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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | The impact of new technologies on the Swiss banking industry |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Date | 2020 |
| Abstract Text | The decade after the financial crises of 2008 has seen regulators introduce new regulatory and compliance requirements for the global banking industry. Aside from stricter capital requirement banks also face low interest rates that are further eroding their net interest margins. While trying to overcome these economic and regulatory challenges banks are urged not to neglect the threat inherited in the imminent digitalization of the industry. The banking industry is facing digital challenges with the potential to fundamentally change the banking landscape of Switzerland. The entry of FinTech and BigTech companies such as Facebook, Amazon and Google into the financial service industry alongside technological advancements that enable new and innovative banking services and products are digitally disrupting the industry. Different industries have undergone a digital transformation due to the development of new technologies and have shown the importance of incumbents’ ability to react in a timely and decisive manner in order not to be left with outdated business models. Swiss banks face various challenges in regard to the digitalization of their business model and the future of the financial industry. AI, ML, DLT and Cloud Computing for example require substantial technological expertise and knowledge that banks presently lack. Aside from the need to build up specific capabilities banks also encounter crucial disadvantages vis-à-vis new entrants such as FinTech and BigTech companies. This thesis provides an insight on how Swiss banks are adjusting their products and services and how they are implementing new innovative solutions. It also illustrates the perceived threats and opportunities inherited in the digital transformation as well as the potential future scenarios for the Swiss banking industry. With the aim to gather firsthand information about Swiss banks’ current approach as well as the perceived impact of the digital transformation of the industry, a banking survey was sent out to all relevant banks. In addition qualitative interviews with banking experts were conducted to gain further insights into the Swiss banking industry’s digital evolution in the future. As bank clients’ acceptance and implementation of innovative services and products play a crucial role in the pace of the digitalization an online survey was conducted. The theoretical background of this thesis is designed to give the reader an overview on present technological developments and their potential implementations within the banking industry as well as the opportunities and threats inherited in the imminent entry of new competitors. |
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