The proportion of declared assets to total assets is increasing due to compliance pressures and the relaxation (or perceived relaxation) of the Swiss banking secrecy laws. This is coupled with the internationalisation of the private banking business model and the increased significance of cross-border onshore business.

Tax amnesties will continue to accelerate the shift towards declared assets. Despite this shift, Accenture thinks it unlikely that substantial amounts of offshore money will be pulled out of Switzerland. Clients seem to be reluctant to move non-declared assets to less regulated offshore locations.

Nevertheless, the relative importance of onshore versus offshore business will also increase with pressure from the fiscal authorities. As a consequence, competition for onshore business will intensify.

Private banks with a strong brand and clear positioning will have a better chance of attracting top talent. Compensation will thus become (temporarily) less significant, as the employer’s reputation issues become increasingly important in the talented employee’s choice.

George Schmidt, a financial services partner at Accenture, is quoted by Reuters as saying: "Foreign banks will try to expand their footprint in the Swiss market. On the private banking side there is a huge interest in buying into Switzerland. Another reason that mergers and acquisitions activity will increase is that many smaller and regional banks are too small to handle new market challenges."

Although these market trends are transforming the Swiss private banking landscape, Accenture sees clear signs that Switzerland is still attractive as a private banking hub and that it will not lose its appeal in the future. Superior service quality, abundant talent, a strong private banking culture and the necessary infrastructure will enable the Swiss financial centre to lead the way.