The future of finance

Banks are working on these transformations for many reasons. On the one hand, customers today are more demanding than in the past. On the other hand, a generation of “digital natives” is gradually taking over from the baby boomers who until now have held the position of wealth manager. This new generation wants to view their assets on their mobile device, rather than receiving quarterly statements on paper. In addition, many technological innovations of interest to banks have emerged in recent years, such as the development of Blockchain technology. Moreover, the cost of technological progress has, in general, fallen considerably in recent decades.

Banque CIC (Suisse) is no exception to this trend. On the contrary, it embarked on this path some time ago. CIC eLounge, Bank CIC’s client interface, was successfully deployed, providing clients with a detailed overview of their investments and enhanced trading functionality. The bank has invested heavily in the development and improvement of Middle Office and Back Office activities. It is further working on ways to enable its customers to benefit from Blockchain technology both directly (by giving them access to real assets in the form of tokens) and indirectly (by improving its processes, e.g. with data Blockchain-based KYC that would greatly facilitate customer onboarding).

Some might think that the above description paints a little too rosy a picture of why banks around the world are undertaking major technological transformations. The most cynical would say that the banks simply have no choice. They are more or less constrained by young technology companies offering breakthrough innovations. The last decade has seen the birth of a plethora of dynamic and innovative companies with the aim of overturning the “old school” financial model of banks. These companies have tested all banking segments. And some of them have meanwhile become giants. Revolut, one of the largest neobanks, was valued at $33 billion after its last fundraising in July 2021. Swedish company Klarna is becoming a reference in the payment systems sector. Upgrade, an American neobank created in 2017, is a leading consumer credit platform offering loans, but also credit monitoring and training tools. It has been valued at $6 billion and is expected to go public by the end of the year or early 2023.

Banque CIC (Suisse) positions itself halfway between the idealistic point of view and the cynical point of view. We are quite lucid about the reasons why we are implementing and developing our digital transition process. We are also convinced that the competition is a powerful driver that will help us stand out. We take up this challenge. Objectively, we can only admire the success of some of these fintech companies and learn from them. At Banque CIC (Suisse), we firmly believe that these companies bring added value to financial ecosystems. And we are not afraid to work on investment solutions that will allow our clients to access the growing fintech sector.

In cooperation with an important partner, Banque CIC is currently developing an investment solution that will allow clients to invest in a wide range of privately owned fintech companies that we believe will help shape the financial sector of tomorrow. Thanks to this product, our clients will be able to invest in a wide range of segments of the financial sector such as Blockchain, neobanks, payment systems, alternative credit platforms or even artificial intelligence in finance and data aggregators. financial. We strongly believe in the democratization of private markets, which is why we will ensure that this new product, which will soon be launched, is not available only to professional investors and that the investment threshold is low in order to allow as many people as possible to take part in the “future of finance”.

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The future of finance

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