Each quarter, Reto Savoia, CEO of Deloitte Switzerland, takes a look at current issues. He talks about the Swiss economy and explains what the next priority is within the company. Reto looks back on events that have impressed him, and we put him on the spot by asking him to choose between two things. Here’s what he had to say in this quarter.
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What current challenges in the Swiss economy will be felt most over the coming three months?
One thing is dominating right now, and that is widespread uncertainty, not least from a legal and investment perspective.
At international level, this uncertainty is being fuelled by a confusing jumble of tariffs that have been announced, imposed and repeatedly changed, plus taxes, sanctions and regulations on issues like AI and sustainability, all exacerbated by the current geopolitical situation.
Within Switzerland, meanwhile, it is being driven by the difficulty we are having in introducing lasting reforms in the policy areas that carry the most weight financially, such as old-age pensions and healthcare. We are also having trouble with some of our strategically vital realignments, such as in our energy, climate and transport policy and our Europe, neutrality and security policy.
The end result is that businesses are spooked. They are wondering whether it’s a good idea to make that investment now or whether they could actually put it off or scale it back a bit, or even do it somewhere else entirely.
The modest growth figures that SECO, the Swiss State Secretariat for Economic Affairs, is forecasting for this year and next – 1.3 per cent and 0.9 per cent respectively – leave no room for doubt.
What is the main priority for Deloitte Switzerland in the coming months?
We are currently working hard internally and with our clients on the sensible and responsible use of artificial intelligence. This has included developing an internal platform we call ‘Solaria’, which is offering our staff a growing number of AI applications in a safe, secure and legally watertight environment. Solaria is helping us with things like identifying the best AI tools for individual client requests. This is saving us time and opening the door to innovations powered by AI agents.
On the client side, our teams are introducing AI solutions that are helping to avoid unchecked growth and increased security risks. For life sciences clients, we are implementing specific solutions to help them identify the latest market trends and regulations efficiently and act accordingly. In the financial services sector, we are mainly using AI to improve customer service at banks, insurers and wealth managers and reduce the amount of routine work.
Rather than simply automating tasks, our aim here is to support people as they go about their work. Ultimate responsibility still lies with the human beings involved.
Which recent development have you been most impressed or preoccupied with?
The most recent vote here in Switzerland brought it home to me once again how democracy isn’t a given, especially in today’s world, and that our system of direct democracy allows for a truly unique form of civic participation. This includes our ability to find common ground and accept differing opinions, while also accepting the outcome after clear debate and moving forward without ill feelings.
Zurich Film Festival or Olma?
I have many good memories of my time as a student at the University of St. Gallen, so I would have to say Olma, preferably with a juicy Olma bratwurst on the side.