#London is a bustling metropolis of commerce, thought of as a titan of industry and innovation—no matter what industry is under discussion. However, recent economic concerns, most notably the effects of the Brexit on business sectors including #fintech, have led some to suggest that the city is no longer theRead More
Bank Innovation
The European Commission has set up a special #fintech #task #force to develop strategies to address the potential challenges that fintech poses. The working group will engage outside experts and market participants in order to #propose #policy suggestions in the first half of #2017.
#Technology has the potential to drive efficiency gains and disintermediation of financial services can bring consumer benefits and competitive advantages for agile #banks and startups.
But despite the apparent advantages, fintech also raises questions on the way that finance operations are implemented, supported, secured and regulated. The new Task Force, called the Financial Technology Task Force (FTTF), will focus on determining the right conditions to support innovation while ensuring financial stability and consumer confidence.
“We see technological innovation in finance as a development that we need to encourage and enable,” said Commission Vice-President Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union.
&8220;It brings huge opportunities for consumers and for industry, both by established players and new fintech firms. Our Task Force will help us make sure that our policy supports the pursuit of these opportunities, while addressing any risks that may emerge. Efficient financial markets need to make the best possible use of the opportunities that technology presents, while also preserving competition and making sure that new operating systems are safe.&8221;
On May 6, 2015, the European Commission adopted the Digital Single Market (DSM) strategy, which aims to &8220;opens up digital opportunities for people and business and enhance Europe’s position as a world leader in the digital economy.&8221;
Image credit: European Commission&8217;s Digital Single Market via https://ec.europa.eu/
&8220;The Digital Single Market strategy aims at laying down an appropriate framework and enabling solutions concerning for instance electronic authentication or cybersecurity,&8221; said Commissioner for Digital Economy and Society Günther H. Oettinger.
&8220;Our ambition is to foster financial innovation while preserving financial stability and protecting consumers and investors. (…😉 Digital innovation is transforming the entire economy and in particular the financial services sector. It disrupts business models and value chains, leads to the emergence of new players and services.&8221;
Identified as the one of the European Commission&8217;s top 10 political priorities, the DSM includes 16 initiatives intended to create new opportunities for startups as well as citizens. The DSM would allow for the free movement of persons, services and capital within the region, enabling individuals and businesses to access and exercise online activities seamlessly.
The DSM is built on three pillars:
Access: better access to digital goods and services across Europe;
Environment: creating the right conditions and a level playing field for digital networks and innovative services to flourish;
Economy and society: maximizing the growth potential of the digital economy.
According to the European Commission, the DSM could create up to €415 billion in additional growth, hundreds of thousands of new jobs and a vibrant knowledge-based society.
FTTF was announced on November 14. The working group is co-chaired by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) and the Directorate General for Communications Networks Content and Technology (DG CONNECT). It brings together services responsible for financial regulation and for the Digital Single Market, along with experts in competition and consumer protection policy.
Featured image: Flags in front of the European Commission building in Brussels, via Wikimedia.
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Innovationsführer im Geschäftsreisemarkt führen Sharing Economy und Reisekostenmanagement zusammen
AirPlus International und Airbnb entwickeln derzeit eine integrierte Lösung zum Buchen, Bezahlen und Abrechnen von Geschäftsreisen. Gemeinsam mit dem weltweit grössten Community-Marktplatz #für die Buchung und Vermietung von Unterkünften präsentiert AirPlus International, Experte für Bezahllösungen für das Geschäftsreise-management, im kommenden Jahr ein vollautomatisiertes Tool. Damit haben Geschäftsreisende Zugang zu den besten Bezahl- und Reisemanagementlösungen für über 2,5 Millionen Unterkünfte weltweit.
AirPlus-Kunden können heute bereits mit der virtuellen Kreditkarte A.I.D.A. bei #Airbnb buchen und zahlen. Dazu generieren sie einfach eine virtuelle MasterCard-Kreditkartennummer im AirPlus-Portal oder über ihr Smartphone und verwenden diese für die Zahlung bei Airbnb. Die beiden Unternehmen arbeiten zudem an einem integrierten Bezahlvorgang, der Reisenden die automatische Abrechnung von Airbnb-Buchungen über ein zentrales Firmenkonto ermöglicht. Neben optimaler Transparenz profitieren die Reiseverantwortlichen somit auch von Zusatzinformationen, wie Kostenstelle, Projekt- oder Personalnummer, für ihre Datenanalysen.
„Immer mehr Geschäftsreisende wollen die Flexibilität der Sharing Economy für sich nutzen. Die Travel Manager hingegen benötigen aussagekräftige Daten zu Compliance und Kosten“, so Patrick W. Diemer, Vorsitzender der Geschäftsführung von AirPlus International. „In Kooperation mit Airbnb führen wir flexible Buchungsprozesse, automatisiertes Bezahlen und Abrechnen sowie transparentes Kostenmanagement in einer Lösung zusammen.“
„Wir freuen uns über die Zusammenarbeit mit AirPlus. Für Geschäftsreisende wird es zukünftig noch bequemer, Unterkünfte bei Airbnb zu buchen“, sagt Lex Bayer, Group Head of Business Development, Payments, und Airbnb for Business. „Dank Airbnb for Business müssen Mitarbeiter auf Geschäftsreisen nicht mehr auf die Annehmlichkeiten einer Privatunterkunft verzichten. Die neuen Bezahloptionen, die wir gemeinsam mit AirPlus anbieten, unterstützen Geschäftsreisende und Reisemanager noch besser.“
2016 konnte Airbnb das Geschäftsreisevolumen mehr als verdreifachen, da mehr und mehr Geschäftsreisende die Vorzüge, die Airbnb bietet, entdecken. Mit dem Airbnb for Business Dashboard erhalten Reiseverantwortliche eine Komplettlösung für das Reisedatenmanagement. Es bietet eine vollständige und umfassende Übersicht über die Reisepläne ihrer Mitarbeiter sowie über Belege, Privatunterkünfte für Geschäftsreisende, geschäftsrelevantes Reporting und Optionen zur Einhaltung der Sorgfaltspflicht.
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Das Schweizer #Fintech-Unternehmen Lykke kündigt #Lykke #Streams an, eine Plattform, auf der Projekte veröffentlicht und mittels Crowdsourcing umgesetzt werden können. Die Beta-Version von Lykke Streams ist unter https://streams.lykke.com/ verfügbar.
Auf Lykke Streams können Projektideen veröffentlicht und von Talenten aus der ganzen Welt umgesetzt werden. Auftraggeber stellen ihre Ideen auf Lykke Streams vor und hinterlegen verschiedene Preisgelder, die nach erfolgreicher Umsetzung an die Gewinner-Teams vergeben werden. Technologieprofis wie Entwickler und Designer können so an interessanten Projekten zusammenarbeiten und gemeinsam Preise gewinnen.
Richard Olsen
«Lykke Streams ist der Ort, wo brillante Ideen auf helle Köpfe treffen, um erstaunliche Dinge in die Tat umzusetzen», sagt Richard Olsen, Gründer und Geschäftsführer von Lykke. «Wir wollen grosse und kühne Konzepte mit talentierten Menschen zusammenbringen. Niemand braucht mehr auf Innovatoren zu warten, um sich zu verwirklichen.»
Lykke ist auf ähnliche Weise entstanden. «Lykke ist im Grunde das erste erfolgreiche Projekt auf Lykke Streams», sagt Richard Olsen. «Wildfremde Menschen haben über das Web zusammengefunden und den auf der #Blockchain-Technologie basierenden digitalen Marktplatz entwickelt. Viele von ihnen nehmen heute Leitungspositionen im Unternehmen ein. Wir hätten sie wohl nie auf traditionelle Weise gefunden.»
Die ersten Projekte sind bereits auf Lykke Streams ausgeschrieben, wie Atomic Crosschain Swap Transactions (#Bitcoin Ethereum), Lykke Services Identity und Tradelog Data Research Paper.
Atomic Crosschain Swap Transactions
Interessenten registrieren sich per E-Mail auf der Plattform und füllen das Anmeldeformular aus. Um später das #Preisgeld zu erhalten, muss zudem die Lykke Wallet-App installiert werden. Nach Ablauf von Betaversion (Release) können alle Mitglieder der Lykke-Gemeinschaft eigene Projekte auf Lykke Streams starten.
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Die Finanz- und Lohnbuchhaltung sind das Rückgrat eines jeden Betriebs. Schweizer Unternehmer investieren deshalb viel Zeit für die Erbringung von adminstrativen Büroarbeiten und nehmen externe Hilfe in Anspruch.
Jedoch ist diese häufig teuer und oft nur wenig flexibel. Der digitale Assistent Klara ist jedoch kostenlos und der Funktionsumfang wird in den nächsten Monaten weiter ausgebaut.
Ausserdem wird Klara im 2017 um einen kostengünstigen Treuhand-Service erweitert. Beim Treuhand-Service werden Kunden entscheiden, ob sie sich nur Unterstützung bei den Abschlüssen wünschen oder ob sie auch die Verbuchung der Belege auslagern möchten.
Klara kann sofort online genutzt werden und erfordert keine lokale Installation. Klara reduziert beispielsweise die Bürokratie durch einfache Online-Meldungen bei AHV, Pensionskassen, Privatversicherern und Ämtern.
Weiter Infos unter: http://www.klara.ch
The post Unternehmer lancieren Klara, den Digitalen Assistenten zur Beseitigung von Bürokratie appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Cashboard, a Redalpine Capital II portfolio company and Europe’s first curated marketplace for retail investment, has secured a #Series A funding of EUR 3m led by Digital Space Ventures.
#Cashboard Founders André Holdschick, Stephan Henker, Robert Henker, Marius Schulze
“We are delighted to have secured this new #round of funding, which will allow us to continue our growth trajectory, strengthen our team and internationalize our service.” says Robert Henker, CEO at Cashboard. “Cashboard provides clients with highly diversified portfolios selected from more than 6,500 financial products from over 100 different providers. As a first in the retail investment space, Cashboard portfolios include novel investment products like P2P lending or equity crowdfunding alongside traditional products such as daily deposits and ETFs.”
Founded in 2014, the company has already established itself as a leading financial #technology company in Germany. Thanks to its unique positioning, Cashboard has not only secured several #million Euros in funding but also won Europe’s most valuable #startup prize at the SevenVentures Pitch Day.
Various media outlets have covered the funding round, including Handelsblatt, TechCrunch, Business Insider and Gruenderszene.
For more information on Cashboard, please visit http://www.cashboard.io
This article first appeared here
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#BlockShow #Europe #2017 will take place in Alte Kongresshalle, Munich. The #conference is going to become the #major international event for showcasing established #Blockchain solutions.
Blockchain is hailed as one of the most revolutionary technologies of the past few decades. In this year, the industry has experienced an intense influx of investment – the volume of funds invested in Blockchain startups has exceeded $ 1B, and two largest VC deals of this year were also Blockchain-related.
In addition to that, the #technology has managed to receive public recognition from such global giants as Visa, PayPal and Mastercard. This state of affairs has formed a favorable environment for startups, and a real boom followed as a result: the number of young Blockchain companies has grown fourfold over the past year.
30% Discount for Fintechnews reader with Code FNSMUNICH
Becoming more and more accepted worldwide, “the biggest innovation after the Internet itself” is receiving a growing number of various practical implementations and taking over the markets &8211; both within and outside the financial sector. That is why the main goal of BlockShow Europe 2017 is to become the major international platform for showcasing the most disruptive Blockchain use cases in all their multiplicity.
However, none of the Blockchain projects exists in a vacuum &8211; there is a wide range of various external factors considerably influencing the whole industry, and this cannot be ignored. That is why BlockShow Europe 2017 will be opened by a talk about the current state of Blockchain, and the further conference programme will include talks and panel discussions on such topics as “Overcoming the challenges of Blockchain implementation”, “Blockchain Ecosystem from #Banks & Enterprises perspective”, “Security on Blockchain” and other. As for the direct objective of BlockShow Europe 2017, a large-scale comprehensive presentation of the existing revolutionary Blockchain projects will be set out in two parts.
In addition, the conference will provide startups with opportunity to compete with each other for the title of The Best Blockchain Startup 2017 in a competition which will be hosted by Blockchain Angels.
Among the conference speakers will be prominent experts and practitioners of the global Blockchain industry, such as Ned Scott (CEO & Co-founder at Steemit), Adam Stradling (#Bitcoin & Blockchain pioneer, co-founder of Bitcoin.com), Ismail Malik (CEO Blockchain Lab, founder of SmartLedger), Bernd Lapp (Advisor at Ethereum Foundation), Jamie Burke (Founder of Blockchain Angels), Matej Michalko (Founder & CEO at DECENT), and Bruce Pon (CEO & Co-Founder at BigchainDB). This non-exhaustive list is about to expand &8211; so watch for updates!
BlockShow Europe 2017 is organized by the popular Bitcoin & Blockchain media outlet CoinTelegraph in partnership with Zurich-based Blockchain platform Nexussquared and Blockchain payment processor BlockPay. The upcoming event won’t be the first one for CoinTelegraph &8211; in August this year, the company has already held Helsinki Blockchain Conference 2016, the first high-profile Blockchain-dedicated event in Nordic, which attracted massive attention from the regional Blockchain community.
Starting this week, the registration for BlockShow Europe 2017 is officially #open. Get to know more at the official BlockShow Europe website! Please note that there is a unique offer available exclusively for #Fintech News Switzerland community &8211; use a discount code FNSMUNICH to get 30% off all tickets when registering on the BlockShow Europe Eventbrite page.
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Die #Schweizer KMU #sind #katastrophal schlecht gerüstet gegen Hacker. Obwohl immer mehr die Cyberkriminalität als Schlüsselrisiko betrachten, verfügen nur 2,5 Prozent über ausreichenden Schutz.
Kein Risiko hat in der Schweizer Wirtschaft derart an Bedeutung gewonnen wie die Cyberkriminalität. Dies ergibt eine repräsentative Umfrage der Versicherung Zurich unter kleinen und mittleren Unternehmen (KMU). Mittlerweile gehen 12 Prozent der KMU davon aus, dass Hacker ein Schlüsselrisiko für sie darstellen.
Gegenüber dem Jahr 2013 hat sich ihr Anteil mehr als vervierfacht. Deutlich gesunken ist derweil der Anteil der KMU, die sich partout für zu klein und unbedeutend halten, um Opfer von Cyberkriminellen werden zu können. Nur gerade 13 Prozent gehen davon aus, gar nicht erst ins Visier von #Hackern zu geraten.
Obwohl die Furcht stark zunimmt, sind die allermeisten Schweizer KMU schlecht gerüstet. Gerade einmal 2,5 Prozent der befragten Eigentümer und Geschäftsführer geben an, dass ihre Firma über voll funktionsfähige und aktualisierte Schutzmassnahmen verfügen.
Hochgerechnet auf die rund 562‘000 KMU* in der Schweiz, bedeutet dies: 548‘000 KMU verfügen über keinen effektiven Schutz. Besonders exponiert sind jene Firmen, die Cyberrisiken als Schlüsselrisiko betrachten und dennoch keine Massnahmen ergriffen haben. Ihre Anzahl beträgt mindestens 53‘000.
Hauptrisiken für kleine und mittlere Unternehmen 2016
«Diese grosse Diskrepanz zwischen dem Risikobewusstsein und dem Ergreifen von konkreten Massnahmen zeigt, dass die Mehrheit der KMU völlig überfordert ist und sich gegenüber den Cyberkriminellen machtlos fühlt», erklärt Christian La Fontaine, Spezialist für Cyberrisiken bei Zurich.
Dies wiederum habe vor allem zwei Gründe: «Erstens fehlt in vielen Geschäftsleitungen ein Experte für IT-Fragen, Cyberrisiken wurden daher lange unterschätzt», sagt La Fontaine. «Zweitens sind effektive Mass nahmen nicht immer günstig. Lange zögerten KMUs daher, die notwendigen Budgets zu bewilligen.»
La Fontaine geht davon aus, dass sich der Anteil der stark exponierten KMU in den kommenden Jahren noch erhöht. «Je stärker die Geschäftsmodelle von Firmen digitalisiert sind, desto eher sind sie Cyberrisiken ausgesetzt.» Restaurants oder Coiffeure beispielsweise, die Reservationen respektive Buchungen hauptsächlich über das Internet oder Apps entgegen nehmen, können nach einem Hackerangriff schmerzhafte Umsatzeinbussen erleiden.
Hauptrisiken für kleine und mittlere Unternehmen 2016
Ergebnisse: Jahresvergleich
«Wenn Kunden nicht mehr wie gewohnt online reservieren können, bleibt nur noch die Laufkundschaft», erklärt La Fontaine. Während früher noch galt, dass vor allem grosse KMUs Risiken im Cyberspace ausgesetzt sind, trifft dies zunehmend auch für kleinere Betriebe zu.
Im Bereich der Cyberrisiken fürchten sich KMU vor allem vor dem Diebstahl von Daten. «Besonders gravierend ist der Schaden, wenn Kriminelle die Kreditkartendaten von Kunden stehlen», sagt La Fontaine. «Geschieht dies, sieht sich ein KMU oft mit einem ernsthaften Reputationsschaden und einem Rückgang des Umsatzes konfrontiert.» Auf dem zweiten Platz folgt die Angst vor einer erzwungenen
Unterbrechung der Geschäftstätigkeit.
«Dieser Fall kann eintreten, wenn Hacker eine Website mit einer Flut von Anfragen überlasten, sodass Kunden die Website nicht mehr aufrufen können», erklärt La Fontaine. Auch Viren können Unterbrüche erzwingen. „Öffnet ein Mitarbeitender eine E-Mail mit einem Virus, kann ein ganzes IT-System während Tagen blockiert werden.»
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Cashboard, a Redalpine Capital II portfolio company and Europe’s first curated marketplace for retail investment, has secured a #Series A funding of EUR 3m led by Digital Space Ventures.
#Cashboard Founders André Holdschick, Stephan Henker, Robert Henker, Marius Schulze
“We are delighted to have secured this new #round of funding, which will allow us to continue our growth trajectory, strengthen our team and internationalize our service.” says Robert Henker, CEO at Cashboard. “Cashboard provides clients with highly diversified portfolios selected from more than 6,500 financial products from over 100 different providers. As a first in the retail investment space, Cashboard portfolios include novel investment products like P2P lending or equity crowdfunding alongside traditional products such as daily deposits and ETFs.”
Founded in 2014, the company has already established itself as a leading financial #technology company in Germany. Thanks to its unique positioning, Cashboard has not only secured several #million Euros in funding but also won Europe’s most valuable #startup prize at the SevenVentures Pitch Day.
Various media outlets have covered the funding round, including Handelsblatt, TechCrunch, Business Insider and Gruenderszene.
For more information on Cashboard, please visit http://www.cashboard.io
This article first appeared here
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New #research has found that the millennials classification is not a meaningful way for #financial #institutions and #FinTechs to understand those aged between 18 and 34.
The findings suggest that younger and older millennials have divergent financial priorities, exhibit disparate financial behaviours, especially around digital finance, and have different tolerance levels for customer experience issues. Financial services providers need to re-evaluate how they market to and serve this #demographic.
The research ‘Misunderstood Millennials: Have financial institutions got it wrong?’ commissioned by Mitek, surveyed 1001 UK millennials and found that younger millennials – aged 18-22 – are not yet financially independent, with 47.6% most concerned about paying for education. Younger millennials’ financial mindset is also dominated by a reactive, short- term focus demonstrated by their other main concerns, paying rent (43%) and entertainment (33%). Long-term financial planning is not on their agendas, contrary to received wisdom evidenced by the plethora of educational #FinTech start-ups.
It’s only when millennials reach 29-34 that financial services become a necessity. 43.1% of 29-34 year old are most concerned with saving to buy a house but only 30% of young people are. Surprisingly, 40% of 29-34 year-old are also looking to save money for travel and 33% with saving for their retirement, compared to 26% and 17% respectively for those aged 18-22. Between 23 and 28, millennials are not yet financially independent and around a third are still concerned about paying for education. At this age, only 23% are concerned about saving for their retirement.
Financial services companies are increasingly serving their customers through mobile channels and 29-34 year-olds are certainly receptive to this. Older millennials are, on average, 5% more likely to use mobile financial services than their younger counterparts with one in five making a mobile purchase at least once a day. However, security concerns are preventing 29-34 year olds from taking full advantage of mobile with 88.5% saying that worries about ID fraud or data security prevent them from making transactions on their mobile, compared to 72.8% of younger millennials.
The research also found that, counterintuitively, those in the older age bracket are much more comfortable using the camera on their mobile, with 72.7% seeing it as one of the most important functions. This is compared to 54% of 18-22 year olds. This is also manifested in the fact that older millennials are 25% more likely to allay their security fears by using their camera to fill in personal information or verify their identity with a selfie or a photo of their ID.
Getting the mobile experience right, however, is key. Millennials are highly intolerant of poor mobile experiences with 56.3% stating that if they were unable to sign up for a financial product on their mobile, they would go to a different, more mobile-friendly competitor. Indeed 42.4% of all millennials have already switched providers because of a poor mobile experience.
Key Findings
Financial Independence
· 47.6% of millennials aged 18-22 are concerned about paying for education, whereas only 19.4% of 29-34 year-olds were.
· 43.1% of older millennials are concerned about saving to buy a house but only 30% of younger people are.
· Around 40% of 29-34 year-olds are also looking to save money for travel and 33% with saving for their retirement, compared to 26% and 17% respectively
Mobile usage
· Older millennials are 5% more likely to use their phones to apply for services or purchase goods than younger millennials
· One in five millennials aged 29-34 make at least one purchase on their mobile per day, compared to 12.4% of millennials aged 18-22
Security and Fraud
· 88.5% of older millennials say that worries about ID fraud or data security prevent them from making transactions on their mobile, compared to 72.8% of younger millennials
· 87.4% of younger millennials cite convenience factors as a barrier to usage compared to 79.9% of older millennials
· Older millennials are around 25% more likely to use their camera to fill in personal information or verify their identity using a selfie or a photo of their ID document
Mobile User Experience
· 56.3% of all millennials would abandon an application for a financial services product if they could not complete it on their mobile and would join a more mobile-friendly competitor
· 42.4% of millennials have left a financial services provider due to a poor mobile experience
“Millennials have been the target of financial services providers for as long as they have been recognised as a category. However to date, efforts to attract them have largely been unsuccessful” said Sarah Clark, General Manager, Identity, Mitek. “The reasons for this are now clear. By trying to appeal to this group as one single demographic, financial institutions’ marketing has been misdirected. They now have the opportunity to focus their efforts more sharply and cater for millennials’ diverse needs at different stages in their lives. It can’t be a one-size-fits-all approach anymore. Financial institutions need to tailor their offering to appeal to the lucrative 29-34 year-old market, which is mobile-first, concerned about the security of their identity and willing to disengage due to poor service. ”
With impending regulations such as Anti-Money Laundering Directive 4.1, Payments Service Directive Two and the EU’s Funds Transfer Regulation, there is pressure on financial institutions to improve KYC practices. Electronic identity verification and on-boarding reduces the risk of financial fraud and improves operational efficiencies. Institutions not only need to cater to the demands of this generation and ensure they are best positioned to meet the regulatory requirements of today and tomorrow.
The research was conducted by Osterman Research and covered 1001 UK millennials. Download it here.
Featured Image Credit: By Optician Training via Flickr
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