The platform economy in the Swiss banking market

Abstract

The Swiss banking sector is facing the challenge of a dynamic and digital market environment. Technological innovations, changing customer expectations, and competition from FinTech’s are putting traditional business models under pressure, where banks have to find new ways to remain efficient, meet customer needs, and stay competitive. Digital platforms offer promising opportunities in this context. They enable integration of services and encourage collaboration among stakeholders. In other industries, platforms have already demonstrated their potential, examples like Uber and Airbnb have disrupted transportation and hospitality, while platforms such as Amazon and PayPal have reshaped retail and payments. Similarly, in banking, Open Banking showcases how platforms can drive innovation, create seamless customer experiences, and improve operational efficiency. But are platforms the right solution for banks? This question needs a detailed perspective. Platforms can create value but also bring challenges like regulatory requirements, cybersecurity risks, and legacy system integration.