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  • user 3:35 pm on May 21, 2018 Permalink | Reply
    Tags: , , Challenges, coordination, , Meeting,   

    Meeting banking risk management coordination challenges 

    Accenture’s Global Risk Management Study highlights ongoing integration and that face teams. In our study’s first year (2009), only 15 percent of respondents reported having an integrated IT risk infrastructure. Over the years, that gap has closed only incrementally. This year, 67 percent of respondents report roadblocks resulting from a lack of integration across the enterprise.

    To centralize or not?

    New this year, though, is how our banking respondents view centralization. We first examined centralization trends in risk management coordination by risk type (market, credit and liquidity risks), and the results are somewhat contradictory. The 16 percent who are currently fully centralized expect to see an increase in coordination to 24 percent. Even the 20 percent of respondents who are fully decentralized, operating at mostly regional levels, expect more centralization in two years’ time.

    However, the majority of respondents that currently operate both a group and regional level believe the trend is toward decentralization. Forty-three percent of this cohort believe that coordination by risk type will actually decrease by nearly 10 percentage points overall in the coming two years.

    Interestingly, we see the same pattern of results in our examination of the coordination of risk management across lines of business. Those fully centralized across lines of business expect an increase of 10 percentage points in two years’ time and similarly those fully decentralized expect almost a halving of their full decentralization rate. Similarly, the majority of respondents fall in the hybrid model of centralization and believe that only 25 percent of risk functions will be coordinated across the business in two years&; time.

    Lastly, we looked at coordination of risk management activities across the overall business and found a lack of strong sentiment regarding coordination one way/another.  While 40 percent of respondents felt there was limited coordination between local- and group-level risk management functions, nearly 30 percent felt that this was neither true or untrue.

    Where do these seeming contradictions lead us? We see the role of risk manager becoming more integrated with the business and thus, demand has been put on the risk function to respond to both global and local needs. One intensive local need to highlight from our study findings is regulations; 78 percent of study respondents cite they are facing increasing demands in this area.

    Being an integrator of risk is a challenging role, not only in terms of serving global and local needs but also in terms of cost.  Over 50 percent of respondents reported duplication of risk management efforts across lines of business.

    An ongoing gap

    While ’ risk functions have had steady success since 2009 in coordinating with the business, a lack of integration with other business functions has always been a gap cited for improvement. We see an upward trend in improvement. In 2015, 7 percent of respondents said the risk and finance function worked closely together and provided joint input into enterprise risk strategy. That number more than doubled, to 16 percent, in this year’s study. And in two years, 30 percent of respondents expect that level of coordination between risk and finance.

    The other good news is the steady growth in influence among our survey respondents. Risk leaders have evolved from leading a very siloed function in 2009 to gaining a direct line to the CEO by 2013, and even a seat “at the table” in 2015. That positive trend is tempered by the challenge to integrate finance and risk. Only 38 percent of respondents say the finance and risk functions are working together—but they are not working together to help guide enterprise strategy.

    So, will risk leaders in banks take their seat at the leadership table to drive further integration? Time will tell, but we believe that working with common data sets and flows can be a powerful lever in addressing coordination challenges cost-effectively.

    We expect risk leaders to raise their game and be talented in many disciplines in order to rise to the integration challenge. In my next post, we’ll explore talent needs.

    How can risk managers balance both coordination and cost management? We believe sharing data is the key. Integration can be driven with increasing efficiency when data is at the core of the bank’s operating model. To effectively and efficiently share and use data means being a smart technologist, employing new technologies and a coordinated approach across the business.


    The post Meeting banking risk management coordination challenges appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 3:35 am on April 20, 2018 Permalink | Reply
    Tags: , , Challenges, , , , ,   

    How ready are banks’ risk teams to meet new IT challenges? 

    Banking is an industry heavily impacted by changing technologies, including , the Internet of Things (IoT), and artificial intelligence (AI). Sixty-three percent of the banking respondents to the Accenture Technology Vision 2018 survey say their organizations will make investments in AI over the next year, and 85 percent agree deeper integration into our day-to-day lives is shifting relationships between consumers and enterprises to forms of “partnerships.”

    The pace of change has been rapid—perhaps faster than we might have anticipated. Back in 2009, the biggest challenge according to our Accenture Global Management Study was fragmented, inefficient technology not well suited to risk management needs. Steadily, over the years, technology needs have evolved, focusing more on analytics, big data and intelligent automation. But the pace of change seems to have increased exponentially.

    The reasons for change are many and with the digitization of the industry, the opportunity for to innovate is everywhere. Where can risk leaders embrace the challenge?

    Intelligent risk machines

    While there is variation, we found that banks are experimenting with—and adopting—newer technologies at a significant pace.

    Our 2017 Global Risk Management Study finds banks making positive progress already. Roughly a third of respondents are starting to use artificial intelligence (AI), robotic process automation (RPA) and machine learning (ML—35 percent, 38 percent and 33 percent, respectively). Risk is in the leading group, as at least one in four banks has begun using these technologies for their risk function (31 percent for AI, 25 percent for RPA and 26 percent for ML). Risk professionals are ambitious; interestingly, these same respondents acknowledge they aren’t using these “New Intelligent Technologies” (New IT) to full potential—signaling that their journey to higher levels of efficiency and cognitive insight is just beginning.

    What is driving this? There is not one simple overarching reason. The most basic driver is a similar refrain we hear across all organizations—New IT can help relieve cost pressure. Fifty-five percent of our 2017 study respondents believe that applied intelligent technologies can deliver cost efficiency. Looking at specific technologies, we found that 35 percent of respondents believe that capabilities in big data and analytics can help their risk function address cost pressures to a great extent, while 47 percent believe these capabilities can do so to some extent.

    However, the demands on banking risk functions are multifaceted, and a single reason for New IT adoption is, frankly insufficient. Risk functions find themselves processing and analyzing increasingly larger, disparate amounts of data at an ever-increasing pace, to understand an always-growing number of risks and correlations.  New IT can catalyze the evolution and sophistication of risk models used by banks, which in turn have the potential to increase both the quality and capabilities of the risk organization.


    Cloud is one of the leading technologies we examined in our 2017 Global Risk Management Study, despite it being around for well over a decade. Unsurprisingly, among our banking respondents, 82 percent are using cloud in some form.

    Digging deeper, however, this high number is a bit deceiving. Only 18 percent of respondents claim cloud proficiency, and many banks have not yet migrated core systems to the cloud. Over a quarter (26 percent) of respondents are only just beginning to use it, and 38 percent admit they aren’t using it to its full potential.

    Now, nearly all the newer technologies we will explore in this blog series can or do reside in the cloud. This makes cloud proficiency essential for banks hoping to rapidly boost their risk management technology infrastructure. Leaders may encounter resistance when pushing for cloud—implementing it can take effort, and upfront expenses may seem costly (even though long-term cost savings can be significant), and changes to the IT operating model may be necessary, too.

    Among our study respondents, we see good news. Since a strong majority have at least dabbled in cloud, it’s clear that banks see the potential. In addition, nearly 70 percent of study respondents believe that cloud, collaboration and workflow tools, artificial intelligence and machine learning can help their risk functions alleviate cost pressures to some extent. For banks, now may be the time to rethink the where and how of their cloud strategy and plan, from the perspective of both achieving cost efficiency and driving performance insight.

    The promise of innovative technologies holds significant allure. And since banks are at different stages of adoption and maturity, and these technologies are not “one size fits all” solutions, can these technologies really deliver on their promise of significant cost and efficiency gains for each bank?

    The rise of digital is a challenge that extends beyond New IT. What do banks need to have in place to be able to reap the benefits of these technologies and the disruptive opportunities being created by a digitized industry?

    See my next post for a discussion of coordination .


    The post How ready are banks’ risk teams to meet new IT challenges? appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 3:35 pm on March 22, 2018 Permalink | Reply
    Tags: , , Challenges, changing—but, , , , , ,   

    Banking risk management is changing—but some challenges remain the same 

    As the cliché goes, if you’ve grown tired of the current and climate, give it a few minutes. It’s bound to change.

    By the 2020s, Accenture predicts current banking business models to be swept away by a tide of ever-evolving and other rapidly occurring changes. The risk function is sure to be pressed to evolve in parallel and it is, according to our 2017 Global Risk Management Study.

    In this blog series on banking risk management, I will offer Accenture’s perspective of the changes that have already happened, and those yet to come. I will start with an overview of nearly a decade of risk facing , and then take a deeper look at the fresh challenges facing banking risk leaders today.

    We’ve been studying risk management across financial services—as well as in banking—since our first study debuted in 2009. Then, banking risk managers were reacting to the global crisis, grappled with siloed organizations, with technology not fit for purpose and a shortage in risk resources.

    Since then, banking risk leaders have made significant, admirable gains. Moving past the global economic crisis, by 2013 risk leaders began having a direct line to the CEO, even taking a “seat at the table” by 2015.

    Meanwhile, pressure mounts with rapidly increasing data volumes and requirements, and organizational analytic capabilities require constant upgrading. Likewise, digital data management and data analysis skills are more in demand than ever, adding to the ongoing talent squeeze.

    Our 2017 Global Risk Management Study findings illustrate the rapid pace of change across banking and the risk function, both driven by digital change, digital capabilities and digital competitors. Alongside this change, challenges similar to those from 2009 (see Figure 1). Banks face increasing business pressure to integrate risk and finance functions. They still struggle with talent shortages. From a technology standpoint, change is ongoing, but banks are stretching to use new technology (such as automation and cognitive computing) to full potential.

    Additionally, risk managers continue to face conduct risk, reputational risk and strategic risk challenges. Other new risks are still emerging, such as model risk, cyber risk and contagion risk. Complicating matters, the 2017 study finds banking risk leaders facing the expectations as their bank peers in terms of driving efficiency and wisely selecting the right people, technology and partnerships to get work done.

    In the midst of—and to address—these challenges, banks are in varying stages of experimentation and adoption with cloud, analytics, automation and artificial intelligence. These technologies offer promise, both in terms of innovative, sleek solutions and substantial cost and efficiency gains.  Can these technologies deliver beyond their promise?

    Our study finds the time for modest change or incremental fixes has passed. True, we might have predicted the steady growth of technologies such as cloud, artificial intelligence and analytics, but the competitive shifts are less expected, and new non-financial risks are a bit of a surprise. But the biggest surprise is the pace of change: more rapid than we might have expected.

    What can help banking risk leaders keep pace with constant and rapid change, and fend off new traditional and non-bank competitors?  It’s time to innovate. Banking risk leaders may want to carve out a core, proactive strategy that can build risk capabilities overall—now and in an ever-changing future.

    Figure 1: Evolution of Risk Management. For more details, view our interactive timeline.

    Evolution of risk management since 2009, across areas of integration, technology and talent
    Click to view larger

    Please join me in my blogs as I share my thoughts on how risk teams can become key organizational leaders by adopting smart technologies, playing the role of integrators of risk within the wider business, and layering existing risk talent to be multi-disciplinarian players and drivers of business value.


    The post Banking risk management is changing—but some challenges remain the same appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 3:35 am on March 15, 2018 Permalink | Reply
    Tags: , Challenges, , , , , , ,   

    European banks face challenges in creating future value 


    seen as lagging in their digital transformation program saw a decrease of 11% in

    When it comes to future value for shareholders, banks are lagging badly behind GAFA (Google, Amazon, Facebook and Apple) companies, and they also trail financial () companies. Our analysis of Capital IQ data in 2017 indicated that future value represents 49% of the total value of GAFA companies and 40% of the total value of fintech companies, with “future value” defined as the premium investors are willing to pay beyond the value of current operations.

    Future growth value of banks launching an aggressive digital transformation program was 20%, but banks seen as lagging in their digital transformation program saw a decrease of 11% in future value. Clearly, innovation is a key driver for creating future value in banking, but banks cannot simply snap their fingers and magically transform themselves into innovators.

    Our experience shows that there are five key steps to creating future value through innovation:

    1. Become a data-driven organization.
    2. Create a culture that is both open and agile.
    3. Align customer experience and user experience to principles established by GAFA companies.
    4. Drive innovation with an eye to attracting talent and reshape roles (such as moving into new areas like artificial intelligence).
    5. Transform compliance requirements into business opportunities.

    Getting on board the digital transformation train is not easy, as the pace of change is accelerating. To capture trapped value, banks need a disciplined, systematic approach to change, acknowledging that change is a constant evolution rather than a single event. Speed is becoming the critical factor for both decision-making and transformation.

    Banks need to transform their core businesses, determining what is required just to stay viable, and then what is needed to increase profits. But they should no longer be thinking in terms of moving from phase to phase. Rather, they should create an innovation architecture and work on getting the timing, scale and direction right, so that they can manage the investment process and the allocation of capital in both core and new businesses. The ultimate objective should be a circular path of growth and renewal.

    It is worth keeping in mind that banks cannot succeed at digital transformation without a) identifying, training and retaining the right people and b) helping their people understand and adapt to the of the digital era. The order of magnitude of the hiring, training and adapting involved is far beyond anything banks have experienced so far. Banks, as well, have a social responsibility to deal fairly with their employees. I will discuss these and other “people” factors in my next blog.

    The post European banks face challenges in creating future value appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 10:52 am on November 5, 2017 Permalink | Reply
    Tags: , , , Challenges, , , , , , ,   

    Blockchain Technology Gains Acceptance In FI Labs, But Faces Challenges Moving Into Production 

    pros at a Ripple conference in Toronto said the had moved ahead once it was detached from .
    Financial Technology

  • user 8:53 am on November 3, 2017 Permalink | Reply
    Tags: , Challenges, Explains, , Generale, , Societe, ,   

    Societe Generale Explains Some Challenges Of Financial Inclusion in Africa 

    General has pioneered innovative banking services in Afrida
    Financial Technology

  • user 12:19 pm on July 21, 2017 Permalink | Reply
    Tags: , Challenges, , , , , ,   

    Invest in Data Management to Fight Regulatory Challenges, Survey Says 

    Financial service executives are still concerned about changes, but the best response is to improve aggregation and services. This is according to a by AxiomSL, which found that 66% of regulatory executives believe their institution needs to make investments in data management. The majority of respondents noted that the best response [&;]
    Bank Innovation

  • user 12:18 am on June 12, 2017 Permalink | Reply
    Tags: , , Challenges,   

    Breaking Banks: AI Solutions and Challenges 

    There is no question that AI presents exciting new and happy additions to our lives. In this episode, Brett King hosts thought leaders JoAnn Barefoot of Barefoot Innovation, Greg Cross of Soulmachines, and Tony Seba, Author of &;Clean Disruption of Energy and Transportation&; to talk about the AI-powered future and how to properly prepare for it. [&;]
    Bank Innovation

  • user 12:27 pm on May 24, 2017 Permalink | Reply
    Tags: , , Challenges, , ,   

    4 Challenges to Blockchain Adoption From Fidelity CEO 

    is a that can cause a lot of frustration, but can also create a lot of joy. That’s according to Abigail Johnson, CEO of financial services giant Investments. Fidelity is making strides in pioneering the of blockchain technology and digital currencies; aside a number of partnerships in the space (including [&;]
    Bank Innovation

  • user 3:35 pm on December 2, 2016 Permalink | Reply
    Tags: , , , , Challenges, , , , , ,   

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank 

    Keynote Speech at the 6th Central Banking Workshop 2016 by Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank.


    I would like to warmly welcome you to the 6th Central Banking Workshop. I am delighted that we have been able to attract such top-class speakers and participants to this event, who, given their experience and knowledge, are able to provide valuable contributions on what is a highly topical subject. This year, the workshop is about , which has generated a large swell of public interest, or even hype, one could say.

    With our workshop, entitled &;Blockchain technology – opportunities and challenges&8220;, we want to enable a lively exchange between researchers, practitioners and regulators. Each of these groups, in its own right, has a keen interest in this topic. But, as Ernst Ulrich von Weizsäcker once said: &8220;An exchange of views requires people to talk to each other, not about each other&;. In this spirit, I hope that we will have a stimulating exchange of views over the coming days.



    Blockchain technology is currently generating almost exuberant enthusiasm among , enterprises and public bodies. New initiatives and cooperation agreements on blockchain applications are being announced in the financial press on a near daily basis. This is not limited solely to banks and private enterprises, but also encompasses projects by governments and central banks.

    Examples of such cooperation agreements can be found on all of the world’s continents. Beside Fintechs and other startups, participants include the Bank of England, stock exchanges in the United States, Australia and Japan, as well as numerous commercial banks, to name only a few. Even an aircraft manufacturer, Airbus, is exploring blockchain for the purpose of process optimisation.

    Structure and Objectives of The Workshop

    How is it that a relatively complicated form of technical processing is generating such enthusiasm?

    In this workshop we want to address this question by talking about the possibilities that blockchain technology opens up and the this presents.

    This is anything but a trivial undertaking. Indeed, views on these possibilities and challenges vary greatly from person to person, but also among institutions. At present, there is no telling whether blockchain will supersede existing technology in a few years’ time. All the more reason, therefore, is to examine this technology and its implications in detail and gather key insights about it. This is true, not least, for central banks and regulators. So what lies behind this technology?

    Even when it comes to a basic definition, we see that the word blockchain is not always used to mean the same thing. Often, the term &8220;distributed ledger technology&8221; is used as a synonym for blockchain. If we regard distributed ledger technology as the principle behind distributed databases, blockchain represents a sub-category thereof. However, there is, as yet, no uniform definition of the term.

    Deutsche Bank Survey- 87% of Financial Market Participants Say Blockchain Will Disrupt The Industry

    Image: Stock market chart by bluebay via Shutterstock.com.

    An elementary understanding of the technology is a prerequisite for discussing its potential, which is why module 1, entitled &8220;Blockchain – basics, technological achievements and general potential&8221;, is dedicated to this question.

    Blockchain became known, above all, as the technology behind the . The term is derived from the fact that transactions are grouped together in &8220;blocks&8221;. These blocks are chained together through a complex mathematical procedure that is unforgeable and tamper-proof.

    Essentially, blockchain allows a ledger of transactions to be run on a decentralised basis within a network. The technology therefore enables the safe transmission of all manner of assets (not just bitcoin), without the need for confirmation from a central institution. With blockchain, reconciliation between participants occurs automatically. But what are we to do with this technical innovation?

    Plato once said that: &8220;Necessity is the mother of invention&8220;. But in the case of blockchain, we are seeing the exact opposite. The invention, ie blockchain, has already been born. Now people in many places are searching for the necessity – for the specific cases where it can be applied in practice.

    Blockchain-based technologies offer up the chance of simplifying complex intermediation processes for payment and settlement activities. Virtually all payment service providers are therefore currently looking for ways to apply this technology. Its use in payment transactions is an obvious choice, as the cryptocurrency bitcoin has already been created for this purpose.

    But does it make sense to use blockchain in this of all areas? And in what form should it be used in the area of payment transactions? These questions will be addressed in module 2 of the workshop: &8220;Possible business cases for payments&8221;.

    Payment transactions based on blockchain inevitably also raise the question of virtual currencies. Bitcoin was created shortly after the outbreak of the financial crisis and was intended to serve as a countermodel to the prevailing financial system. At first, bitcoin fired many people’s imagination and led some to expect a revolution in the financial system. It seemed conceivable that banks or even central banks could be bypassed and that a genuine &8220;gold standard&8221; could be created, based on bitcoin and independent of politicians and central banks. In addition to bitcoin, over 700 other virtual currencies have been created. However, none of these virtual currencies have managed to move beyond a niche existence.

    The blockchain used to transmit bitcoins needs to be considerably altered to make it suitable for financial transactions. It is unclear whether the core problems of blockchain in terms of performance, scalability and security can be solved to allow a broad market rollout.

    The question of the future of bitcoin and digital currencies in general will be examined in more detail in module 3: &8220;Bitcoin – a promising alternative for payments?&8221;

    Upcoming Hackathon Seeks To Use Blockchain To Disrupt The Insurance Industry

    Image credit: Golden Bitcoins by Julia Tsokur via Shutterstock.com

    It is interesting to see how the public debate has developed since the early days of bitcoin. Efforts are now centred on evolving blockchain into a basic technology capable of facilitating allocation processes across companies. The potential users of this technology are often precisely those institutions which the creation of bitcoin was originally designed to make superfluous.

    In addition to its application in payment transactions, numerous blockchain-based applications are being developed for securities settlement. Possible advantages from the use of blockchain technology arise not only from the technology itself, but also through process optimisation and potential disintermediation in this area.

    Securities settlement has improved considerably in recent years, especially in Europe. However, this development is not yet complete, as the settlement landscape remains complex and is characterised, in part, by convoluted processes. Although we trade securities within nanoseconds, we need several days to settle these transactions.

    We will take a closer look at securities settlement in module 4, entitled &8220;Possible applications and its potential in the post-trade industry&8220;.

    Blockchain technology top Swiss companies

    Image credit: Bitcoin by 3Dsculptor, via Shutterstock.

    These numerous questions and potential radical changes on the financial markets present us, as a central bank, with particular challenges – in payment transactions, securities settlement and beyond. The workshop therefore focuses on the special role of central banks in module 5, entitled &8220;Blockchain – a central bank perspective&8220;.

    As a central bank, we are faced with the question of how to deal with blockchain technology. In settlement, we are affected in two ways. As an operator of central payment and securities settlement systems, we also need to think about the future development of these infrastructures, despite the high performance systems already in existence. Blockchain-based technologies must be integrated in such a way that they provide added value. Indeed, as entrepreneur and politician Philip Rosenthal once said: &8220;He who ceases to be better, ceases to be good&8220;.

    From the perspective of oversight, we need to keep a careful watch on current developments and intervene if necessary. A deep technical understanding is necessary in order to respond appropriately to new business models from a regulatory perspective.

    The two decisive criteria that we need to measure distributed ledger and other new technologies by are the following.

    &; First, does using the new technology improve the security of the systems or at least not make it worse?

    &8211; And second, does the use of new technologies increase the efficiency of financial market infrastructures?

    Current Developments and Outlook

    Many enterprises and institutions currently working on blockchain-based solutions expect to reap great benefits from them. Blockchain technology holds out the promise of cost savings, de-risking potential and efficiency gains. This includes, among other things, the automation of work-sharing processes as well as faster processing and the fulfilment of contractual obligations via smart contract solutions.

    One positive effect that can already be seen is industry-wide cooperation. Dialogue between various market participants on future market developments can foster mutual understanding and facilitate the harmonisation of processes. This makes it possible to adequately react to the challenges posed by new technologies. This is of importance in the financial industry, in particular, which is characterised by network effects.

    Via Pixabay

    Via Pixabay

    That said, one should not simply gloss over the challenges and weaknesses posed by the technology.

    The requirements imposed on regulated providers cannot currently be met by blockchain technology, or can only be met with difficulty. This concerns, for example, the question of how to engineer absolute finality. Furthermore, the know-your-customer requirements need to be observed and the confidentiality of transaction data must be ensured. This is also a reason why the regulatory status of blockchain technology in many countries is still unclear.

    Furthermore, despite the supposedly greater resilience of its decentralised structure, blockchain still has high obstacles to surmount before it can be applied across the board, owing to its susceptibility to manipulation. Recent hacker attacks are a case in point.

    This is another reason why the debate has largely shifted from open blockchain applications, such as bitcoin, to closed networks with a limited circle of participants.


    Inefficiencies are often perpetuated not by a lack of technology, but by (historical) structures. Blockchain technology is therefore not a patent solution for change, but it does provide an opportunity to make change.

    Disruptive technologies require time to develop, mature and unfurl their full potential. Not every innovation succeeds, though, and it remains to be seen how the application of blockchain technology will develop.

    Following the revolutionary beginnings with bitcoin, the prevailing view now seems to be that blockchain applications will spread rather more gradually. One might therefore speak of evolution rather than revolution. Before we can even ask questions about the broader use of this technology, we must first be sure that using this new technology is at least as secure, efficient and cost-effective in financial transactions as conventional technology.

    BitFury White Paper Digital Assets Blockchain Distributed Ledgers

    Image: Global Bitcoin Network by Oez, via Shutterstock.

    Blockchain technology could become a game changer, in the financial industry and, perhaps in particular, beyond. The potential of blockchain technology is often compared to that of the internet. It should be remembered that it took some time before the truly beneficial applications of the internet emerged. With blockchain, we are only at the very beginning of a potential development of this kind.

    Innovations are the lifeblood of a continually developing economy. Moreover, evolution processes are never linear. The first great wave of euphoria, which was also seen in the media, is being followed by a phase of checking, weighing-up and consolidation, before new offers and technologies are rolled out on a broad scale.

    Ladies and gentlemen, Goethe once said: &8220;We know accurately only when we know little; with knowledge doubt increases.&8221;

    My impression is that with the increasing efforts being devoted to blockchain technology, doubts will also increase as to whether this technology can meet the expectations being placed on it, which in some cases are extremely high. The question that we want to examine in more detail in this workshop is what specific doubts we have and whether the technology can overcome them.

    I would like to conclude by wishing you all an interesting and, above all, informative workshop.

    Thank you very much for your attention.


    About Carl-Ludwig Thiele

    Carl-Ludwig Thiele

    Carl-Ludwig Thiele &8211; Executive Board of the Deutsche Bundesbank










    The post Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

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