„All things are ready, if our minds be so.“ Shakespeare and the 3rd ICT International Payment Summit
It was greatly stimulating discussing innovation and the impacts of modern technology on our business and society with international experts
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Natalie Turner & Jochen Werne discussing business transformation at the TechWeek Frankfurt
Natalie Turner, Host of disruptive LIVE and Jochen Werne, CDO/CVO of Prosegur Cash Services, Germany in a lively discussion about
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History lessons for a digital future: Why are our times comparable to the 1450’s?
On Tuesday, November 5, 2019, Managing Director Dr. Stefan Hirschmann and his team from VÖB-Services organised an inspiring BANKENNETZWERK networking
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Handelsblatt Summit and the digital future of real estate business
It has been a privilege discussing with an inspiring auditorium the future of real estate and how technology leads to
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Libra and the Dilemma of Trust
"Money is perhaps the most concentrated and acute form and expression of trust in the social and state order," said
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Quintessenz des Digitalgipfels 2019: Vertrauenswürdigkeit wird entscheidender Erfolgs- und Wettbewerbsfaktor
Es war eine besondere Freude beim Digitalgipfel 2019 die Panels der Plattform für Lernende Systeme gemeinsam mit Dr. Johannes Winter,
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International Understanding. Admiral of the Fleet the Lord Boyce Prize presented for the first time
This prize to be awarded to the person, group or team that contributed the most to the goal of creating
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The four principles of good governance
Author: Jochen Werne | First published in German on September 6, 2019 in the BANK—BLOG How banks create stability to
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Identity Recovery Services – The smart idea in Cyber Security and Access Management
WHAT HAS IAM & CYBERSECURITY TO DO WITH A FAMOUS CAR CRASH OF A SOVIET LEADER ‪? It was a
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Digital Summit 2019
It's a great pleasure supporting on October 28, this year's DIGITAL SUMMIT together with other experts from the "Platform Learning
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International Understanding – Keynote: Technologies and humanity in the context of modern Vietnam
"It was a great inspiration to meet so many committed people in just one day, ambitious and authentically personally committed,
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Keynote: ARE CERTAIN CULTURES MORE PREDISPOSED TO CYBER-THREATS?
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Panel discussion at Handelsblatt Bankengipfel 2019 – “AI in Banking”
Panel discussion at Handelsblatt Bankengipfel 2019 - "AI in Banking"
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TV: Navigators Heritage Interview with GOST Representative Stefano Malvestio
It’s a great pleasure seeing GOST’s Documentation Officer Stefano Malvestio in an in-depth Interview with Italian TV-station Asterisco about Navigator’s
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The Lord Warden Offshore Cup – Tying a stable knot for international relations
The Lord Warden Cup is a 200nm Offshore Sailing Challenge from Dover to Portsmouth and back, with the goal to
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Handelsblatt: How Artificial Intelligence can make banking more efficient
It has been inspiring discussing with Katharina Schneider about AI and the future of the financial sector and being quoted
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Artificial intelligence in the financial sector
What role does the human factor play in times of exponential technological progress Author: Jochen Werne, Director Business Development, Product
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AIDHNC congratulates GOST on it’s 20th anniversary and the milestones in the field of international understanding
EXCELLENT! 20 years of efforts aimed at maintaining naval traditions and history, keeping alive the exploits of pioneer explorers, uniting
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Author Juliane Waack writes about J. Werne’s keynote on societal & business transformation
What’s next? Expedition into the digital spheres 25. JULY 2019 BY JULIANE WAACK – KEYNOTE BY Jochen Werne For the opening
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TV: ARD/BR-Abendschau – Interview about UN Global Goals and the GOST Navigators Heritage
TV: ARD/BR-Abendschau - Interview about Navigators Heritage It has been a great pleasure being invited as studio guest to the
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Hot off the press: €URO am Sonntag Interview – Robo-Advisory
Hot off the press: €URO am Sonntag Interview about Robo-Advisory It has been a great pleasure giving an interview to
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Official GOST 20th Anniversary Trailer released
I'm proud having the opportunity to publish today this homage to all on- and offshore members of the Global Offshore
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AI-WHITEPAPER: Work, Qualification and Human-Machine Interaction
The Working Group 2 "Future of Work and Human-Machine Interaction" of the German Platform for Artificial Intelligence "Platform Learning Systems"
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Transformation is not a project, but a permanent process
An interview series made by Entrepreneur Sascha Adam, wegofive Find article here In the penultimate part 3 of our interview
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Coined Liberty 2.0
Author: Jochen Werne First published in German at LinkedIn Pulse on July 20, 2019. Please find article and sources in
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Book Recommendation: Yearbook Treasury and Risk Management
Jahrbuch Treasury- und Risiko-Management Yearbook Treasury and Risk Management Co-Author: Jochen Werne Chapter: Information Overload Find out more and buying options here Content extract
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Press Monaco Matin: Le prince Albert-Ier dans les mémoires
This Tuesday at sea, at the foot of the imposing Institute of Oceanography, Prince Albert II laid a wreath in
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Event: The Future of Banking – Diplomatic Council Breakfast Talk with Jochen Werne
The speaker this morning is Jochen Werne, a graduate banking and marketing specialist. As director and authorized signatory, he is
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Monaco Channel TV Report – Commémoration : dans le sillage du Prince Albert 1er
As part of the cycle of commemorations in honour of Prince Albert I, H.S.H. Prince Albert II laid a wreath
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A Banker with an (AI-)Mission / Part 2: “The New Now – Everybody Can Make a Difference”
Also in the second part of our interview we do not go directly into the technical aspects of the introduction
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Video: Full ec4u digital thoughts Conference Keynote: What’s next? Expeditions into the digital realm
Jochen Werne, Director Marketing & Business Development at Bankhaus August Lenz, explains in his keynote address how we can shape
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Hot of the press in “bank und markt 06/19”: Opportunities and risks of AI for the financial sector
Artificial intelligence is the new buzz word of the financial industry, says Jochen Werne. In view of the rapid pace
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Join the action: Exclusive Ocean Heritage Red Carpet Event
On Friday the 28th of June at 7.30 p.m. the exclusive Navigators Heritage Red Carpet Event will take place at
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AI, Society, Sailing, Passion & more – on camera with Sascha Adam (Part 1)
Jochen Werne is full-time Director & Authorized Officer for Bankhaus August Lenz & Co. AG of the Mediolanum Banking Group
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Video Comment #vflmkk: Wie steht es heute um die Kundenbeziehung?
Der Messekongress Kundenmanagement ist der IMPULSGEBER für ein erfolgreiches Zusammenspiel aller Kundenschnittstellen.Der Messekongress Kundenmanagement bietet Ihnen eine Bühne des fachlichen
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Keynote announcement: International Banking Innovation Forum, Vienna
Banking Professionals are faced with many new challenges as PSD2 & Instant Payments in Europe at center stage which are
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A talk about Antarctica and extreme weather conditions with Anna-Maria Guth
It was a pleasure and great fun having an interview with Anna-Maria Guth about Antarctica, its importance for our planet
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H.S.H. Prince Albert II will honour the merits of Albert 1er during the Navigators Heritage Challenge
The NAVIGATORS HERITAGE CHALLENGE is a 360 nautical mile OFFSHORE SAILING CHALLENGE where navigators are allowed to use only instruments
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AudiMax Interview Banking: Klischees auf der Spur
Banker haben keine Freizeit. Jochen Werne, Direktor der Bankhaus August Lenz & Co. AG antwortet AudiMax auf die Frage nach
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Small talk with Siri, Alexa & Co.
What role does humans play in times of exponential technological developments and how does this influence our society?
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Recorded: EIC19 keynote. The impacts of artificial intelligence on business and society. Disruption or just progress?
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Creating international understanding through peoples diplomacy on sea
German Naval officers reflect about Antarctica and its importance for our society.
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German Stevies committee is awarding innovations and human creativity
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Buchempfehlung: Vermögensverwaltung – Stressfreies Investieren im Klimawandel der Finanzmärkte
Es war eine besondere Freude als Co-Autor des von Roland Eller und Markus Heinrich herausgegebenen Buches "Vermögensmanufaktur" mitzuwirken. Der Beitrag:
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digital thoughts 2019: Expeditions into the digital world – technologies, ongoing change, leadership
On May 23, ec4u will present innovations and trends for the customer experience and innovative applications for marketing, sales and
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EIC2019 Keynote: HUMAN. DIGITAL. CULTURE – Disruption or just Progress? Impacts of Artificial Intelligence on Business and Society
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Academy for Leadership: Adventure with plan
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TV Broadcast: Monaco Info Environment – Expedition Antarctic Blanc
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Inspirierendes Engagement für unsere Gesellschaft: Marianne Frank-Mast & die Mädchenschule-Khadigram
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Business, AI, Politics and Society – An inspiring evening with the WJ Hamburg
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Expedition Antarctic Blanc delegation meets at the French Ministère de la Transition Écologique et Solidaire
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Handelsblatt AI Summit: Revolutionary technology & the impact on our society
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Movie World Premiere: OCEANS IN DANGER
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An interview about human behaviour in times of technological revolutions
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Presidential reception for Expedition Antarctic Blanc reaches more than 1.5 million people
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“Your adventures serve important purposes.”
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Austrian President will welcome Antarctic Expedition in Vienna
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The bank is perceived as a brand
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“You can’t go against the sea; the sea is always stronger”
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Challenging the status quo – Design Thinking and the financial industry
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„It’s not information overload. It’s filter failure.“
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Keynote Speech – Armed Forces Day Miami, USA 2015
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Artificial intelligence in the financial sector – the next big thing?

by Jochen Werne

Google, Apple, Facebook and Amazon (GAFA) have long seen artificial intelligence as the technology of the future. AI also holds enormous potential for banks and FinTechs. After “FinTech”, “Blockchain” and “Crypto currency”, “AI” is therefore the new buzzword in the banking world. From the AI-optimized chatbot to the highly complex, self-learning investment algorithm – the omnipresence of the term suggests that the integration of Artificial Intelligence into one’s own business model seems to be virtually vital. To what extent is this true?

What becomes possible in times of exponential technologies is nothing less than a revolution. The financial sector holds a vast amount of valuable and already processed data. They not only reflect our daily and extremely private lives – from buying a hot cappuccino in the coffee shop in the morning, for example, to the preference of our Christmas presents – but also the payment flows of entire companies and industries and therefore our entire economy. Maturing AI systems make the preparation and processing of data not only easier, but also much more cost-effective, faster and more targeted. Every electronic transaction generates customer-specific data. These structured data records, which have already been collected for many years, become the most valuable raw material and a resource which, in combination with the enrichment of external, possibly non-structured data, must be made “usable” in a meaningful way. AI will not only enable banks to make their services even more customized, it will also make its way into most areas of the financial industry – from asset management to business operations, money laundering prevention and marketing. 

Trust is and remains one of a bank’s most important assets. And today, more than ever, the protection of customer data in a digital banking world has absolute priority. When using AI technology, it is crucial to use private and sensitive data in the interests of the customer. And this is where not only the IT and Cyber Security departments of the banks come into play, but also politics: It is primarily their task to find regulations for the handling of effects oon society, the economy and thus on our lives and the work of tomorrow. The fact that this topic is taken very seriously is evident not only in national initiatives such as the German Platform for Artificial Intelligence “Learning Systems”, but also in the joint European Artificial Intelligence approach, which is being driven forward at full speed by France and Germany. 

The use of AI technologies in consulting practice in the financial services industry shows that a purely virtual “consultant” is not sufficient for all target groups to offer comprehensive, sustainable support. The background to this can be found in the teachings of Nobel Prize winners Daniel Kahneman and Amos Tversky and their Behavioral Finance research studies, a subfield of behavioral economics. The lessons prove that emotional – i.e. human – behaviour can lead to repeated mistakes when it comes to investing money. Financial markets are volatile by nature and every perceived movement – especially downwards – triggers an emotional reaction in the investor, such as uncertainty or fear of loss. This leads to a “biased reaction”, such as buying or selling a security at the wrong time – a reaction without appropriate and rational consideration of the overall situation. In such moments of strong imbalance between ratio and emotion, AI reaches its limits. In his Behavioral Finance studies, Kahneman impressively illustrates how memories of negative events are anchored more than twice as strongly in memory as positive experiences. An interim loss in value of 30 percent is a good opportunity for a long-term investor to buy back. But in order to convert this a crisis moment into an opportunity, the question arises whether rational investor considerations can be caused in times of panic better by a chatbot or a human.

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