Swiss Finance Council Represents a New Discussion Paper

Swiss Finance Council Represents a New Discussion Paper
07.03.2017 10:15 am

Swiss Finance Council Represents a New Discussion Paper

Investment , Banking

On the occasion of its third public event in Brussels, the Swiss Finance Council (SFC) presents its new Discussion Paper entitled ‘The EU and its Partners: Banks and Investors in a Digital World’.

The European Commission has made the Digital Single Market one of its top priorities. This is an important step, but more can be done to further unlock the potential of digitalisation, notably in financial services. Digitalisation has the potential to facilitate cross-border supply and consumption, including with non-EU countries, which would enable a better allocation of capital and hence contribute to the EU agenda of growth and jobs.

The starting point of the Discussion Paper is the ‘Digital Client’ as it is primarily the changing client expectations and focus on best client delivery that lead banks to embrace technological innovation and adapt their service delivery models to offer more personalisation, convenience and transparency. In the second part of the Discussion Paper, we focus on how banks are making the digital transformation part of their core strategy in order to stay competitive in an environment characterised by increased cost pressure and low growth, coupled with the emergence of Fintech companies. To make the digital transformation a success for all stakeholders, the Discussion Paper makes a number of policy recommendations centred around the need for a pro-innovative stance, cooperation and international outreach.

Commenting on the Discussion Paper, Alexis Lautenberg, Chairman of the SFC, said:

‘Digitalisation brings challenges as well as opportunities. No firm is immune from the current disruption, therefore every company must have a strategy in place and be ready for cooperation with Fintechs. Digitalisation will have to become an integral part of banks' business and the regulatory framework will have to be correspondingly consistent and forward looking.’

Commenting on the policy recommendations, Judith Hardt, Managing Director of the SFC, said:

‘The Internal Market is the EU’s biggest asset. Digitalisation is an opportunity to enhance it, allow seamless provision of financial services across EU markets - and beyond - and make the EU more competitive, leveraging the strength and expertise of leading financial centres. To succeed, the EU needs a comprehensive approach which encourages innovation, spearheads digital financial education, and fosters global cooperation.’

Related News

Refinitiv makes strategic investment in ModuleQ and its intelligent app

Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, has invested in and entered a strategic partnership agreement with ModuleQ, a... Read more »

finleap invests in digital ID company "The Ego Company”

finleap, Europe's leading fintech ecosystem, welcomes a new company to its portfolio: The Ego Company, with the ID App and platform myEGO2GO, becomes part of the finleap family... Read more »

Penta raises financing round at 18.5 Mio. Euro in first closing and wins new investors

Penta, the digital platform for business banking, raised 18.5 million Euro in the first closing of a new funding round backed by new and current investors. 

Read more »

Goldbell Financial Services selects Mambu to power GEN investment platform

Goldbell Financial Services, one of Singapore’s leading business finance providers, has confirmed it will partner with Mambu, the market-leading pure SaaS banking platform, to... Read more »

ING invests in London-based provider of natural language processing (NLP) technology Eigen Technologies (‘Eigen’)

ING’s reputation for adopting cutting edge technologies was enhanced today with the announcement that it would make an investment in London-based provider of natural language... Read more »

Assetz Capital secures £15m British Business Investments funding to help boost UK housebuilding

Assetz Capital has become the first property-focused marketplace platform to receive funding from British Business Investments (BBI), a commercial subsidiary of the British... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel