Approaches aimed at increasing functionality with smaller budgets are frequently discussed at management level in established companies, but are rarely successfully implemented. The reasons for failure (or at least lack of success) of these projects cannot be attributed to general factors (e.g. company size) or even a few different factors; reasons specific to the company in question also play a role. It is clear that a successful approach must be implemented in various areas if the core of the entire process of relevant innovation is not to be abandoned.

Continue

Leading German and European companies have stated their intention to cooperate more closely to establish a joint, pan-industry platform for online registration, e-identity and data services. The aim is to make online registration simpler and more secure for clients. The participating companies have signed a corresponding declaration of intent. The initiative was set up by Allianz, Axel Springer, Daimler and Deutsche Bank with Postbank as well as the technology think-tank Core, and Here Technologies, the location services provider.

Continue

Christine Lagarde, head of the IMF, held an open lecture at the ESMT in Berlin on April 11. The event entitled “Innovation, Technology and Growth” focused on the opportunities and risks of technological progress as well as recommendations by the IMF to governments on how to handle these risks.

Continue

On 16 March 2017, BaFin – Germany’s financial regulator – held its fourth information meeting on the supervision of IT for banks with roughly 500 attendees. The press and media coverage (FAZ, Handelsblatt, Börsenzeitung) placed emphasis on the vulnerability of bank IT systems to attacks and the need for them to improve their IT security, whereas BaFin and the Bundesbank announced important details regarding future supervision and monitoring of bank IT, with keynote presentations on BAIT (supervisory requirements for bank IT), monitoring of IT matters in practice by banking regulators, and the implementation of the IT Security Act by means of the Federal Office for In- formation Security Act (BSI) and the Payment Service Directive (PSD) II.

Continue

On 21 March 2017 the expert conference “Customer identification and conclusion of contracts without media disruption“ has taken place. Two topics were in the focus of discussion: (1) video identification methods and (2) trust services (with focus on qualified electronic signatures QES), following the overarching question if video identification and QES provide viable solutions for the digital future of banks. First, the legal frameworks have been presented with additional pratical examples about introducing a video identifation method and finally outlining application scenari-os for trust servies.

Continue

In August 2016, the EBA published the draft RTS for consultation, and spelled out the details in a public hearing on 23 September 2016, especially regarding the points on “Use of strong customer authentication for account access (one-month discussion)” and “Using a risk-based approach as a replacement for the second factor”. On 23 February 2017, after taking account of 224 comments received back from the market, the EBA published the final version of the RTS.

Continue