Dorsum is heading into Switzerland, one of Europe’s most advanced financial hubs

switzerland blog

Kattintson ide a magyar verzióért.

Recently we decided to strengthen our activities and position in the Swiss market, so let’s see why the current state of the Swiss wealth management and financial technology industry is the perfect fit for Dorsum.

Switzerland is one of the world’s most advanced and highly-development free-market economies. It has the second-highest per capita GDP in the world (USD 86,850 in 2020 based on IMF statistics). The financial sector, and particularly the banking sector, is one of the cornerstones of the Swiss economy. It contributes 9.7% to gross value added. As of year-end 2020, there were 243 banks with 2,477 branches and 6,901 ATMs in Switzerland.

Even though the pandemic has led to restrictions on travel and physical meetings with clients, Swiss private banks could achieve the highest net new money (NNM) growth in more than a decade, at 3.1% in 2020. Over the last 5 years, large private banks have made a strong turnaround, from NNM growth of -1.1% in 2016 to 3.4% in 2020, which is the highest since the financial crisis in 2007.

Overall, the private banking sector’s AuM (assets under management) grew by 2.8% and reached CHF 2.9 trillion. Almost half of the CHF 7,879 billion (€7,280 billion) assets currently managed by Swiss banks originated abroad. With a market share of 24% Switzerland is the global leader in the field of cross-border private wealth management business.

Banks in Switzerland are now primarily focusing on digital innovation in order to develop new business models and to improve internal efficiency and cost structures. Furthermore, the Swiss FinTech landscape has increased significantly, to over 363 FinTech companies. In August 2019, the first two blockchain service providers were granted banking and securities dealer licences by the authorities. In 2021, the Swiss Financial Market Supervisory Authority approved the first independent marketplace for digital assets in the world, the first Swiss DLT-based stock exchange and the first Swiss crypto fund.

We can therefore state that the Swiss financial market is an unquestionable leader in Europe, not only in volume but because of its openness for innovation, making it and a very tempting target market for all financial IT solution providers who want to conquer Western Europe.

After winning our first British client, we have now confidently started to execute our go-to-market strategy in the Swiss market. During the spring we will attend several professional events, for example, the Switzerland Private Banking & Wealth Management and the ESG Conference of CFA Society Switzerland.

Moreover, we are planning on becoming members of the most important Fintech organizations in the country, in order to become familiar with the local professional community and become an active member of the thought leadership discussion. Our team is also growing with two Strategic Partnership Manager colleagues based in Switzerland, who will help our business development team with a local presence. With the lead of Ádám Fáth, Business Development Manager of Dorsum we will also continue our fruitful partnership with the Hungarian Embassy.

Switzerland’s asset management industry is an important driver of establishing the country as a leading hub for sustainable finance, so our wealth portal product will surely be welcomed in the market because ESG reporting is one of the key features of the product.

A recent analysis by Morningstar reveals that Swisscanto (EUR 42.2 billion) and UBS (EUR 32.6 billion) are among the top ten asset managers in Europe respectable to sustainable fund assets. Therefore, our professional knowledge-sharing activities will focus on the SFDR and ESG and how these can be integrated into the digital transformation processes of the wealth management and private banking firms.

In summary, we are looking forward to meeting with you at local events, and you can also catch up with us anytime through our contact links on the right of the page.

 

Sources

https://www.ebf.eu/switzerland/

Swiss Asset Management Study 2021, www.hslu.ch/ifz

https://www.pwc.ch/en/insights/strategy/private-banking-market-update-2021.html

https://www.eda.admin.ch/aboutswitzerland/en/home/wirtschaft/uebersicht/wirtschaft—fakten-und-zahlen.html

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