With a dense network of financial companies, high levels of innovation, political and economic stability, and a large, well-educated workforce, Switzerland is an ideal place to launch a FinTech startup. So what is the reason that there is no world-renowned Swiss FinTech unicorn yet?
FinTech (financial technology) offers new opportunities for the global financial industry to adapt to changing customer needs, reduce costs, save time and make their products accessible to larger parts of the world's population. The innovative use of FinTech enables financial institutions to design and deliver their products and services in a customer-centric and efficient way. As subsectors of FinTech, Artificial Intelligence (AI) and Big Data facilitate precise targeting and personalization of products and services, while process automations allow real-time transactions and instant transfers of value. FinTech is changing numerous business areas such as payment transactions, lending, investment management, money transfer, fundraising or robo advisory. The world's best-known FinTech companies include Revolut, N26 or Crowdhouse.