzerland

Tel: +41 58 792 47 97

Patrick Akiki

Patrick Akiki

Partner, Financial Services Market Lead, PwC Switzerland

Tel: +41 58 792 25 19

Oliver Ripplinger

Oliver Ripplinger

Partner, Customer Transformation, PwC Switzerland

Tel: +41 58 792 4754