The financial services industry is undergoing significant changes worldwide, and competition between international financial centers has intensified in recent years. In order to preserve and improve the competitiveness of the Swiss financial center, substantial efforts are required from banks as well as from policy-makers. As in 2012 and 2014, Credit Suisse is presenting a study on the Swiss financial center with the goal of making a constructive contribution to the discussion on the financial center's future.
Urs Rohner, Chairman of the Board of Directors of Credit Suisse Group AG, initiated this series of publications with the goal of inspiring thought that could contribute to the long-term strengthening of our financial center's international competitiveness: "All relevant interest groups – the banks themselves, but also political decision-makers and supervisory authorities – will have to make their own contributions. For this reason, we are presenting specific recommendations for courses of action for the various actors, to be updated on an ongoing basis."
Trends, Success Factors, and Recommendations
The study reviews the most important developments over the last two years from the perspective of the Swiss financial center, compares the positioning of leading international financial centers, and explores key trends. The trends identified in previous years have largely been confirmed, and in some cases clearly accentuated. The continuing growth of assets to be managed in developing Asian countries and the digitalization of banking business remain two of the most important trends. Sustainable investing has registered consistent growth in recent years, and the Swiss financial center has also benefited from this.
From these trends, several central future success factors for the Swiss financial center can be identified:
- Constructive approach to dealing with low interest rates
- Pragmatic regulation
- Securing and improving market access abroad
- Further increase in general locational attractiveness
- Successful management of digitalization
- Stronger anchoring of sustainability in client offering.
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