How Switzerland Got Video Onboarding Who Pushed for It
Swiss Banks and Video Onboarding — A Story That Started Ten Years Ago
Today, Swiss banks onboard and identify clients via video call. That wasn’t always the case. How Switzerland Got Video Onboarding Who Pushed for It ?
The Problem — A Regulatory Framework Built for Branch Banking
Not long ago, opening an account with a Swiss bank meant physical presence, or a stack of certified and apostilled documents sent by post. For an online bank serving clients across borders, this was not just inconvenient — it was a fundamental obstacle to the business model. Remote identification was not permitted. FINMA had not moved on the issue.
The Pioneer — Dukascopy Bank Pushes First
Dukascopy Bank, one of Switzerland’s first fully online banks, identified this problem earlier than anyone. They engaged FINMA directly and formally raised the issue of video identification. But FINMA moved slowly. So the owner made a strategic decision — complement the regulatory engagement with a parallel approach. Get the argument into the press. Build public momentum. Make the issue harder to ignore.
Involving the Press
The owner of Dukascopy — one of the most interesting people I have had the privilege of meeting in thirty years in Swiss finance — knew that AGEFI, Switzerland’s respected financial newspaper, had previously published some of my articles. He reached out and asked me to write a piece on the subject.
He may well have approached other journalists and publications at the same time — I cannot speak to that. What I can say is that the strategy made sense. Regulatory pressure from one institution combined with public commentary from multiple sources is a more effective combination than either alone.
In February 2015, AGEFI published my piece — arguing that FINMA was behind the curve, that Germany and other jurisdictions had already authorised video identification for bank onboarding, and that Switzerland’s delay was creating a competitive disadvantage for its own fintech sector.
The Result — FINMA Moves
The sequence that followed speaks for itself.
In December 2015, Dukascopy’s efforts paid off. FINMA launched a formal public consultation on video and online identification. In March 2016, FINMA Circular 2016/7 entered into force — formally permitting Swiss financial institutions to onboard clients via video transmission and digital channels.
The Lesson — How Regulatory Change Actually Happens
Regulatory change rarely has a single cause. Dukascopy had been pushing formally through the proper channels long before I wrote a word. Others were making similar arguments at the same time.
But it is nice to have been a small cog in a decision process that changed banking so profoundly — and to have worked alongside people who understood early what needed to change, and had the determination to push until it did.
That is how Switzerland moves.
René-Philippe Venture Capital Studio · FintechLex Geneva · Hong Kong · London
