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New Rivals, Customer Demands Transform Swiss Banking
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
According to the latest ISG Provider Lens report, Swiss banks are undergoing significant digital transformations to compete with emerging fintechs and tech giants like Google and Amazon. Established banks are diversifying their partnerships beyond traditional IT service providers to meet the demands of tech-savvy customers. The report highlights the importance of modernization, governance risk compliance, and innovative payment solutions. Notable leaders in this space include Accenture, Capgemini, and IBM. The shift towards integrated risk platforms and real-time payment capabilities underlines a critical evolution in the Swiss banking sector.
Positive
Swiss banks adopting digital transformations to enhance competitiveness.
Increased collaboration with fintechs and diverse service providers.
Growing importance of AI in governance risk compliance.
Investment in innovative payment solutions gaining traction.
Negative
None.
Banks in Switzerland look beyond traditional platforms and partners to achieve continuing business model innovation, ISG Provider Lens™ report says
ZÜRICH--(BUSINESS WIRE)--
Most banks in Switzerland are carrying out digital transformations as they face new competitors and the modern demands of young, digital-oriented customers, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The 2022 ISG Provider Lens™ Digital Banking Services report for Switzerland finds that the country’s established banks increasingly need to compete with fintech startups and technology giants such as Google, Apple, Facebook and Amazon. As these players gain market share by offering innovative lending, savings, investment and payment services, traditional banks are building digital frameworks to develop new, differentiating business models of their own.
“To stay competitive, Swiss banks are extending their reach and transforming their offerings,” said Owen Wheatley, ISG’s lead partner for banking and financial services. “Proximity to customers no longer affords them an advantage. They need to constantly innovate to meet the evolving needs of those customers.”
For many years, most of the country’s established banks worked with the same set of large IT service providers, but that pattern is changing, ISG says. Now they are engaging with fintechs, global technology companies and a wider array of service providers. Switzerland is home to some of the leading core banking platform providers, and the country’s banking industry already uses a wide range of technology platforms, including global systems and local implementations.
“Zürich has become a digital banking hub,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “The vibrant startup scene supports digital transformation projects by the country’s banks.”
Swiss banks usually carry out modernization initiatives in a gradual and modular manner, developing capabilities either with new architectures such as microservices or by using modules of more comprehensive banking products, ISG says. Smaller banks typically use ready-made platforms.
As regulations evolve and European banking grows more integrated, governance, risk and compliance (GRC) is becoming another area of innovation for banks in Switzerland, the report says. Technologies such as integrated risk platforms and fraud analytics tools powered by AI are gaining traction. Banks are also making major investments in payment and card processing platforms, where real-time payment capabilities and the growing potential for data monetization are changing the competitive game. Most banks’ payment initiatives are now at the proof-of-concept stage, ISG says.
The report also explores other technology trends in the Swiss banking industry, including the integration of old and new systems and the growing importance of environmental, social and governance (ESG) strategies.
The 2022 ISG Provider Lens™ Digital Banking Services report for Switzerland evaluates the capabilities of 27 providers across four quadrants: Core Modernization and Integration Services, Technology Transformational Services for Digital Banking, Banking Governance, Risk and Compliance Services, and Payment and Card Processing Services.
The report names Accenture, Capgemini, Cognizant, GFT, IBM, Infosys and TCS as Leaders in all four quadrants. It names Deloitte and Sopra Steria as Leaders in three quadrants each and Atos and EPAM Systems as Leaders in two quadrants each. MSG is named as a Leader in one quadrant.
In addition, EPAM Systems, HCLTech, Swisscom and Zühlke are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.
A customized version of the report is available from Capgemini.
The 2022 ISG Provider Lens™ Digital Banking Services report for Switzerland is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
What does the ISG Provider Lens report say about Swiss banks?
The ISG Provider Lens report indicates that Swiss banks are actively transforming digitally to compete with fintechs and tech giants, enhancing their service offerings and partnerships.
Who are the leaders in the 2022 ISG Provider Lens report for Swiss banking?
Leaders identified in the report include Accenture, Capgemini, IBM, and Cognizant, recognized across various service quadrants.
What trends are driving digital transformation in Swiss banks?
Key trends include competition from fintech, modernization initiatives, the integration of AI in risk management, and investments in payment processing technologies.
How are Swiss banks innovating their payment solutions?
Swiss banks are focusing on real-time payment capabilities and exploring data monetization opportunities as part of their payment solutions innovation.
What challenges do Swiss banks face according to the report?
Swiss banks are challenged by the need for constant innovation to keep pace with evolving customer expectations and the competitive landscape.
