Every second week to New York or Toronto, with as much time as possible in Zurich in between: that is how Dirk Vater describes his work rhythm. “It sounds more demanding than it is,” says the Bain consultant in an interview with finews.

Since the beginning of 2026, Vater has jointly led Bain & Company’s global Financial Services practice with New York-based Peter Stumbles. The dual leadership is intended to drive further growth in the consultancy’s business with banks, insurers and other financial service providers, the company said when announcing the appointment.

In Zurich, Vater has a concrete goal: Bain is to become much more present in Switzerland’s financial center.

From a Single Mandate to Systematic Expansion

The Swiss market is nothing new to him. Vater has already supported various Swiss financial institutions and worked on site with Bain teams in Zurich, Bern and St. Gallen. 

So far, he says in the interview with finews, the business has been built mainly on a project basis. Now Bain wants to approach the market more systematically. That includes expanding the local team: Vater plans to hire at all levels, from consultants and managers to partners. He does not give a specific number.

In total, Bain employs around 350 people in Switzerland. 

Asset Management And Insurers Lead The Way

His assessment of the financial center is generally positive. In asset management, Switzerland is among the very best in the world. Insurers, too, need not shy away from international comparison.

In digital offerings, service and prevention, Vater sees some Swiss health insurers ahead of international providers. Overall, in his view, the Swiss insurance industry is above the international sector average.

Banks Judged More Selectively

On profitability as well, Vater sees banks, insurers and asset managers in a strong position. “The Swiss already have their business under control,” he says. In traditional banking, however, his verdict is more nuanced.

UBS is operating in a league of its own after the acquisition of Credit Suisse. At other institutions, he sees room to catch up in digitalization by international standards.

However, that is also a consequence of demand: Swiss customers were initially more hesitant to adopt digital offerings. Banks cannot advance their development entirely independently of their clients’ behavior.

Revolut Remains The Benchmark in Retail Banking

For Vater, the crucial comparison is not between individual countries, but between established banks and digital challengers. Providers such as Revolut or Trade Republic are still ahead when it comes to the simple, intuitive use of their digital offerings. He is surprised that traditional institutions have not long since closed that gap. The problem is by no means limited to Switzerland.

With artificial intelligence (AI), the gap could widen further, in his view. Technology-driven providers could develop new AI applications faster and integrate them into their offerings.

More Than Just an Additional Account

Vater therefore believes it is too narrow to view digital providers merely as an addition to an existing house bank. An additional banking relationship can become the starting point for a broader customer relationship.

The strength of such platforms also lies in their ability to better understand customer data and use it to derive further offerings in a targeted way. Revolut is also trying to position itself as a lifestyle brand through add-on services and subscriptions.

For established institutions, this creates a task that goes beyond a more modern app: they have to combine digital usability, AI-supported use of data and personal customer relationships. Vater wants to address precisely these changes with a larger Swiss Bain team.