Blockchain will change the lives of bankers and their customers

“This technology will rethink the management of securities and create new financial assets,” explains Christophe Utelli of Cité Gestion.

An unprecedented event in Geneva dedicated to blockchain and digital assets was co-organized this Wednesday, October 5 by the Swiss start-up WeCan Group SA, the CREA – OMNES Education school, but also Cité Gestion. Why a private bank’s participation in a Web 3.0 conference? Because the blockchain is an undeniable advantage for wealth management. For its vice-CEO Christophe Utelli and Andrea Baldassa, project manager, this new technology will frankly make life easier for bankers and their clients. Maintenance.

What is Cité Gestion’s involvement in the Geneva conference on digital assets?

ABA: There are many events on the subject in Zug, Zürich or Ticino, but none in Geneva. We have therefore decided to set up, in partnership with Vincent Pignon from Wecan Group SA and Frédéric Dumonal from the CREA – OMNES Education school, a conference for the attention of the Geneva financial center, being myself certified in Blockchain Strategy from the school CREA – OMNES Education. I bring the network that I acquired during my professional experience and during participation in more than 50 conferences in Switzerland and Europe.

Why does a private bank of your size (note: 100 employees, 7 billion in assets) embark on this adventure?

CUT: Our modest size allows us more flexibility than some large banks to consider the evolution of our processes in the future, but also now. Moreover, we are already tokenizing our own shares held by the Associés of Cité Gestion, which would be unimaginable for a major institution listed on the stock exchange today. We can also help new players in the ecosystem, which other banks do not wish to do. It’s all about learning, understanding and preparing for this new technology. The complete implementation of the Blockchain will only take place once all the parameters guaranteeing perfect operational security have been met and regulated by the Swiss and International authorities.

It’s not so much the crypto currencies that matter to us, but the technology that carries this universe.

What is your dynamic in the 3.0 ecosystem?

CUT: Our approach stems from our intellectual curiosity as well as our approach as an entrepreneur, whose mission is to support companies and initiatives in this field, but which struggle to find support from other establishments that are more focused on traditional activities. It’s not so much the crypto currencies that matter to us, but the technology that carries this universe.

What are the benefits of blockchain for financiers?

ABA: The technology underlying the Back Office, where payments pass, based on the blockchain will provide faster service to the customer. The complete transfer of a Hedge Fund from one bank to another requires in real life up to six months, while it is possible with the blockchain to transfer Bitcoins in 10 minutes from one institute to another. This decentralized system also makes it possible to retain a very large volume of details for a long time. Thanks to the principle of traceability, we can verify the authenticity of “on-chain” assets and have better clarity on the origin of the client’s fortune.

CUT: The entire management of deposited securities will be redesigned with fully automated processes. The blockchain, for example, makes it easier to know the composition of a shareholder register. The tedious task of detaching coupons will be facilitated. A building can be tokenized and resold on a market place. The blockchain will not replace traditional finance, but will pave the way for the creation of digital stocks or bonds. Which not only provides a wider scope of investments, but also offers easier handling of these upcoming financial assets.

How do your customers see these activities?

CUT: Although we profile ourselves 99% as a traditional private bank, we receive interest from traditional customers as well as individuals who evolve in the ecosystem and who appreciate our approach insofar as we come in addition to establishments such as banks. Sygnum or Seba, whose blockchain is at the heart of their activities. But in general, our customers are surprised to see a company of 100 people possessing skills in the field. However, it is important to distinguish our approach from the performance of crypto currencies.

ABA: We experienced the launch of the internet, then today we are experiencing the launch of the blockchain, the immediate applications of which will change the lives of bankers and their clients. This is an incredible chance.

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