Swiss Fintech Innovations (SFTI), the Swiss industry association of banks and insurance companies, pursues the vision of promoting cooperation on digital innovations. With “Future of Financial Institutions – View 2030” SFTI provides all stakeholders of the financial sector with a basis for their strategic discussions. Six future scenarios and their possible effects on the financial industry are published as a discussion paper.
In order to safeguard the innovative capacity of the Swiss financial centre and to further strengthen it as a Fintech location, the development of future scenarios is essential. The “Future Finance” working group, which is made up of members of SFTI, has conducted extensive research and analysis and draws a clear picture of the driving forces and elements of change.
STEEP factors (Social, Technological, Economic, Environmental, Political) and their effects on eight selected aspects of life formed the methodological basis. After identifying the key themes – with major implications for financial institutions – possible strategic implications were derived. While the alternative scenarios are described in brief, special attention is given to the most likely scenario “A Bright Hybrid World”.
SFTI sees the following eight key themes as shaping the financial industry of the future, which need to be considered by participants in the financial system:
Increased Importance of Trustworthiness
The Empowered Digital Customer
Ubiquity of Digital UI (User Interfaces)
Explosion in Digital Assets
Explosion in Private Digital Data
Changing Business Models
Changing Business Ecosystems
This discussion paper is intended to support and drive the exchange of ideas on the future of financial institutions, providing a structure and basis for it.
SFTI President Stephanie Wickihalder congratulates the “Future Finance” working group on its success and maintains:
“The discussion paper will not provide definitive answers about the future, but it does lay an excellent foundation for strategic discussion and invites further development within the companies. Together we are transforming the Swiss financial centre.”
SFTI looks forward to continuing the discussion and supporting partners, readers and feedback providers in shaping the Swiss financial ecosystem.
The “Future Finance” working group, in which most of the SFTI members (banks, insurance companies and other financial institutions) work together, deals with various future scenarios and their possible impact on the financial industry and its services in 2030.