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The true revolution is driven by technologies requiring a complete rethink in customer relationships — at a speed which the financial sector has not previously experienced.

Disruption and blockchain, digital banking und Fintech — these and similar are the buzzwords of the hour. Innovations for the finance industry are thrown onto the market virtually every day and doom scenarios for the established banks are painted on the wall. One thing is clear: So far, nothing new or even revolutionary, for industry already has the edge on the banks. Yet banks are for the most part only turning the screw on costs.

In reality, however, digitalisation is not only concerned with the optimisation of costs, but with new business models and financial products. We must view financial services in the context of a digital structural change and understand: These devices will relieve us of many daily tasks and assist us in making complex decisions.

For these devices account for 40 percent of the global data traffic and process transactions for their owners: Whoever understands this can address new customer segments in a differentiated manner and be quicker on the market with innovative services.

The bank must nevertheless realise its differentiation potential in the digital market and draw up their business model accordingly. It must identify the fields which it no longer wishes to manage in future and in particular, it must ask itself the question where digitalisation opens up completely new fields of activity in which it should play a role. Whenever we talk about technology, it relates essentially to the interdisciplinary use of big data and analytics, artificial intelligence and, as a fundamental basis for banking in the future, cryptography.

Cryptography already forms the basis for privacy in the electronic communications between the customer and the bank. E-banking without reliable encryption is not conceivable. In this respect, we should be aware of the fact that cryptography is by far much more than pure encryption: That sounds banal — but has massive impact: Although there are, time and again, negative reports about such leading cryptofinance representatives as Bitcoin or Ethereum, the still very young scene shows itself to be extremely robust against setbacks and works consistently on further development.

Cryptofinance brings about several paradigm shifts in our understanding of money. Cryptocurrencies continue to serve as a means of exchange, but they can be assigned programmed functions, so-called smart contracts.

Cryptocurrencies, as a monetary and economic-policy control instrument, can, for instance, be furnished with a maturity date or a specific intended use. This multifunctionality embedded in the Internet of Things opens up hitherto undreamed-of possibilities. How can a bank position itself in this environment?

The experience of recent decades shows that those who will be successful in the final event are those who are best positioned to recognise the needs of the customer and implement them in products. It is a question of bringing to the customer, in a highly-interconnected world, the correct financial products at the appropriate time.

Many see their core competence in client relationships. Consequently, this means that a bank which espouses the customer interface, must in future work in close cooperation with suppliers of wearables, home-automation systems and self-driving cars. For, in future, these devices will represent the interface to customers. For this, they must work in concert and create joint platforms. Time is running out — as mentioned, by there will be 20 billion devices which can tell us which needs the customer has at the very moment in time.

The clock is ticking and time is money — who would not know that better than banks? During his studies he became fascinated by the combination of banking and IT. In addition to his activity as a developer of banking software, in the mid s he founded his first internet start-up. As a self-employed project manager, he realised a variety of IT projects at banks in Germany, Switzerland and Liechtenstein.

His key topics of interest include, inter alia, data analysis and crypto-finance. His personal mission is to show that digitalisation has more to offer than just boosting efficiency in classic banking processes. Instead, it makes it possible to open up new business fields and a completely different understanding of financial services. The digital structural revolution Number of connected devices on the internet worldwide in billion.

Forecast monthly portable device traffic in mobile phone networks worldwide in petabyte. Gartner Novemberstatista. Change through to technology-driven banking Cryptography already forms the basis for privacy in the electronic communications between the customer and the bank. New cooperation models for an all-embracing customer experience How can a bank position itself in this environment?

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