The Geneva banking and financial sector is not merely adapting to the digital transition but also actively shaping the digital future. Geneva stands out for its infrastructure and experience in data management.
Because our prosperity depends largely on our capacity to innovate, the Geneva Financial Center closely monitors these developments in an effort to better understand the challenges of the digital revolution.
The Geneva Financial Centre Foundation supports the digital transition in the following ways:
Digital technologies enable banks to better manage risks and costs. However, although opening an account no longer requires a trip to the bank, and computer programmes do a good job of monitoring portfolios, personal relationships are still essential. A fully automated finance will never be able to completely grasp clients’ specific needs. They want to be able to choose the form of interaction that suits them. There is an emotional dimension to client relationships that only Humans can fully comprehend.
The word FinTech is on everyone’s lips, and the Geneva financial centre is at the forefront of this revolution.
For the Swiss financial sector to remain competitive and continue to innovate, political and regulatory authorities should define a legal framework that supports the development of FinTech and does not discourage innovation.