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Data is the new oil, they say: "The quality of data will become the kingmaker in the credit risk market
EBA deadline of 30 June: data quality will be decisive in the assessment of credit risks. Financial institutions are facing
In an era marked by rapidly advancing technology and increasing global interconnectivity, the fight against online fraud has become a
Europe and the world at large stand at a crossroads, our collective readiness—both in thought and action—will indelibly shape the
Germany’s Federal President Frank-Walter Steinmeier's words resonate deeply: "I think we should base our perspective more on Max Frisch and
Jochen Werne, CEO of Experian DACH, comments on the results for Germany: "As our survey clearly demonstrates, German executives are
Data is indeed akin to water. Left unchecked or misused, it can wreak havoc. But when used right, when structured,
After my first week as CEO for Experian in the DACH region (Germany, Austria, and Switzerland), I find myself profoundly
Es ist mir eine besondere Ehre den Eröffnungsvortrag der 17. Carinthischen Dialogen geben zu dürfen. Unter dem Leitthema "Das Jahrzehnt
I firmly believe that it is part of the essence of a democracy that citizens, and thus society, are invited
It was a pleasure contributing once again to a Henri Stewart Publication. This time in co-authorship (Christoph Impekoven & Jochen
It was a great pleasure for me to contribute to Roland Eller's, Markus Heinrich's and Maik Schober’s latest, much acclaimed
In March 2023, the Korean blog "theSCIENCEplus" by Moon Kwang-ju published the article "ChatGPT - Breakthrough or Hype". The article
Author Nadja Podbregar published an amazing article in the German knowledge magazine scinexx.de about the status quo of AI systems
It is my great pleasure to join some of Europe's leading B2B marketing and e-commerce experts at this year's PROJECT
The German AI platform Learning Systems has created an excellent platform for the exchange of innovation experts and thought leaders,
As a member of Germany’s AI Plattform Lernende Systeme it is very inspiring to read this progress report and learn
What distinguishes so-called stablecoins from cryptocurrencies like Bitcoin, Ether & Co? By linking to one or more currencies, this form
Hybrid Seminar: Banking Use Cases of Blockchain Technology. The participants of the seminar acquire knowledge that enables them as decision-makers
Technology for a Better Tomorrow: How EoY2022-Innovations are Helping to Solve some of the World's Big Problems
It was a great pleasure to meet again personally and be connected virtually with friends like Dr. Andreas Heindl and
Supporting the Japanese government in the planning of the "Realising a Global Society" agenda. Nomura Research Institute, one of the
The second quantum revolution has been ongoing for more than two decades now and many countries around the globe have
Interview: Prosegur‘s Jochen Werne on the relevance of networks and keeping track of the bigger picture In the midst of
Money in the digital age
It was a pleasure contributing in co-authorship with the AI-expert and friend Dr. Johannes Winter / Jochen Werne to this
As follow-up to their keynotes and moderated by Stefanie Dreyer, the panel participants Daniel Kroos (OSCE - Organisation for Security
Until recently, most of us in today´s modern societies had had the privilege of assuming that a “real” war is
CONGRATULATIONS ON THE 100th ANNIVERSARYof the Siemens Graduate Program and thank you for the invitation to take a thought-provocing journey
The secret bunker for bitcoin assets International security company Prosegur stores cryptocurrencies in super-secret locations without internet access. Partner O₂
X-VOLUTION: Technologie und Gesellschaft - Ein Plädoyer für Aufklärung Sascha Adam befragt im Schlußplädoyer die Teilnehmer des X-Volution Tech-Talks über
A plea for trust in a time of mistrust. Trust is the foundation on which monetary systems are built. Trust
As Germany's market leader for money and value services, it is of particular importance for Prosegur to maintain professional partnerships
The rapidly advancing technological transformation in the banking sector also brings problems. Instead of leading to increased security, labour savings
Bank Blog Crypto
Digital assets are as safe as their encryption? Unfortunately not. After all, the dangers do not only come from hackers.
Jury Stevie Awards
It was an honor and a great pleasure for me to chair the jury of the German Stevie Awards 2022
Robo-Advisor: Will the force be with you - Reality Challenge 2022
Ein besonderes Jahr steht der Robo-Avisor Szene bevor. Ihre Algorithmen sind herausgefordert gute Anlageempfehlungen in einem äußerst schwierigen Marktumfeld 2022
Hot off the press AIRWA
HOT OFF THE PRESS It was a inspiring holding in hand the first edition of the JOURNAL OF AI, ROBOTICS
TEASER zu ZEIT DES MISSTRAUENS Ein Plädoyer für Vertrauen in einer Zeit des Misstrauens. Vertrauen ist die Grundlage, auf der
COLD HISTORY. HOT REALITY by Jochen Werne is a plea for openness to new technologies, embedded in a historical-social security
A new Age of Enlightenment
In our open society and with machine and deep learning technologies in our hands, we have the opportunity to make
The Cambridge Dictionary defines the point of no return as the stage at which it is no longer possible to
Chief Development & Chief Visionary Officer Jochen Werne on the subject of sustainability
The German Act Implementing the Amending Directive on the Fourth EU Anti-Money Laundering Directive (Federal Law Gazette I of 19
The Cambridge Dictionary defines the point of no return as the stage at which it is no longer possible to
INNOVATION DAY ON ARTIFICIAL INTELLIGENCE It is a pleasure to give a guest lecture at today's Accenture internal Innovation Day.
A historical-social innovation briefing for a world where military high-security standards meet digital crypto-assets The 10 most successful bank robberies
The ten most successful bank robberies in human history, in which the equivalent of US$1.62 billion was captured at great
The world's first armoured electric money transporter is now in use at the security service provider Prosegur. Since the armouring
In all debates on analogue and digital means of payment, "trust" is always at the centre of the discussion: trust
Jochen Werne - acatech Webtalk Clean-up batter comments
Clean-up Batter Comments from the acatech Webtalk „WAYS OUT OF THE CRISIS“ It has been a great pleasure being the
It is with great pride holding in hand the 2021 Gold Stevie Award. The award represents so many in Prosegur
28 February 2021published in the current issue of the magazine gi Geldinstitute For the trade magazine gi Geldinstitute, leading experts
gi-Geldinstitute published „For the good of all - Why standards are so important“, A plea for future-oriented minimum standards in
What does digital transformation mean for "traditional" business sectors? How Prosegur plans to master digital transformation How not to be
Especially in the Corona pandemic, digital technologies proved their usefulness: through them, companies were more adaptable in the crisis. What
In his expert interview, Jochen Werne sheds light on central aspects from the perspective of gastronomy and retail for more
Data literacy encompasses the data skills that are important for all people in a world shaped by digitalisation. It is
Interview mit Jochen Werne, CDO/CVO Prosegur Germany, zu effizienteren Prozessen nach dem Lockdown In seinem Experten-Interview beleuchtet Jochen Werne zentrale
This book is the first to provide comprehensive answers to these questions in a fundamental, decisive, detailed and nuanced way.
Buying Crypto with Cash: Prosegur supports the operation of Bitcoin-ATM‘s in Germany “I have always been firmly convinced that it
The Tyto Tech 500 Power List is an objective, data-based survey of various technology sectors in Germany, France and the
Design approaches for change management About this whitepaperThis paper was prepared by the Work/Qualification, Human-Machine Interaction working group of the
Cash, book money and free availability by JOCHEN WERNE published in DER BANK BLOG (30 October 2020) - For the
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Prosegur transports cash and gold bars. Not an easy task when the gold price rises and fluctuates as it did
Ein Bericht von Jaqueline Goebel Erstpublikation am 11. Oktober 2020 in WirtschaftsWoche Online Es war uns ein Vergnügen Frau Goebel
by JOHANNES WINTER and JOCHEN WERNE 23 August 2020 Original in German published online in the Cicero - Magazine for
Hauptstadt-TV reported on August 6, 2020. Coverage here Today, on 6 August 2020, the time had come for a world
Without a doubt it has always been a great pleasure being an author for Dr. Hansjörg Leichsenring‘s highly recognised „Der
Von der Antarktis zu Artifical Intelligence, eine von Menschen gemachte Reise zwischen Brillanz und Wahnsinn
Unlimited availability of our money and its ability to be used as a medium of exchange create certainty and lead
Das Buch stellt den digitalen Transformationsprozess in der Finanzbranche vor und beschreibt verschiedene digitale Dienstleistungen und Business Cases. Etablierte Anbieter
It has been a privilege contributing as co-author for the fifth time to an inspiring book project. “CRM goes digital“
Successful ransomware attacks and thefts of data and passwords have unequivocally demonstrated that technical defensive measures are to be considered
Thank you very much Stefanie Milcke for the friendly invitation to this inspiring marketing meetup in the age of Corona!
Es war ein Vergnügen im SZ-Interview über das Thema Digitalisierung, New Work und die Veränderungen im Berufsbild des Finanzberaters zu
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It is a great pleasure giving a keynote at the WIWO Digital Suite 2020 and to discuss the topic „Back
It was a great pleasure discussing with Dr. Robin Kiera about human behaviour and technological progress in the insurance industry
Those who put the customer at the heart of their data strategy, will be those who come out on top.
Cash, Currency, Culture - the love story of Germans and their coined liberty
Keynote take-away at the EUROFORUM Deutschland GmbH   #HAFTPFLICHT20 Conference:  “Transformation is the new normal case in times of exponential
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GOVERNANCE TODAY: One of the best descriptions about the role of the Chief Visionary Officer can be found on Wikipedia
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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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Es war eine besondere Freude beim Digitalgipfel 2019 die Panels der Plattform für Lernende Systeme gemeinsam mit Dr. Johannes Winter,
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It has been inspiring discussing with Katharina Schneider about AI and the future of the financial sector and being quoted
What role does the human factor play in times of exponential technological progress Author: Jochen Werne, Director Business Development, Product
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Hot off the press: €URO am Sonntag Interview about Robo-Advisory It has been a great pleasure giving an interview to

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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