Banks in leading financial centers recognize, there are good reasons to nurture local FinTech ecosystems. They can keep a close eye on developments, access talent, and leverage local competitive advantages. A collection of banks were involved with funding the Partnership for New York City, which established the FinTech Innovation Lab accelerator in 2010. Similarly, in London there are numerous examples of new accelerators (e.g. Barclays Escalator) and venture funds (e.g. HSBC and Santander) In both cities, the banks involved also considered these programs as corporate social responsibility to support local communities.
This approach could be taken in Switzerland, where the BioValley has illustrated the potential of an open innovation cluster which mixes large corporations, startups, investors, academia, and others. Innovation is often more effectively developed outside of large firms, then subsequently reintegrated into the industry once proven so it can reach its full potential impact.