Category: technologies

Everything about blockchain

Development of Business Ecosystems in the DACH Region and the Potential of “Digital Files” as a Starting Point for Integrated Services

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For the past four years, the Ecosystems Competence Center has been regularly investigating which business ecosystems are emerging and developing in the DACH region. This ecosystem radar is supplemented by selected international business ecosystems. A fundamental prerequisite for offering customers integrated solutions through various partners in a Business Ecosystem is the concept of the “digital file”. By this we mean a collection of relevant data related to a specific object on which these solutions focus. Such digital files, e.g. around the object house or car, are currently emerging in all Business Ecosystem areas we observe. This blog post describes the developments of selected Business Ecosystems as well as approaches of digital files.

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Tokenization – Potentials, Challenges and Use Cases in the Environment of the Financial Industry – Part 2

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Tokens describe digital representations of rights and obligations associated with valuable assets. For financial institutions, tokenization of value offers promising use cases starting with direct investment in SMEs, access to emotional assets, and expanding their own service delivery to customers. These use cases demonstrate that the use of blockchain technology to map tokenized value can open up new investment opportunities for customers, increase customer loyalty, or jointly exploit additional opportunities.

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Leadership in Swiss Banks

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How are leadership styles developing in Swiss banks – basically, Lewin’s traditional leadership styles such as authoritarian/patriarchal, cooperative, etc. are well known. Nowadays, a distinction can also be made between transactional and transformational leadership. This article explains how these leadership styles differ from each other and why the leadership styles in banks are changing towards agile organizational forms.

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Business Ecosystems – Overrated or a real opportunity for financial services providers?

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A few years ago, the topic of “business ecosystems” seemed to be the panacea for financial services institutions – everything “HAD” to be or become an ecosystem. Now, the yield curve is turning and earnings from maturity transformation are bubbling up again. So, all over with the “ecosystem”? In addition to answering this question, this blog post highlights aspects to be considered by organizations to successfully leverage the Business Ecosystems phenomenon.

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Development of core banking systems in Switzerland  

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In 2017/2018, the Core Banking Radar examined the eight most relevant core banking systems for Switzerland using a comprehensive methodology. In 2022/2023, the interviews with representatives of these established systems in Switzerland were repeated in order to find out how the systems have developed. This blog post highlights the four overarching activities that core banking systems have been engaged in over the past few years.

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Microsoft Copilot – A First Look at the Workday of the Future?

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Microsoft 365 has around 350 million paying users worldwide who use the Office Suite every day to create presentations, analyze data or collaborate in teams. Most of this daily work is done manually, as automation is not possible for all users due to a lack of knowledge. But it is exactly this challenge that Microsoft wants to solve with the introduction of Microsoft 365 Copilot. In this blog post, the function as well as the application possibilities of the Copilot are presented and fundamental implications of the collaboration between humans and arti-ficial intelligence in the everyday work of the future are shown.

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Digitization, News, Nicht kategorisiert, technologies

Asymmetric cryptography and digital signatures – Part 2

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The first part of this blog series introduced the concept of symmetric cryptography, which can en-sure the confidentiality of data to be exchanged. Symmetric cryptography is based on the funda-mental assumption that the key used, which is to be kept secret, must be transmitted between the communication partners via a secure channel, since otherwise third parties with knowledge of the key can access the ciphertext. Accordingly, with the help of symmetric cryptography, the problem of secret message transmission is reduced to secret key transmission only. To get around this prob-lem, this second part of the blog series presents an introduction to the concept of asymmetric cryp-tography.

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Tokenization – Potentials, Challenges and Use Cases in the Financial Industry Environment

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In connection with blockchain technology, the financial industry often talks about the tokenization of assets and attributes enormous potential to it. In the context of the supposed potential of tokenized assets, it is worthwhile to start by taking a more detailed look at the definition of the term. In the first part of this series of articles, potentials and challenges of tokenization in the context of the financial industry are discussed. Selected use cases are presented in the second part and positioning opportunities for financial institutions are outlined in the third part.

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Distributed Ledger Technology for the Real Estate Market – A Meaningful Synthesis?

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The global financial crisis is a prime example of the real estate industry’s relevance to and close interconnectedness with the financial industry. To prevent the real estate market from negatively impacting the financial industry, different challenges need to be solved. Technological innovations such as distributed ledger technology (DLT), especially blockchain technology, have opened up new opportunities for addressing these challenges in recent years. This post analyzes the impact of DLT on each step of the real estate acquisition process (particularly the mortgage process).

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Exemplary Measures & Key Takeaways for Banks in the Context of Launching a Digital Assets Offering

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The first part of this two-part blog post outlined challenges for a bank launching a digital asset offering. As a starting point, a financial institution was outlined which, in a first step, would like to enable wealthy private clients to trade selected digital assets (e.g. Bitcoin and Ethereum) in cooperation with an external partner. In the second part, selected measures are presented, success factors are described and key takeaways for the launch of such an offering are highlighted. The contents are based on experiences from projects and discussions with experts.

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Selected Challenges & Success Factors for Banks in the Context of Launching a Digital Assets Offering

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Various banks have opened up more to the topic of digital assets in recent months and are actively driving forward concept and implementation projects for a digital asset offering or are already offering one. For a successful launch, various fields of action need to be addressed. The basis for the conception, operational implementation and launch of a digital asset offering is to ensure the relevant expertise in the appropriate depth and breadth both in the project team and in the specialist departments involved during the conception and implementation phase, the leap from a project-oriented way of working (Change the Bank, CtB) to operation (Run the Bank, RtB), and anchoring in the corporate culture.
This blog post will outline selected challenges in these three areas of action, present exemplary measures, describe success factors, and highlight key takeaways.

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A General View on the Developments Concerning FTX

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Cryptocurrencies are once again on everyone’s lips after one of the largest trading platforms for cryptocurrencies, FTX.com, with a market valuation of $32 billion, filed for bankruptcy on November 11, 2022. The cause was a liquidity shortage at the Bahamas-based crypto exchange founded by Sam Bankman-Fried as a result of a bank run. In this blog post, we have a deeper look at the developments leading up to the crypto exchange’s insolvency.

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Part II: Need for Change – Transformational Needs and Best Practices for Enterprises Using Distributed Ledger Technologies

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Distributed ledger technology (DLT) makes it possible to guarantee the integrity of transactions without a central authority. This innovation is therefore seen as having the potential to revolutionize existing financial market infrastructures in the long term [1]. However, the adoption and use of DLT-based platforms has multiple implications for businesses. The technology brings not only technical but also organizational challenges that require new competencies in various business functions. In this article, we explain which challenges affect which corporate functions and which best practices a company can follow when implementing change.

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Need for Change – Challenges for Companies in Using Distributed Ledger Technologies

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Digital products and services are not only changing the everyday life of individuals or society. The new technologies on which they are based can also lead to changes in operational IT in a wide range of business areas, especially in service companies. The distributed ledger technology, a new form of a distributed database, which ensures the integrity of all types of transactions without a central authority, is one such technology. Besides the question, in which areas it can be used, companies therefore also have to ask what internal impact can be expected when using this technology.

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Insights from the Open Banking Summit 2022

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“Financial Industry Meets BigTech”: On the 25th of August 2022, the third Open Banking Summit opened its doors in the Google event rooms in Zurich. The OpenBankingProject.ch organized this event for the third time and once again provided a stimulating get-together on the topic of open banking. The event featured national and international success stories, and the subsequent panel discussion reflected on and discussed selected topics and questions posed by the audience. Once again this year, around 120 decision-makers from the Swiss financial sector gathered to learn about current developments and to network over the subsequent aperitif.

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Core Banking Radar – “Neo Core Banking Systems and their importance for the IT Architecture of the future”

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Various trends, such as an increased focus on customer interaction and embedded banking, will shape the bank of the future. To provide services along the entire “customer journey”, banks are increasingly dependent on networking with other industries. The expansion of partnerships in the ecosystem goes hand in hand with the promotion of integration capabilities via APIs and steady investment in the banking architecture. The latest Core Banking Radar article examines the system architecture of the bank of the future and, in this context, compares the four neo-core banking systems examined in earlier publications of this series.

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DeFi 2.0

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Since DeFi Summer 2020, DeFi applications have become a significant trend in the blockchain industry. However, vulnerabilities of DeFi applications have also been identified over the past 24 months. The third and final part of our series “Decentralized Finance – a Hype, a Threat or an Opportunity for Regulated Financial Institutions?” takes a closer look at recent developments in the DeFi sector (DeFi 2.0) and how they address well-known challenges in the context of DeFi, such as the potential for errors when setting up smart contracts, the lack of incentive structures for investors, or the requirements for investors’ technical and professional knowledge, without compromising the strengths of DeFi applications.

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Beyond Banking: How Continuous Integration & Continuous Deployment (CI/CD) Accelerates Customer Value Creation in the Financial Services Industry

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Software is eating the world. The production of high-quality software solutions is increasingly becoming a decisive competitive factor for companies that operate in the environment of digital technologies. Particularly in a highly regulated market, such as the financial market, very special challenges apply to the companies involved in software development. One financial services provider that has been successfully using this approach for three years now is Commerzbank, and as part of a project, we had the opportunity to explore the topic of CI/CD with them in general and their experiences and learnings in particular. The result is the “CI/CD White Paper”.

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Decentralized Identity – Secure Digital Identity Management?

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Everyone is familiar with the following situation from everyday life: financial service providers or service providers (e.g., mobile network operators) offer services only for registered and verified users. The consequence: In order to be able to prove one’s own identity online, a new account must first be created using an e-mail address and a selected password. The process of creating and verifying different accounts results in a single user having many online identities and involves almost as many identity providers. Above all, the protection of one’s own data falls by the wayside in many cases. The advancement of blockchain/distributed ledger technology in recent years has given rise to a new approach to online identity processing and verification, Decentralized Identity. This post explores the concept as well as the underlying technology and highlights advantages over the traditional use of identity providers and user accounts.

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Race for the Pole Position in the Metaverse – Business Opportunities for Banks

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In the media, Meta (formerly Facebook) is positioning itself very strongly as the future metaverse, and it seems as if Meta is building the “one” metaverse. This impression is deceptive. In this article, we will talk about what a metaverse is, which competitors are currently building metaverses, and what opportunities they open up for banks.

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Digitization, Ecosystems, technologies

Opportunities & Challenges for Banks in the Context of Decentralized Finance

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The term decentralized finance (DeFi) refers to a decentralized, blockchain-based architecture for processing financial transactions without intermediaries. we will show in this article why offering access to digital assets and DeFi business models is worthwhile for financial institutions and what challenges they have to overcome in order to provide such an offering to their customers. Based on practical examples, positioning possibilities for regulated institutions will be presented as well as concrete opportunities and challenges.

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Digital Twins – The Merging of the Real and the Virtual World

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The amount of data about real products, processes, and services has increased dramatically in recent years. This opens up new possibilities for planning, simulation and analysis. For this purpose, more and more companies use the concept of a digital twin. But what are digital twins and what potentials do they offer at the enterprise level, especially in the financial industry?

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Federated Learning – Efficient Machine Learning That Respects Privacy?

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In the financial industry, customers expect high standards with regard to data protection and the integrity of their own data. Nevertheless, from the perspective of value creation, it is essential for banks to evaluate customer data using statistical methods and algorithms. Banks are thus caught in a conflict between maintaining data privacy and enforcing their own business model. To address this problem, the concept of “federated learning” has become established on the market in recent years, in which the data used for model training is always stored decentrally and the models are trained decentrally.

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“Data-centric AI” – A shift in the AI mindset?

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The traditional approach to AI focuses on the process of training the model. The underlying data is often a secondary concern. This approach works particularly well for Internet corporations, as they have vast amounts of data and the capabilities to analyze it. In contrast, there is little potential for using AI in small businesses with this approach due to a lack of data. Therefore, it is worth taking a look at the data – moving away from model-centric to data-centric AI.

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