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The Swiss central bank's surprise rate hike marks an inflection point for the finance sector. finews.com looks at eight ways it could pan out.

1. Inflation 

Price stability is the Swiss National Bank's (SNB) main priority. Thursday's hike only served to again emphasize that to anyone who might have forgotten. It seems the SNB sees higher inflation as a greater risk than any brakes the step might put on economic growth.

We have not seen this for a long time. The SNB has been trying to prevent the franc from strengthening since at least 2015 when it reduced the base rate on sight deposits to minus 0.75 percent. It even went so far as to intervene in currency markets in order to ensure a minimum 1.20 exchange rate against the euro in order as a way of protecting exports, disregarding any potential inflationary tendencies.

2. More Leeway

The SNB does not operate in a vacuum. Discussions at the central bank about interest rates have been few and far between. Typically, it won't do anything as long as the European Central Bank (ECB) doesn't. Thursday's step diverges from that.

The Swiss central bank has been fighting deflation and a strong franc for over a decade. The rate hike puts things firmly in the SNB's hands again. It also signaled it doesn't think it is a problem for the Swiss currency to strengthen. This gives it more leeway in face of the ECB. It also helps increase credibility that it is indeed steering an independent course.

3. Debt Crisis 2.0

It is 25 or 50 basis points? The eurozone turning point is set for 21 July. The expected hike will be a source of tension as debt levels in many EU countries are at a record high. That won't help the ability of many governments to refinance debt. Yet the next euro crisis doesn't look like it is quite here yet.

Prices have fallen significantly in bond markets and it is not just the usual suspects such as Italy, Spain, Portugal, or Greece. If there is a debt crisis on the way, it will impact the major Swiss banks and their debt exposures in the EU.

4. Negative Interest

The Swiss banks reacted to the 2015 negative rate by setting their base rate at zero, meaning that they had few qualms asking for up to 1.3 percent on mortgages. Savings accounts got practically nothing. All this is a chunk of revenue (1 billion francs according to Orbit36 experts) that is set to disappear.

But if they do not raise savings rates now, they risk losing clients. But since fixed deposits have disappeared from the scene in the era of negative interest, loans have to be funded by savings deposits, and that could pose a liquidity trap for certain players.

5. Opportunity for Fintechs