How?

Everyone says bank data is valuable. 

Isn't it? 

Our own data sets will lose significant value in the future. What is valuable is the view beyond one's own data. The ability to analyze data is key. We can already see who is pioneering this shift: J.P. Morgan is working together with Facebook, for example.

If a few big firms lead the way, the dam could break. What would happen is companies like UBS and Credit Suisse were to finally share their data with IT giants – provided clients are willing, of course.

Facebook, Amazon and co. are the bogeyman for established banks. Can be really blame banks to being hesitant with data? 

When we share data, the others have to do the same. The protection of data is deeply anchored in the mentality of Swiss banks. But it isn't actually important anymore, because raw data are actually without value.

«Switzerland should be among the best in data analytics»

The finance industry will limit its options if it doesn't take part in the ongoing democratization of data. Data analytics is where we absolutely have to be among the best. Banks should utilize the cyclical high to invest profits in such capabilities instead of paying out dividends to shareholders.

What are you thinking of?

It's probably just a dream, but a «Swiss financial supermarket» with the combined banking know-how of all the local providers curated transparently to the consumer's benefit would be a real competition to the platforms and client interaction monopolies of this world.

«Saxo will employ fewer people in Switzerland»

The related processes are less of a dream. We would absolutely view industry utilities as they way to go. Platforms only understand platform language. 

Saxo Bank un Switzerland invested heavily in the first half, which hit profits. Was the investment for data analytics? 

We take applications for data analysis or artificial intelligence from the group – in Switzerland, we have to ensure that the technological gap between back office and front doesn't grow too large. So we've invested in our back office. If you're running back office 2.0, then we can offer clients 4.0 in the front.

Are you also investing in hiring?

Part of Saxo's DNA is that we don't have a large staff. Changing this doesn't make much sense to me given out positioning. We have to make sure our employees have the right abilities. I won't sugarcoat that we will employ fewer people in future than we do now: this is the result of our focus.

Patrick Hunger was appointed chief executive officer of Saxo Bank (Switzerland) in September 2016. The 47-year-old previously worked for Credit Suisse Trust, most recently as general counsel and member of the management board. He graduated at University of Zurich and holds an EMBA from University of Zurich as well as an Executive Master in organizational psychology from INSEAD, Fontainebleau.