The bank is had opted for cloud to offer better service to its customers:
Zurich Cantonal Bank, or Zurcher Kantonalbank in local parlance, is the fourth largest bank and the largest cantonal bank in Switzerland with CHF 450 billion in total assets under management and a staff strength of 6000. A public-law institution in Switzerland, it is wholly owned by the canton of Zurich with the ultimate supervision coming under the Cantonal Council.
It is a universal bank, offering a vast array of products and services making use of the latest digital tools and systems. It says its focus is on agility and cost-effective solutions so that it can adapt to the fast-evolving financial sector.
The products include private banking, crypto, international banking (representative offices in Singapore, Beijing, Mumbai and Sao Paulo), start-up financing, payment processing and advice on payment transactions and cards, online trading, savings accounts, company accounts, credit cards, prepaid cards, mortgages and retirement funds.
With 103 outlets, it has the largest network of branches in the canton of Zürich. It also has a network of international representatives and regional advisory offices in Beijing, Mumbai, Singapore, Panama, and São Paulo and a branch in Austria.
RELIANCE ON CLOUD
A notable technology feature of the bank is that it has been using the cloud in a notable manner and for a variety of purposes. It has moved its applications and data to the public cloud, using Microsoft’s facilities. It migrated from its on-premises iServer solution to OrbusInfinity, a cloud-first platform from Orbus Software. It has also deployed a cloud-based digital assets platform using a SaaS model, which offers its customers secure access to trading and custody of digital assets.
The bank had selected OrbusInfinity, a unified platform, for strategy, architecture, process and portfolio management. The platform facilitates collaboration, communication and decision-making. In actual terms, it has helped the bank with IT rationalization, cloud migration and strategic transformation. While assessing the requirements for its mass scale digitization, the bank realized that it needed a platform that would enable agile management of its IT infrastructure, complying with regulatory requirements and external auditors, and reducing the overall effort involved in compliance activities. In fact, the bank has been using Orbus Software’s solutions since 2011. Its decision to implement.
DIGITAL ASSET PLATFORM
The bank has recently deployed a new digital asset platform with Avaloq to meet the growing demand for trading and custody of digital assets. It integrated Avaloq’s turnkey solution into its CBS and digital channels, which allowed its customers to trade, manage and store both traditional and digital assets through a single platform. The platform, a cloud-based, SaaS model, makes use of the digital asset custody and infrastructure capabilities of Avaloq’s partner and digital asset operations platform Fireblocks.
CRYPTO TRADING
The bank has recently entered the cryptocurrency domain. Its retail customers are now able to buy, sell and hold Bitcoin and Ethereum, 2 popular cryptocurrencies. For this, the bank has collaborated with Deutsche Börse-owned digital assets broker Crypto Finance.
In fact, Zurich Cantonal Bank is involved in the issuance of the world’s first digital bond on Switzerland’s SIX Digital Exchange (SDX) in 2021.
The bank has implemented a highly rated risk platform developed by NetGuardians for combatting fraud. The tool protects the bank’s customers from payment fraud threats. The tool uses advanced behavioral analytics, AI and ML to create accurate customer profiles and all transactions linked to an account are continuously monitored across all channels, compared against the customer profile and given a risk score. The bank contacts the customer when the risk score reaches a pre-determined level.
Zurich Cantonal Bank has a strong mortgage business, offering a comprehensive range of tailored solutions for Swiss property owners and non-Swiss individuals seeking mortgages for property acquisition in Switzerland.
The bank’s conservative risk management approach, prudent lending practices and total commitment to regulatory standards make it stand out. It supports projects promoting environmental protection, social well-being and economic development.
A unique banking system
In Switzerland, cantonal banks are state-owned bank, established by the individual cantons, the administrative divisions of the country. These banks provide banking services to individuals, businesses and local governments within their respective cantons. They offer a wide range of financial products and services and play a crucial role in supporting local economic development. They are known for their stability, reliability, and close ties to the communities they serve. These banks are subject to specific regulations and oversight by the cantonal government and financial authorities.
This article has been compiled based on publicly available information on the web, particularly the bank’s own website.
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