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Digitalization in the financial industry

The financial sector, especially insurance companies and banks, is one of the main pillars of the Swiss economy and accounts for an average of 10% of Switzerland's gross domestic product. In Germany, the share is around 3.8 %. Corona acted as an innovation driver in the banking and financial sector. Digital strategies have moved in, especially in the rather stolid banking sector, because the usage behavior of bank customers is becoming increasingly mobile; due to demographics in Germany, Austria and Switzerland, branches will no longer play a major role in the foreseeable future. The new business of neo-banks and FinTechs is growing, as are online payment service providers.

To digitize jobs sustainably, the industry must address these issues: Big Data, cloud solutions, artificial intelligence (AI), data security and process automation (RPA). in addition to the financial world, the administration industry, the real estate industry and the raw materials sector must also face up to these tasks.

Automated processes that save time and costs and enable greater efficiency play an important role here. For example, chatbots or robo-advisors can be used in customer communication and asset management. Digital solutions such as artificial intelligence can also be used in risk management to identify and minimize risks at an early stage.

Possible applications of digitization in the financial industry

Digitization has also greatly influenced and changed the financial industry in recent years. Especially in the areas of banking, insurance and investment management, there are numerous possible applications for digital technologies.

in the following, we would like to give you an overview of the possible applications of digitization in the financial industry:


All in all, digitalization also offers numerous opportunities in the financial industry to optimize processes, improve customer relationships and open up new business areas. To be successful, however, it is crucial to approach digitization strategically and to always keep the needs of customers in mind. In doing so, it is important to take into account data protection and regulatory requirements and to ensure appropriate IT security.