Foreign media: Swiss private banks are turning to technologies such as blockchain to boost their prospects

According to foreign media SWI, while Swiss private banks are under increasing pressure, some banks are turning to disruptive technologies such as blockchain to boost their prospects. Maerki Baumann, a private bank based in Zurich, hopes that Switzerland's growing blockchain industry will provide solutions. CEO Stephan Zwahlen said that “fierce competition and falling profit margins” have forced the bank to look for “other sources of income”. Last year, when there was news that the company was interested in the encryption business, related consultations began to flock. Last year, when there was news that the company was interested in the encryption business, the inquiry began to flock. Zwahlen said: "In our traditional business, we usually have to track every customer." This is a tough job, and it is quite rare for customers to knock on our doors. It is reported that Maerki Baumann is not the only Swiss bank that wants to take advantage of the growth of the Swiss blockchain business. Companies such as Falcon private bank, Vontobel, Julius Bär, Zarattini and Swissquote are also working with encryption experts to provide trading and asset storage options. Some companies, such as Hypothekarbank Lenzburg, have announced that they are opening their doors to blockchain companies, while some emerging encryption banks are applying for bank licenses, but so far they have not been able to fill the gap in basic banking services in Switzerland.