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Insights
5-min read •
BaaS
Embedded Finance
Retail Banking & SME
Banking
Retail Banking & SME
Switzerland
Germany
Embedded Finance and Banking-as-a-Service
The financial industry is undergoing a profound transformation driven by technological innovation and evolving customer expectations. New value chain configurations are emerging, reshaping how financial services are distributed and consumed. Embedded Finance stands at the forefront of this shift, enabling banks, fintechs, and non-financial brands to jointly unlock new economic potential.
Embedded Finance is a new value chain configuration that enables non-financial brands to offer financial services through partner banks providing Banking-as-a-Service (BaaS).
Through Embedded Finance, financial services are shifted to where consumers need them – seamlessly and contextually embedded in digital platforms that are part of everyday private or business life.
Embedded Finance offers both non-financial companies and traditional financial service providers the opportunity to secure their future viability through new and innovative business models.
Non-financial brands generate new revenue through Embedded Finance, while partnering banks deploye the business model BaaS.
Written by Manuel Thomet
Thought Leadership
Synpulse, in cooperation with the Swiss NextGen Finance Institute (SNFI), launched the first academic study on Embedded Finance and Banking-as-a-Service (BaaS) in Switzerland at the end of Q4 2023. The main objective of the study is to gain concrete insights into the current and future economic potential of the Banking as a Service and Embedded Finance business models so that both banks and non-banks from all sectors can tap into this potential in a targeted manner.
Study Context and Objective
The study aims to contribute to a better understanding among Swiss banks and non-financial brands (embedder) of the economic potential of Embedded Banking and the prerequisites for the successful implementation of new business and operating models.
Manuel Thomet, initiator and co-author of the study, explains:
«The idea for this study emerged during a project with a Swiss bank, where I realized Switzerland lacked meaningful data on Embedded Finance and BaaS. As a pracademic, I aimed to close this gap with an academic partner. In Bernhard Koye – an expert in innovation and business models – I found the ideal collaborator. Together, we launched the Embedded Finance study.»
The core objective is to create a business management foundation for assessing the current and future revenue potential of Embedded Banking and BaaS, thereby providing management boards and executive teams with concrete support on the path to future-proof business models.
Study Approach
The chosen study design comprises a three-phase approach and is based on an integrative mix of methods combining quantitative and qualitative data collection elements.
Phase 1: Comprehensive quantitative online surveys across the entire value chain (consumers, embedders, enablers, banks) to assess current and future demand for Embedded Financial Services.
Phase 2: Focus group with Swiss banks and non-financial brands (embedders) to discuss and validate the findings of phase 1.
Phase 3: C-level interviews to validate insights from phase 1 and 2 with C-level executives to align with strategic decision-making contexts.
Explore Study
Our study is the very first academic piece of research in Switzerland analysing the status and providing an outlook of Embedded Finance and BaaS. The study is very comprehensive as the entire Embedded Finance value entire has been studied: consumers, embedders, enabler and banks.
Fact Sheet:
- 292 pages
- 8 chapters
- 8 forewords from key industry stakeholders
- 160+ infographics with primary market data
Download the Study
The English version is a partial translation of the original full version in German.
Events
C-Level Round Table, October 2025
One year after the launch of the first academic study, “Embedded Finance and BaaS in Switzerland: Outlook 2024”, 20 C‑level executives from leading banks, non‑banks, associations and innovation drivers gathered for an exclusive round table in Zurich.
Key Take Aways:
- Embedded Finance is both a trend and a reality.
- Non‑banks understand consumer needs better.
- Banks should experiment with BaaS and learn alongside non‑banks.
- AI, Embedded Finance and data access reinforce one another.
- Now is the moment for banks to position themselves strategically.
Download Presentation and Summary
The presentation and summary are only available in German.
Fig 1: C-Level Roundtable at Garage Space
Launch Event, October 2024
Alongside the presentation of key findings by study co-leaders Manuel Thomet and Bernhard Koye from the Swiss NextGen Finance Institute, a distinguished panel discussion, expertly moderated by Raphael Bianchi, brought valuable insights and depth to this exceptional event.
Panel Participants:
- Manuel Kunzelmann, CEO, Migros Bank
- Christoph Thomet, CEO, Musik Hug
- Eva Selamlar, Head Swiss Financial Innovation Desk (FIND)
- Ruedi Noser, former Member of National Council
Fig. 2: Launch Event at Metropol
Focus Group Event, April 2024
In Phase 2 of the study, we invited participants (embedders, enablers, and banks) to validate the initial findings from Phase 1, which were gathered through online questionnaires. The event concluded with a panel, providing valuable insights and perspectives.
Panel Participants:
- Fabian Müller, Head Corporate Development, Raiffeisen
- Manuela Spielmann, Head HBL Solutions, HBL
- Béatrice Sidler, Head Multichannel Management, ZKB
- Daniel Capraro, Chief Product Officer, Yapeal
- Eva Selamlar, Head Swiss Financial Innovation Desk (FIND)
- Stefan Kolz, CEO, Yourasset
Fig. 3: Focus Group Event at Garage Space
PodCasts
Embedded Finance Review - Did Switzerland reach the embedded finance tipping point?
The Swiss Embedded Finance market is poised for growth, with opportunities and challenges for banks and non-financial brands. As adoption increases and technology evolves, Embedded Finance is set to reshape the financial services landscape in Switzerland.
In this podcast episode, Lars Markull interviews Manuel Thomet about the first comprehensive study on Embedded Finance and BaaS in Switzerland. The discussion covers key findings, market trends, and future predictions for the Swiss financial landscape.
Interview with co leaders of the study - What opportunities offers Embedded Finance for the Swiss banking sector?
Discover insights from an exclusive interview with Manuel Thomet and Bernhard Koye, the co leaders of the study Embedded Finance and BaaS in Switzerland. They share what inspired the study, how practice and research came together, and why now is the right moment to open the national dialogue on Embedded Finance.
The conversation explores how banks can combine their proven strengths with new business models and what concrete opportunities Embedded Finance offers for the Swiss banking sector. It also highlights how BaaS can complement traditional models and create new strategic potential for the future.
Swiss Financial Innovation Desk (FIND) Interview - We don’t need another marketing paper!
Discover insights from an exclusive interview with Raphael Bianchi of Synpulse and Synpulse8 and Eva Selamlar of the Swiss Financial Innovation Desk. They discuss the findings of a new study on Embedded Finance and BaaS and explain how these developments can create real opportunities for banks and non-financial brands in Switzerland.
PBWM Hotseat - How banks drive growth with BaaS
In this episode of the PBWM Hotseat series, Daniele Abbruzzese speaks with Manuel Thomet about Embedded Finance and its growing significance in the banking industry. Thomet defines Embedded Finance as a value chain – or configuration of value chains – that emerges from new role distributions between banks and other companies.
The conversation highlights findings from the Synpulse study “Embedded Finance”, revealing strong consumer acceptance, with 75% of Swiss consumers having already used Embedded Financial services. BaaS is identified as a key business model for banks, although many institutions still lack the understanding or strategic direction to embrace it. The speakers emphasise the need for cultural, organisational and technological adaptation to ensure successful implementation.
S8 Podcast Series - Are banks ready to embrace this new era, or are they still stuck in analysis mode?
Discover how traditional banks are evolving and adapting to a rapidly changing ecosystem, where non-financial brands are stepping in to redefine financial services. We’ll unpack the differences between Embedded Finance and BaaS, and discuss the opportunities and challenges that come with this transformation.
In this episode, Salomon Wettstein and Manuel Thomet dive deep into the revolutionary concepts of Embedded Finance and BaaS, exploring how these trends are reshaping the financial landscape in Switzerland and beyond.
Media and Press
During and after the study publication different media covered the study, highlighting its relevance and value.
Synpulse Switzerland
«Embedded Finance in Switzerland: Consumers Are Ready – But Where Do the Banks and Embedders Stand?»
Finews.ch
«Everything You Need to Know About Embedded Finance.»
MoneyToday.ch
«That this study marks a first in Switzerland is just one of the remarkable aspects.»
MoneyToday.ch
«Bring Banking to where it's needed»
Handelszeitung.ch
«The study provides concrete recommendations for action for both banks and embedders to jointly develop new value creation models.»
Our Experts In This Topic
OUR EXPERT
Manuel Thomet
Associate Partner, Head Embedded Finance & BaaS
Manuel leads the embedded finance and BaaS topic, helping banks and non-financial brands unlock the economic potential of next-generation business models. His expertise is rooted in his role as the initiator and co-author of “Embedded Finance and BaaS in Switzerland: Outlook 2024,” the country’s first academic study on the topic. He specialises in designing and implementing forward-looking business models that deliver cutting-edge embedded finance experiences.
OUR EXPERT
Simon Alioth
Managing Director Synpulse8 and Head of Open Finance
Simon leads Synpulse8’s Swiss organisation and its banking and wealth management product portfolio. He drives technology advisory services with a strong focus on connectivity and integration. With deep expertise in open finance and fintech innovation, he leads the global open finance practice and co-founded and heads the OpenWealth Association.
OUR EXPERT
Raphael Bianchi
Senior Partner and CEO Synpulse8
Raphael is Co-CEO of Synpulse8, driving private and retail banking consulting while leading digital transformation and fintech system implementations, and maintaining strong ties to the fintech ecosystem. He established Synpulse’s footprint in Asia, expanded nearshore capabilities, and focuses on open finance business models and initiatives such as openwealth.ch.
Related Contents
Loading insights...
5-min read •
BaaS
Embedded Finance
Retail Banking & SME
Banking
Retail Banking & SME
Switzerland
Germany
Embedded Finance and Banking-as-a-Service
The financial industry is undergoing a profound transformation driven by technological innovation and evolving customer expectations. New value chain configurations are emerging, reshaping how financial services are distributed and consumed. Embedded Finance stands at the forefront of this shift, enabling banks, fintechs, and non-financial brands to jointly unlock new economic potential.
Embedded Finance is a new value chain configuration that enables non-financial brands to offer financial services through partner banks providing Banking-as-a-Service (BaaS).
Through Embedded Finance, financial services are shifted to where consumers need them – seamlessly and contextually embedded in digital platforms that are part of everyday private or business life.
Embedded Finance offers both non-financial companies and traditional financial service providers the opportunity to secure their future viability through new and innovative business models.
Non-financial brands generate new revenue through Embedded Finance, while partnering banks deploye the business model BaaS.
Written by Manuel Thomet
Thought Leadership
Synpulse, in cooperation with the Swiss NextGen Finance Institute (SNFI), launched the first academic study on Embedded Finance and Banking-as-a-Service (BaaS) in Switzerland at the end of Q4 2023. The main objective of the study is to gain concrete insights into the current and future economic potential of the Banking as a Service and Embedded Finance business models so that both banks and non-banks from all sectors can tap into this potential in a targeted manner.
Study Context and Objective
The study aims to contribute to a better understanding among Swiss banks and non-financial brands (embedder) of the economic potential of Embedded Banking and the prerequisites for the successful implementation of new business and operating models.
Manuel Thomet, initiator and co-author of the study, explains:
«The idea for this study emerged during a project with a Swiss bank, where I realized Switzerland lacked meaningful data on Embedded Finance and BaaS. As a pracademic, I aimed to close this gap with an academic partner. In Bernhard Koye – an expert in innovation and business models – I found the ideal collaborator. Together, we launched the Embedded Finance study.»
The core objective is to create a business management foundation for assessing the current and future revenue potential of Embedded Banking and BaaS, thereby providing management boards and executive teams with concrete support on the path to future-proof business models.
Study Approach
The chosen study design comprises a three-phase approach and is based on an integrative mix of methods combining quantitative and qualitative data collection elements.
Phase 1: Comprehensive quantitative online surveys across the entire value chain (consumers, embedders, enablers, banks) to assess current and future demand for Embedded Financial Services.
Phase 2: Focus group with Swiss banks and non-financial brands (embedders) to discuss and validate the findings of phase 1.
Phase 3: C-level interviews to validate insights from phase 1 and 2 with C-level executives to align with strategic decision-making contexts.
Explore Study
Our study is the very first academic piece of research in Switzerland analysing the status and providing an outlook of Embedded Finance and BaaS. The study is very comprehensive as the entire Embedded Finance value entire has been studied: consumers, embedders, enabler and banks.
Fact Sheet:
- 292 pages
- 8 chapters
- 8 forewords from key industry stakeholders
- 160+ infographics with primary market data
Download the Study
The English version is a partial translation of the original full version in German.
Events
C-Level Round Table, October 2025
One year after the launch of the first academic study, “Embedded Finance and BaaS in Switzerland: Outlook 2024”, 20 C‑level executives from leading banks, non‑banks, associations and innovation drivers gathered for an exclusive round table in Zurich.
Key Take Aways:
- Embedded Finance is both a trend and a reality.
- Non‑banks understand consumer needs better.
- Banks should experiment with BaaS and learn alongside non‑banks.
- AI, Embedded Finance and data access reinforce one another.
- Now is the moment for banks to position themselves strategically.
Download Presentation and Summary
The presentation and summary are only available in German.
Fig 1: C-Level Roundtable at Garage Space
Launch Event, October 2024
Alongside the presentation of key findings by study co-leaders Manuel Thomet and Bernhard Koye from the Swiss NextGen Finance Institute, a distinguished panel discussion, expertly moderated by Raphael Bianchi, brought valuable insights and depth to this exceptional event.
Panel Participants:
- Manuel Kunzelmann, CEO, Migros Bank
- Christoph Thomet, CEO, Musik Hug
- Eva Selamlar, Head Swiss Financial Innovation Desk (FIND)
- Ruedi Noser, former Member of National Council
Fig. 2: Launch Event at Metropol
Focus Group Event, April 2024
In Phase 2 of the study, we invited participants (embedders, enablers, and banks) to validate the initial findings from Phase 1, which were gathered through online questionnaires. The event concluded with a panel, providing valuable insights and perspectives.
Panel Participants:
- Fabian Müller, Head Corporate Development, Raiffeisen
- Manuela Spielmann, Head HBL Solutions, HBL
- Béatrice Sidler, Head Multichannel Management, ZKB
- Daniel Capraro, Chief Product Officer, Yapeal
- Eva Selamlar, Head Swiss Financial Innovation Desk (FIND)
- Stefan Kolz, CEO, Yourasset
Fig. 3: Focus Group Event at Garage Space
PodCasts
Embedded Finance Review - Did Switzerland reach the embedded finance tipping point?
The Swiss Embedded Finance market is poised for growth, with opportunities and challenges for banks and non-financial brands. As adoption increases and technology evolves, Embedded Finance is set to reshape the financial services landscape in Switzerland.
In this podcast episode, Lars Markull interviews Manuel Thomet about the first comprehensive study on Embedded Finance and BaaS in Switzerland. The discussion covers key findings, market trends, and future predictions for the Swiss financial landscape.
Interview with co leaders of the study - What opportunities offers Embedded Finance for the Swiss banking sector?
Discover insights from an exclusive interview with Manuel Thomet and Bernhard Koye, the co leaders of the study Embedded Finance and BaaS in Switzerland. They share what inspired the study, how practice and research came together, and why now is the right moment to open the national dialogue on Embedded Finance.
The conversation explores how banks can combine their proven strengths with new business models and what concrete opportunities Embedded Finance offers for the Swiss banking sector. It also highlights how BaaS can complement traditional models and create new strategic potential for the future.
Swiss Financial Innovation Desk (FIND) Interview - We don’t need another marketing paper!
Discover insights from an exclusive interview with Raphael Bianchi of Synpulse and Synpulse8 and Eva Selamlar of the Swiss Financial Innovation Desk. They discuss the findings of a new study on Embedded Finance and BaaS and explain how these developments can create real opportunities for banks and non-financial brands in Switzerland.
PBWM Hotseat - How banks drive growth with BaaS
In this episode of the PBWM Hotseat series, Daniele Abbruzzese speaks with Manuel Thomet about Embedded Finance and its growing significance in the banking industry. Thomet defines Embedded Finance as a value chain – or configuration of value chains – that emerges from new role distributions between banks and other companies.
The conversation highlights findings from the Synpulse study “Embedded Finance”, revealing strong consumer acceptance, with 75% of Swiss consumers having already used Embedded Financial services. BaaS is identified as a key business model for banks, although many institutions still lack the understanding or strategic direction to embrace it. The speakers emphasise the need for cultural, organisational and technological adaptation to ensure successful implementation.
S8 Podcast Series - Are banks ready to embrace this new era, or are they still stuck in analysis mode?
Discover how traditional banks are evolving and adapting to a rapidly changing ecosystem, where non-financial brands are stepping in to redefine financial services. We’ll unpack the differences between Embedded Finance and BaaS, and discuss the opportunities and challenges that come with this transformation.
In this episode, Salomon Wettstein and Manuel Thomet dive deep into the revolutionary concepts of Embedded Finance and BaaS, exploring how these trends are reshaping the financial landscape in Switzerland and beyond.
Media and Press
During and after the study publication different media covered the study, highlighting its relevance and value.
Synpulse Switzerland
«Embedded Finance in Switzerland: Consumers Are Ready – But Where Do the Banks and Embedders Stand?»
Finews.ch
«Everything You Need to Know About Embedded Finance.»
MoneyToday.ch
«That this study marks a first in Switzerland is just one of the remarkable aspects.»
MoneyToday.ch
«Bring Banking to where it's needed»
Handelszeitung.ch
«The study provides concrete recommendations for action for both banks and embedders to jointly develop new value creation models.»
Our Experts In This Topic
OUR EXPERTManuel Thomet
Associate Partner, Head Embedded Finance & BaaS
Manuel leads the embedded finance and BaaS topic, helping banks and non-financial brands unlock the economic potential of next-generation business models. His expertise is rooted in his role as the initiator and co-author of “Embedded Finance and BaaS in Switzerland: Outlook 2024,” the country’s first academic study on the topic. He specialises in designing and implementing forward-looking business models that deliver cutting-edge embedded finance experiences.
OUR EXPERTSimon Alioth
Managing Director Synpulse8 and Head of Open Finance
Simon leads Synpulse8’s Swiss organisation and its banking and wealth management product portfolio. He drives technology advisory services with a strong focus on connectivity and integration. With deep expertise in open finance and fintech innovation, he leads the global open finance practice and co-founded and heads the OpenWealth Association.
OUR EXPERTRaphael Bianchi
Senior Partner and CEO Synpulse8
Raphael is Co-CEO of Synpulse8, driving private and retail banking consulting while leading digital transformation and fintech system implementations, and maintaining strong ties to the fintech ecosystem. He established Synpulse’s footprint in Asia, expanded nearshore capabilities, and focuses on open finance business models and initiatives such as openwealth.ch.