5. Regional Marketing: Myths, With Few Facts
Switzerland has one of the world’s best financial markets, but hardly anyone seems to take note. There are still dark rumors circulating – therefore, a proper marketing strategy is required. Singapore (picture: Shutterstock) is the best example of how to approach this.
Everybody knows that Singapore is a vibrant center bringing together the best of the old wealth management worlds with the new fintech world. The Monetary Authority of Singapore (MAS) is working tirelessly to make this known across the globe.
Switzerland is also trying its best to put down its marker. But a few isolated trips by government ministers won’t suffice. A long-term, global marketing strategy is required. A task best implemented by the SBA for sure.
6. Banking Abroad: A Divisive Strategy
The association says that nine out of ten decisions are taken unanimously. But the question of how to approach the crucial issue of banking abroad has been a divisive point for years. Raiffeisen is a member of the domestic banking group «Koordination Inlandbanken», which has its focus put on the needs of banks active in the domestic market.
During the presidency of Herbert Scheidt, the group has placed more emphasis on the global marketing strategy. The group leaders accompany ministers on their trips abroad, for instance to Asia and the Middle East. Not all retail bankers appreciated these promotion activities, not least because of the costs that are being shared by all.
7. Lack of Proper Leadership
The appointment of Joerg Gasser as CEO of SBA raised hopes, because his pedigree as a diplomat with an international network of contacts suggested that he has what it takes to make the group more dynamic. After all, Gasser was instrumental in the remolding of the financial market as a key player in the federal administration.
Alas, so far, his knowledge and dynamic haven’t become all-too-apparent at the bank lobby. The lack of progress has disheartened many member banks.
8. The Waning of Private Bank Influence
(Geneva, home of private banking – Shutterstock)
The differences between the domestic and the global aren’t a new phenomenon. But the private banks which acted as an influence of mitigation are not the same force. Their role in banking has changed dramatically, with companies disappearing or refocusing on their business in the old world. The focus of the private banks has shifted away from the SBA, which helped cement the issues arising between the groups mentioned above.
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