Interview with “CFO of the Year”
Yvan Cardenas, Swissquote
”For me, the CFO role has always been about creating
long-term value […].”
Yvan Cardenas, CFO of Swissquote, was recently honoured with the ‘CFO of the Year’ award. In this interview, he explains why personal and entrepreneurial innovation are important success factors and where he currently sees the greatest challenges and opportunities in his role as CFO.
Yvan Cardenas, what does the ‘CFO of the Year’ award mean to you? What do you particularly like about the CFO role?
Receiving this award was both an honour and a bit of a surprise. I was genuinely overwhelmed by the positive reactions it sparked across my professional network. What I enjoy most about the CFO role is its dynamic nature within a growing company like Swissquote. It allows me to merge financial knowledge with strategic decision-making, addressing a wide range of challenges that evolve along with the company. This versatility—adapting to new situations and influencing the direction we take—makes each day fulfilling and rewarding.
When you look back on your career to this day, what are you proud of? And where do you see the biggest challenges in the future?
Looking back on my career, I’m proud of Swissquote’s growth, particularly in our journey to become the leader in digital banking. It’s been both challenging and rewarding to navigate the demands of innovation, growth, and profitability—all while meeting high investor expectations. Balancing these priorities is a continuous challenge. The expectations are clear: Swissquote must keep evolving, innovating, and expanding its offerings while maintaining profitability. At the same time, we anticipate that customer needs will continue to shift, and the regulatory landscape will grow increasingly complex. It’s a delicate balancing act but also a highly motivating challenge, pushing us to rethink our strategies and continuously raise the bar.
What distinguishes the digital bank Swissquote from traditional banks?
When people think about Swissquote, they often think of our digital DNA and our capacity for innovation and agility—and that’s true! But what stands out to me, and what is perhaps less visible from the outside, is the strong culture within the company. Swissquote’s work environment, the entrepreneurial spirit, and the close-knit, supportive team dynamic are some of our greatest assets. I genuinely enjoy coming to the office every day, where I’m surrounded by many colleagues I trust and consider friends. This atmosphere is particularly visible in our Executive management, where there’s little politics. With most of my colleagues, we’re good friends; we agree, we disagree, but always with mutual respect. This openness and trust make Swissquote unique and enable us to face challenges together with a shared sense of purpose.
“Swissquote’s work environment, the entrepreneurial spirit, and the close-knit, supportive team dynamic are some of our greatest assets.”
As a digital bank, how do you create an emotional bond with your customers? Does it still exist?
Building an emotional connection with customers is challenging as a digital company, but it’s an area we’re constantly working on and improving. Our recent successes have helped build this bond, as people take pride in seeing a Swiss digital bank thrive on an international level. Additionally, our efforts in sustainability have resonated well, gaining recognition from ESG rating agencies and building trust with customers who prioritize these values. But there’s always room to grow. We’re actively exploring new ideas to strengthen this connection, to ensure our customers feel supported, valued, and aligned with Swissquote’s mission for the future.
To what extent can the DNA of a digital bank facilitate its own digital transformation? What is the current status of AI implementation at Swissquote?
For a fast-growing company like Swissquote, staying agile (operationally speaking) is especially challenging because things move quickly and change often. Our success is tightly linked to our ability to innovate—not just in our products but also in the efficiency of how we manufacture and deliver them. By optimizing processes and reducing production costs, we can offer competitive pricing without sacrificing quality. On the AI front, I believe we’re still in the early stages of adoption, and this is true across the entire banking industry. The potential of AI is immense, but for it to be effective on a broad scale, corporates need to ensure their infrastructure is ready, which requires substantial investment. Additionally, the profiles and skills within finance functions will need to evolve to meet the demands of this new technology. So, while AI holds great promise, widespread implementation will take time as we make these foundational changes.
“Our success is tightly linked to our ability to innovate […].”
The CFO's role is currently changing dramatically from Chief Financial Officer to Chief Value Officer. How do you personally experience this progression?
I have some reservations about the label itself. Personally, I’m not a big fan of the “Chief Value Officer” concept—it can feel more like a buzzword than a genuine shift. For me, the CFO role has always been about creating long-term value, not only in financial terms but in strategic decisions that benefit many stakeholders.
Banks are particularly subject to extensive regulation. What opportunities do you see for Swissquote with regard to the European ‘Green Deal’?
One of our mission at Swissquote is to empower investors to make informed, independent decisions. We provide our clients with tools that allow them to assess their portfolios from an ESG perspective, considering both risk and performance. Unlike traditional banks, we don’t package our own products or manage assets directly; instead, we prioritize transparency and control, giving investors the insights they need to align their portfolios with their values. As regulatory focus on sustainability grows, these tools could become more and more relevant.
In light of the increasing complexity of regulations, we have introduced the CFO Sustainability Compass for our members. How can you ensure you remain up to date?
Staying current in today’s complex regulatory environment requires continuous learning, which demands time and effort—there’s no magic formula beyond dedicating time to study and develop (in an already crowded agenda). Earning my CFA ESG Investing certificate this year was an example, and I encourage my team members to keep learning as well for Swissquote and for themselves.
What do you consider to be ‘good’ regulation?
To me, ‘good’ regulation strikes a balance between protecting stakeholders and allowing innovation to thrive. In cases where an industry can responsibly self-regulate, as we see often with the Swiss Banking Association for example, it can often address challenges more effectively and proactively. This kind of self-regulation encourages companies to uphold high standards while still adapting quickly to changes in the market. Ultimately, regulation works best when it protects customers and ensures market stability without stifling growth or agility, especially in a rapidly evolving sector like digital banking.
“To me, ‘good’ regulation strikes a balance between protecting stakeholders and allowing innovation to thrive.”
The Trust Index has certified Swissquote as a 'Great Place to Work'. What characterises your culture in particular?
Swissquote has a collaborative, flexible, and dynamic culture. Sharing an office with the CRO, for instance, enables open communication and close teamwork, which reflects our broader values.
You have children. How do you ensure that they are equipped with the necessary skills and knowledge to navigate the future?
For my children (7 and 4 years old), I want to help equip them with skills that will prepare them for an evolving future, where resilience and adaptability are key. I believe sports play a crucial role in this, as they teach perseverance, teamwork, and the ability to adapt to changing situations. By encouraging them in sports activities, I hope to instill these qualities, helping them learn how to face challenges with confidence. Above all, I want them to know they can achieve their dreams without having to choose between personal fulfilment and professional ambition.
Where do you find the balance to your demanding job? What personal interests do you pursue outside of work?
Finding balance in my demanding job is always a challenge. My children bring a lot of joy and positive energy into my life, and spending time with them is a top priority for my wife and I. As they grow, I’m also finding time for personal interests, and when I do, I enjoy running for example or other activities that help me to recharge my batteries.
Yvan Cardenas is the Chief Financial Officer (CFO) of Swissquote Group Holding Ltd and Swissquote Bank Ltd, a role he has held since 2019. He has a Bachelor’s and Master’s degree from the University of Lausanne. He began his career at PwC, where he spent seven years specialising in audit in the field of financial services.
In 2010 he joined Swissquote. Over the past 14 years, he has developed both professionally and personally within the Group. His strategic financial leadership has been instrumental in expanding Swissquote's investor community, increasing analyst coverage of the Swissquote stock, and driving significant growth in profits, the total number of clients, and client assets.