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«The digital transformation using the Blockchain technology is the prerequisite for the efficiency strategy, since existing products and processes can be slimmed down and simplified considerably,» Bussmann said.  «At the end of the day it’s all about savings.»

The second direction is aimed at growth. This involves connecting new digital ecosystems, such as mobility or residence. There, banks could become part of a network of vertical offers, available to clients through a single platform. This offers the chance of new business, but only for the nimblest.

Under Great Time Pressure

«Financial service providers are under great pressure as the space available on the platforms is being allocated to competitors,» Bussmann explained. The task of the banks thus becomes more difficult because they have to drive the transformation, like the access to the platform. «There is no either, or,» Bussmann warned.

The need to rapidly integrate Blockchain projects needs to be recognized by management, with support given to developing and introducing new business models, the ex-UBS expert said. This is much easier when there is an understanding of technology at the head of the business, and where there are closer links to other industries.

Not all competitors are good at this, Bussmann added. «Generally American, British, Spanish and French banks are giving more Blockchain projects priority with regard to production than the Swiss institutes.»