Swiss Banking Digital Finance Day: a forum for the financial sector

Richard Hess, Head of Digital Finance at the Swiss Bankers Association (SBA) and co-initiator of Swiss Banking Digital Finance Day, spoke to us about the main insights gained from it.

Richard, how pleased are you with the event?

Very! Everything went according to plan. The team did a great job of preparing for the event and staging it, and more than 150 people attended. That is extremely pleasing and shows the high level of interest within the industry in technological trends and innovations.

Where did the focus lie?

The broad-based programme was intended to give anyone with an interest in the subject, not just those with a technical background, an overview of the relevant technological trends in our industry. Besides concepts and technologies, political and legal factors that influence the speed and effectiveness of innovation within the sector were also addressed.

Can you give us some examples of these trends?

We shed light on the latest developments as well as long-term trends affecting the industry.

These include open finance, the possibility of a government-verified electronic identity combined with digital wallets, digital currencies and – perhaps unsurprisingly – a range of views on the impact of artificial intelligence in the financial sector. One highlight was certainly the launch of our expert report on quantum computing in banking, written in conjunction with QuantumBasel, which outlines the opportunities and challenges with regard to applying this future technology in the banking industry. 

What role does the SBA play in promoting digital innovations in the financial sector?

The adoption of digital technology is steadily transforming the financial sector, and its impact is far-reaching in some respects. Developments concerning the technologies I already mentioned are key drivers of innovation, but they are not without their risks. As an industry association, we strive to help our members prepare for the challenges that lie ahead. To this end, we need to understand current trends, anticipate future developments and encourage dialogue and knowledge transfer both within the industry and with the authorities. We also have to make sure that bank staff have the know-how they need to integrate these innovative technologies successfully and responsibly into their day-to-day work.

How has Digital Finance Day helped to achieve that?

Digital Finance Day brought together representatives of banks, supervisory authorities and technology firms to promote interdisciplinary exchange. These are complex, multifaceted topics, and we hope that this afternoon event served as a catalyst for the digital transformation and a forum for strategic dialogue between those attending.