Switzerland recognizes that Blockchain and cryptocurrencies have considerable potential for innovation and enhanced efficiency both in the financial sector and in other sectors of the economy. Funds raised from TGEs/ICOs/STOs, speculative cryptocurrency investments or from mining successes are increasingly growing, together with the popularity of cryptocurrencies. Clearly, Blockchain companies as well as private crypto-investors are an interesting new client segment for Swiss banks. As Switzerland becomes an attractive hub for Blockchain startups, a growing number of these pay bills, salaries and social security fees using FIAT currency, which requires a bank account with a Swiss bank. While some banks are still hesitant, others are already onboarding cryptocurrency clients under the condition that strict legal and regulatory requirements are fully complied with.
According to the EY 2019 Global Wealth Research, more than one-third of the high-net-worth clients globally are considering to switch provider in the next three years. Clients switch for value, but their definition of value is complex. To better help providers build solutions that meet the changing expectations, EY surveyed 2,000 wealth management clients across 26 countries to understand what matters most to them.