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Cash empowers the individual through data protection

July 2, 2019
Analyst:
By providing a high degree of privacy in payments, cash helps to slow the growing information asymmetry between consumers and companies as well as between citizens and public authorities. As knowledge about your counterparty is power, privacy is crucial for individuals to safeguard their position when dealing with organisations which are more powerful than a single person. [more]

More documents about "Banking and financial markets"

155 (73-84)
August 19, 2015
Region:
73
Reform of deposit guarantee schemes (DGS) in the EU has followed a gradual approach. The latest reform established common requirements on financing for national schemes but funds remain separate. The debate about the future of DGS has been revived recently, though. The five presidents' report on completing Europe's Economic and Monetary Union put DGS reform back into the larger reform discussion and identified deposit insurance as one of the areas of the Banking Union still pending completion. While joint deposit insurance may seem a rather long-term option, several short- and mid-term suggestions to complement DGS have been raised. They put an emphasis on adapting the current setup with a view to increase back-up financing capacity of individual schemes. Ideas include i) strengthening the network of DGS and possibilities for bilateral lending, ii) establishing a reinsurance scheme, iii) developing a common fiscal backstop to national DGS. [more]
August 17, 2015
Region:
74
Big data is a hot topic. The large digital platform operators in particular have long recognised the economic potential of algorithm-based data analysis. They demonstrate this to billions of customers professionally every day. With their analytical technologies they generate high revenues and tie us loyal customers ever more firmly to their platforms via convenient and, above all, individualised services. A steadily growing number of companies want to imitate this lucrative lock-in effect so they can also capitalise on the benefits of big data. Nonetheless, in many sectors the implementation of modern data analysis tools is proceeding only sluggishly. Contrary to the expectations of some market participants, big data is not a simple add-on. [more]
August 7, 2015
Region:
75
It is the classical dilemma of any currency union that a single monetary policy cannot possibly be appropriate for everybody if members are at very different stages of the business cycle. To get a feel for the scale of monetary (mis-)alignment, we calculate central bank rates as implied by a modified Taylor rule. [more]
August 5, 2015
Region:
76
As one possible way of reacting to the loss of our data sovereignty, efforts should be taken to launch education campaigns without delay (ideally on an international basis). This can help to establish greater internet and media expertise among the population at large in the medium to long run. Furthermore, an international legal framework would be desirable in order to regulate the use of data and algorithm-based technologies as well as limiting lax data-collection practices. [more]
July 28, 2015
Region:
78
Debate over blockchain technology is raging in many online and offline media at present. In principle, the technology constitutes a decentralised ledger system that can be coordinated via peer-to-peer (P2P) networks. Any ownership or security issues arising in connection with the decentralised transactions conducted across the ledger system are handled by P2P mechanisms as well, i.e. also without a central node. Ownership status is established via the digital exchange of cryptographic keys (public vs private), while fraudulent transactions can largely be ruled out with the help of the cryptographic 'proof of work' system. Using a proof of work, blockchain technology enables the rapid, inexpensive transfer of assets and financial products between individuals who neither know nor trust one another, without a compelling need for an intermediary to reduce existing information asymmetries. [more]
July 3, 2015
Region:
80
The digital strategies currently unveiled by traditional banks do not go far enough and often deliver only fragmented silo solutions. With each division “doing its own thing” and adopting the silo principle that stifles innovation, many (digital) financial innovations are primarily experienced at the client front-end and are also warmly welcomed. However, the banks will not achieve resounding success using such methods. [more]
June 24, 2015
Region:
81
Clients with a migrant background are growing in importance as a target demographic for retail banking. In collaboration with Bayreuth University we have carried out an empirical analysis of risk attitudes in this customer group using data supplied by the German Socio-Economic Panel (SOEP). Our findings allow implications to be drawn for bespoke advisory services for clients with a migrant background. In effect, banks will be able to raise the quality of their financial advice to the customer's benefit – and tap into a key growth market at the same time. [more]
June 11, 2015
Region:
82
European banks had a successful start into 2015. Business activity improved, asset quality did so as well and profitability rose again, as the rebalancing of the industry made further progress. The ECB’s new large-scale market interventions helped strengthen sentiment in financial markets, and contributed to the continuing decline in the euro exchange rate – which on balance may have been beneficial for banks. [more]
June 9, 2015
83
The time is ripe for established banks to transform themselves into digital platform-based ecosystems. With their current digital strategies the banks will not achieve the resounding success that will enable them to hold their own in the medium to long term. Not only certain business models, distribution and communication channels, products, services and processes, but especially the ways data are handled need to be rethought and redesigned. Implementing a fundamental reform attuned to the digital age will provide the opportunity for traditional banks to learn and adopt the strengths and particularly the monetarisation strategies (walled gardens) of the successful digital ecosystems. [more]
April 20, 2015
84
In Europe, Switzerland and Germany have long trailed at the bottom of the league in terms of residential ownership, despite increases versus the 1990s. The reasons for this are complex: both countries have a relatively well developed rental market – to some extent the reason for and the consequence of the lower owner share. [more]
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