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Innovationstag Digital Banking Liechtenstein 2016

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Innovationstag Digital Banking Liechtenstein 2016

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Die Folien aller Referenten in einem Slidedeck:
0. Einleitung - Peter Schnürer
1. Wie Crypto-Finance die Welt zu einem besseren Ort macht - Johann Gevers
2. Autonom lernende und intelligente Systeme heute und ihre Bedeutung für den Finanzsektor - Sascha Corti
3. Sind DAO's die besseren Unternehmen? Potenzial und Herausforderungen von dezentralen Organisationen auf der Blockchain - Dr. Mathias Bucher
4. Finanzplatz LI - Innovations-Clubs, LVC und Regulierungslabor in der Praxis. - Dr. Thomas Dünser
5. FYP - Ein Tool zur Prognose der individuellen Pensionshöhe - Prof. Dr. Michael Hanke

Die Folien aller Referenten in einem Slidedeck:
0. Einleitung - Peter Schnürer
1. Wie Crypto-Finance die Welt zu einem besseren Ort macht - Johann Gevers
2. Autonom lernende und intelligente Systeme heute und ihre Bedeutung für den Finanzsektor - Sascha Corti
3. Sind DAO's die besseren Unternehmen? Potenzial und Herausforderungen von dezentralen Organisationen auf der Blockchain - Dr. Mathias Bucher
4. Finanzplatz LI - Innovations-Clubs, LVC und Regulierungslabor in der Praxis. - Dr. Thomas Dünser
5. FYP - Ein Tool zur Prognose der individuellen Pensionshöhe - Prof. Dr. Michael Hanke

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Innovationstag Digital Banking Liechtenstein 2016

  1. 1. Internet of Things
  2. 2. 50 Mrd. Geräte bis 2020 Internet of Things
  3. 3. 50 Mrd. Geräte bis 2020 Internet of Things
  4. 4. 50 Mrd. Geräte bis 2020 Internet of Things Internet of Money
  5. 5. 50 Mrd. Geräte bis 2020 Internet of Things Internet of Money > 40% des Daten- verkehrs
  6. 6. 50 Mrd. Geräte bis 2020 Internet of Things Internet of Money > 40% des Daten- verkehrs KI >4 Mrd. Internet User 2020
  7. 7. 50 Mrd. Geräte bis 2020 Internet of Things Internet of Money > 40% des Daten- verkehrs KI >4 Mrd. Internet User 2020 Simula- tionen
  8. 8. Internet of Things Internet of Money Simula- tionen KI 50 Mrd. Geräte bis 2020 > 40% des Daten- verkehrs >4 Mrd. Internet User 2020 Regulatorische Rahmenbedingungen
  9. 9. #IDBLI
  10. 10. The Age of CryptoFinance How CryptoFinance Will Transform the World Johann Gevers, Founder and CEO johann.gevers@monetas.net
  11. 11. Economics always wins.
  12. 12. Two Ways to Interact voluntary > moral violent > immoral voluntary interactions create value violent interactions destroy value business = voluntary trade > creates value = moral How do we increase voluntary trade and thereby create more value in our world?
  13. 13. We need a version 2.0 of the financial system. — Andrew Lo, Financial Times, 27 August 2012
  14. 14. The financial system is at the epicenter of a fundamental transformation that is radically changing geopolitics.
  15. 15. Terrorism Financial crises Corrupt governments Natural disasters Climate change Problems
  16. 16. 1. Trade barriers 2. Health (contraception, disease, malnutrition) 3. Education (illiteracy) — Copenhagen Consensus The World’s Biggest Problems
  17. 17. Removing trade barriers is over 30 times more effective than any other intervention. — Copenhagen Consensus
  18. 18. Free trade is 50 times more effective than democracy at reducing violent conflict. — Economic Freedom of the World 2005 Report
  19. 19. Wealth creation is the fundamental driver of individual and social well-being.
  20. 20. How do we build wealth? 1.  Greater security of property 2.  Lower transaction costs 3.  Larger economic networks ⇒  Greater division of labor and specialization ⇒  Higher productivity ⇒  Rising wealth creation and standard of living
  21. 21. 1. Secure Property Rights Development is very complex. But if you do not have an order that tells you who owns what, none of the rest works. — Hernando de Soto Two-thirds of the world’s population — four billion people — are locked out of the capitalist system.
  22. 22. 2. Efficient Trade A mere 0.1% reduction in transaction costs quadruples a country’s wealth — the difference between Argentina and Switzerland. Low transaction costs are the fundamental driver of economic growth.
  23. 23. 0–25% 26–50% 51–75% 76–100% Percent of total adult population that do not use formal financial services Estimates used to calculate regional averages 0–25% 26–50% 51–75% 76–100% Percent of total adult population that do not use formal financial services Estimates used to calculate regional averages Fully 2.5 billion of the world’s adults don’t use formal banks or semiformal Counting the world’s unbanked Alberto Chaia, Tony Goland, and Robert Schiff Alberto Chaia is a The microfinance movement, for example, has long helped expand savings products, about 800 million live on less than $5 a day. Large unserved choices, lower-income consumers will benefit from credit, savings, insurance, Sub-Saharan Africa 326 million adults Middle East 136 million adults Latin America 250 million adults East Asia, Southeast Asia 876 million adults South Asia 612 million adults Central Asia & Eastern Europe 193 million adults High-income OECD countries 60 million adults (Members of Organisation for Economic Co-operation and Development) Percentage of total adult population who do not use formal or semiformal financial services 80% 67% 65% 49% 59% 58% 8% Total 2,455 million adults 53% 0–25% 26–50% 51–75% 76–100% Percent of total adult population that do not use formal financial services Estimates used to calculate regional averages0–25% 26–50% 51–75% 76–100% Percent of total adult population that do not use formal financial services Estimates used to calculate regional averages% 26–50% 51–75% 76–100% f total adult population that do not use ancial services Estimates used to calculate regional averages % 51–75% 76–100% population that do not use es Estimates used to calculate regional averages Sub-Saharan Africa Middle East East Asia South Asia Adults who use formal or semiformal financial services, millions of adults 332 283 <$5/day >$5/day 396 45 56 25 4526 Yet serving adults who live on less than $5 a day is not only possible at scale— to a large degree, it is already happening. The unbanked are not unservable 76–100% do not use Estimates used to calculate regional averages Adjusted for purchasing-power parity 3. Economic Network Size
  24. 24. Two Problem-Solving Paradigms 1.  People-based systems 2.  Technology-based systems
  25. 25. People-based systems don’t scale beyond Dunbar’s number Technology-based systems scale virtually without limit
  26. 26. Finance 2.0 Replacing expensive, fallible people-based systems with cheap, reliable technology-based systems
  27. 27. What if we could develop a technology that §  secures property rights §  reduces trading costs §  integrates people into the global economy?
  28. 28. CryptoFinance Uses cryptographic (encryption) algorithms to: §  secure property §  reduce trading costs §  enlarge economic network size and thereby: ⇒  extends division of labor & specialization ⇒  raises productivity of labor ⇒  dramatically boosts wealth creation and quality of life.
  29. 29. CryptoFinance will catalyze the greatest explosion of wealth creation the world has ever seen.
  30. 30. Bitcoin emerges:3 January 2009
  31. 31. The Cryptofinance Ecosystem
  32. 32. CryptoFinance: The Main Innovation Peer-to-peer transactions in a decentralized network using bearer instruments that require no trust between the parties nor in any third party — BIS report, November 2015
  33. 33. The Key Innovation in Cryptofinance: Digital Bearer Instruments A bearer instrument is a contract that entitles the holder to ownership of the property described in the contract. No ownership information is specified in the instrument itself — whoever holds the instrument is the owner of the property. e.g. physical cash or digital tokens
  34. 34. The Big Story The invention of digital bearer instruments enables the creation of true digital wallets — making traditional accounts unnecessary. => Fundamental shift from centralized, provider-centric, account-based systems to decentralized, user-centric, wallet-based systems This changes everything.
  35. 35. $20 Wallet-based systems $20 Account-based systems
  36. 36. Users transact directly: => real-time value transfer => peer-to-peer exchange of value - without an intermediary - without accounts - without liabilities > no reconciliation > no clearing > no settlement No settlement required Payment = Settlement
  37. 37. The digitization of bearer instruments enables value to flow instantly and at negligible cost via the internet Payment Message Record Process Reconcile Clear Settle Value Transfer Instant Transfer via Digital Bearer Instruments TODAY TOMORROW Debts <> Accounts Asset tokens <> Wallets
  38. 38. True Digital Wallets Financial services providers offer advanced financial services based on digital tokens stored in true digital wallets controlled by users
  39. 39. The role of central banks What would happen if we combined the best attributes of cryptofinance platforms with the features of established national currencies under the sponsorship of a central bank? — Deloitte, July 2015
  40. 40. Digital Legal Tender Central banks issue digital legal tender 101001010111010101010 101010100000111010101 101010101011000000010101011010 101010101010101001111 1010101010101111111000001011 1011010101011100001
  41. 41. The Solution Central banks issue national currencies on an open cryptofinance platform — digital legal tender > Financial services operators can leverage their niche, while benefiting from a unified global system
  42. 42. Central Bank Digital Currency Bank of England sees big benefits: •  3% boost to GDP •  New tool for central banks to manage business cycles •  Greater control of interest rates for consumers •  Reduction in systemic risk due to fractional reserve banking McKinsey estimates: •  $3.7 trillion GDP boost to emerging economies in decade •  $110 billion per year reduced leakage in public spending and tax collection •  $400 billion per year cost savings for financial services providers
  43. 43. The CryptoFinance Ecosystem in greater detail
  44. 44. Society — Structure and Process 1.  Rules of the Game (framework of freedom) > politics / law w social consensus 2.  The Game (production of prosperity) > economics, entrepreneurship w individual contracts
  45. 45. The CryptoFinance Ecosystem §  probabilistic consensus systems (e.g. Bitcoin) ü  community standards and infrastructure x  slow, expensive, limited scalability, public >  secure voting systems, property registries, uncensorable data, inflation-proof currencies, etc. §  deterministic contract systems (e.g. Monetas) ü  trading parties ü  fast, cheap, unlimited scalability, private >  secure, efficient retail transactions, micropayments, resource allocation, internet of things, etc.
  46. 46. Contract systems (Monetas) contract <> consensus Consensus systems (Bitcoin) Speed milliseconds 1 000 x faster 10 min to 18 hrs Cost 1/10 000th cent/tr 1 000 000 x cheaper USD 5/tr Scalability millions tr/sec 1 000 000 x more scalable 7 tr/sec Contract Systems vs Consensus Systems — suitability as transaction platform
  47. 47. Consensus technologies and Contract technologies are complementary and synergistic
  48. 48. Best of both worlds Store assets securely in consensus systems > asset layer Trade assets efficiently in contract systems > transaction layer
  49. 49. <$1 $1-5 >$5 The Transaction Business Where is the volume? In Kenya, 80% of all transactions are less than $5 In Switzerland, the average transaction size is $27 In the internet of things, transactions will be fractions of a cent
  50. 50. Current cashless systems are too expensive for daily transactions
  51. 51. Still surprised that people prefer cash and resist cashless systems?
  52. 52. The Hidden Cost of Physical Cash Developed countries: 1–2% of GDP Developing countries: 5–7% of GDP Billions of people are un(der)banked — no access to formal financial services (savings products, insurance, etc.) The unbanked lose 15–25% of their savings every year => Why save if the savings will be lost anyway? => The unbanked stay poor
  53. 53. Monetas is the first transaction platform that can compete with cash: ü  Requires no bank account ü  Instant settlement ü  Cheaper than cash And it offers features cash cannot match: ü  Security ü  Smart contracts ü  Global payments and trade
  54. 54. What is a transaction? A transaction is a legal agreement > a contract Transaction systems are contracting systems.
  55. 55. Monetas has built a universal contracting platform. A universal platform for global commerce.
  56. 56. Standardized Financial Contracts Major breakthrough §  5 fundamental building blocks §  32 standard contracts cover 99.99% of all use cases Dramatic simplification, standardization, risk reduction, and efficiency gains across the financial system ü Being built into the Monetas platform
  57. 57. Bank in a Box SoftwareHardware Smart contracts Digital wallets
  58. 58. Issuer The Monetas Ecosystem
  59. 59. Monetas A universal platform for global commerce Open, standards-based: §  All financial instruments, all national and digital currencies §  Interoperable across instruments, platforms, and borders Globally scalable, high performance: §  Processes entire world’s transactions (1 million per second) in real time on low-cost distributed server infrastructure
  60. 60. The world’s global distribution platform: The mobile phone Cryptographically secure, decentralized communication and trading systems — delivered globally via the mobile phone — become the enabler of individual freedom and prosperity.
  61. 61. Radical Transformation of Financial systems Communications systems Production systems Governments and Legal systems Explosion of Wealth creation
  62. 62. Implications and Opportunities For Finance, Business, and Society
  63. 63. The Big Trend From Fragmented Local Systems to Integrated Global Systems > The Rise of Global Platforms
  64. 64. What is killing financial services today? Compliance – the production of trust – is unreasonably costly because of: 1.  Dated technology 2.  Unwise regulation
  65. 65. Dated Technology §  Legacy infrastructure •  slow, expensive, manual •  insecure •  limited functionality §  Fragmented ecosystem •  non-standard instruments •  closed, incompatible systems •  complicated, unsensible rules
  66. 66. CryptoFinance §  Modern infrastructure •  fast, cheap, automated •  highly secure •  advanced functionality §  Unified ecosystem •  standardized instruments •  open, interoperable systems •  simple, sensible rules
  67. 67. Reduce the cost of physical cash Maintain clear oversight Efficiently manage monetary policy Expand financial inclusion Eliminate counterfeiting risk Create a fully interoperable economy The Opportunity for Central Banks
  68. 68. Benefits for commercial banks §  Offer true digital wallets with advanced functionality §  Expand market coverage without costly branch networks §  Run new and legacy platforms in parallel > interoperable §  Develop unique products and services on open platform §  Improve security and privacy §  Improve efficiency, automation, and scalability §  Reduce compliance costs and liability §  Reduce financial, operational, and regulatory risks
  69. 69. The fragmented digital finance ecosystem and the threat from Global Tech Giants Apple Pay, Google Wallet, PayPal, etc.: 1.  are merely wrappers for legacy systems 2.  take over the customer relationship 3.  leave banks with the cost of legacy systems => not the solution
  70. 70. The Opportunity for the Financial Industry Cryptofinance technologies solve critical problems and enable financial institutions to refocus on their core strengths: §  Trusted financial partner §  Integrated financial services Leapfrog expensive brick-and-mortar infrastructure and reach billions of new customers.
  71. 71. The Internet of Things (IoT) §  In 2008, there were already more "things" connected to the internet than people. §  By 2020, there will be 50 billion things connected, with USD 19 trillion in profits and cost savings over the next decade. §  The convergence of machines, data, and analytics will become a USD 200 billion industry over the next three years. — General Electric (GE)
  72. 72. The Internet of Things is still missing a critical enabling technology desert before rain desert after rain
  73. 73. The Internet of Things needs: An extremely fast, extremely efficient, globally scalable financial transaction platform to enable resource allocation for peer-to-peer technologies =>
  74. 74. Crypto Valley
  75. 75. Digital Finance Compliance Association (DFCA) A consortium of cryptofinance companies working to create a friendly regulatory environment for cryptofinance, thereby enabling Switzerland to reinvent itself as the financial center of the future
  76. 76. Regulating CryptoFinance for Security, Innovation, and Economic Growth
  77. 77. The Purpose of Regulation 1.  To prevent harm to persons and their property 2.  To foster prosperity.
  78. 78. The Limits of Regulation Good people don’t need laws. Bad people find a way around laws. – Plato When regulations are unreasonable, we drive people into the black market – with highly destructive consequences for the economy, the rule of law, and social integrity.
  79. 79. The Costs of Regulation FATCA is estimated to raise less than USD 10 billion over the next ten years, but the compliance costs and the loss of foreign capital investment resulting from the law will likely cost several orders of magnitude more than the expected revenue. This is economic madness.
  80. 80. Reasonable Regulation §  Risk-based §  Benefits exceed costs §  Principles-based, not rules-based
  81. 81. Proposed Regulatory Framework for CryptoFinance Digital technologies enable more effective and more efficient regulation: §  Transparency > all digital transactions leave a digital trail §  Accountability > identify transaction parties via behavioral identity §  Privacy > enabled by default (presumption of innocence) > lifted for bad actors (targeted investigation) §  Innovation > regulate criminal actions (harms to persons or property) — not persons, entities, structures, processes, or technologies §  Efficiency > digital compliance measures can be efficiently automated.
  82. 82. The Age of CryptoFinance A new era in human social evolution The Technology of Trust The transformation of our world
  83. 83. A new generation of visionary entrepreneurs is building Society 3.0 Join Us.
  84. 84. The world’s most advanced transaction platform Johann Gevers, Founder and CEO johann.gevers@monetas.net
  85. 85. #IDBLI
  86. 86. Intelligent Software and the Implications for Banking Sascha Corti Technical Evangelist, Microsoft Switzerland sascha.corti@microsoft.com| techpreacher.corti.com| @techpreacher
  87. 87. Microsoft Switzerland Developer Newsletter http://msdn.ch/newsletter Email Update Opt-In http://aka.ms/myupdate-en BizSpark for Startups http://bizspark.ch
  88. 88. “Software is eating the World” Marc Lowell Andreessen Published in the Wall Street Journal, 2011 “The Cloud is eating Software” Joseph Sirosh The Future of Analytics Conference, 2015
  89. 89. The Cloud Advantage
  90. 90. “Data is the New Electricity” Satya Nadella Data Driven Event, 2016 New York City https://www.microsoft.com/en-us/cloud-platform/data-driven
  91. 91. Machine Learning Cloud Big Data
  92. 92. ActionDecision Value
  93. 93. Cortana Intelligence Data Sources Apps Sensors & devices People Apps Automated Systems Data Intelligence Action
  94. 94. Data Intelligence Action People Automated Systems Apps Web Mobile Bots Data Sources Apps Sensors and devices Data Intelligence Dashboards & Visualizations Information Management Big Data Stores Machine Learning and Analytics Cortana Event Hubs HDInsight (Hadoop and Spark) Stream Analytics Bot Framework SQL Data Warehouse Data Catalog Data Lake Analytics Data Factory Machine Learning Data Lake Store Cognitive Services Power BI
  95. 95. Data Creation Data Ingestion Storage Analytics Presentation & Action Event Hub SQL Database Machine Learning App Service IoT Hub Table/Blob Storage Stream Analytics Power BI Service Bus DocumentDB HDInsight Notification Hubs External Data Sources 3rd party Databases Data Factory Mobile Services Data Lake BizTalk Services { }
  96. 96. Intelligent Systems
  97. 97. General A.I. Specialized A.I. Project Malmo T-800 Google AlphaGo
  98. 98. Best of Microsoft 1999 2004 2005 2008 2010 2012 2014 Junk Email Filtering Search Engine built with ML Enable Data Mining of DBs Traffic Prediction Service using ML Understand User’s Gestures Realtime Speech-to- Speech Translation Azure ML Launches
  99. 99. Machine Learning Purposes Historical Data Predict Future Trends Behavior Predicting future performance from historical data
  100. 100. Class Outlook Temp Wind Play Sunny Low Yes No Play Sunny High Yes No Play Sunny High No Play Overcast Low Yes Play Overcast High No Play Overcast Low No No Play Rainy Low Yes Play Rainy Low No ? Sunny Low No Outlook Temp WindTrue True False True False Machine Learning
  101. 101. Best of Microsoft Data Scientist / IT
  102. 102. Model as a Web Service Classic and New Machine Learning Studio ML STUDIO Data Science / Analytics Business
  103. 103. The Gallery contains many examples specific to the banking industry that can serve as models for the machine learning solutions you’re developing. These examples include predicting credit risk, monitoring for online fraud, and anticipating economic factors that can affect your customers and your business. Democratizing Artificial Intelligence
  104. 104. Specialized Artificial Intelligence Machine Learning Features Algorithms Training Data Human In The Loop
  105. 105. Interfacing with the User
  106. 106. Event Hubs Stream Analytics Machine Learning Storage SQL database HDInsight Power BI • Analytics for everyone, even non-data experts • Your whole business on one dashboard • Create stunning, interactive reports • Drive consistent analysis across your org • Embed visuals in your applications • Get real-time alerts when things change
  107. 107. Here are some of the things I can help you with… Cortana in Windows 10 Public reference data answers “How far is it from Los Angeles to San Francisco?” Event predictions “Who do you think is going to win the Germany Italy game?” Flight status, traffic conditions, changes in weather, … Setting reminders, scheduling meetings, getting directions, … Cortana for Consumers
  108. 108. Here are some of the things I can help you with… With the Cortana Analytics Suite Answers from organizational data in Power BI “What were our biggest deals that closed last month?” Integration with prediction solutions “Which of our customers are most likely to churn in the next quarter?” Monitoring KPIs and preemptive alerting “Alert me if this customer ever has a 90% chance of churn in the next 30 days” Line of business process integration Assistance with expense report submission on-time within policy Cortana for the Enterprise
  109. 109. Cognitive Computing
  110. 110. Best of Microsoft Data Scientist / IT Developer
  111. 111. JSON: [ { "faceRectangle": { "left": 175, "top": 187, "width": 215, "height": 215 }, "scores": { "anger": 0.000008473417, "contempt": 0.0000987896055, "disgust": 0.00003328445, "fear": 0.0005069857, "happiness": 0.132762313, "neutral": 0.0136927208, "sadness": 0.0000227907713, "surprise": 0.852874637 } } ] “Enable your Apps to See, Hear, Interpret, and Interact in more Human Ways.” Emotion API
  112. 112. Cognitive Services Give your solutions a human side
  113. 113. https://www.microsoft.com/cognitive-services/en-us/computer-vision-api
  114. 114. Analyzes unstructured text. Sentiment analysis How do your customers feel about your brand or products? Key phrase extraction What are your customers talking about? Interactive experience
  115. 115. Understand what Users are Saying • Determines Intent • Detects Entities Seamless Integration with Speech Recognition Learns over Time Use pre-built, World Class Models from Bing and Cortana Intent: TextToSpeech Content: NewsHeadlines Read the headlines Play yesterday’s Daily Show Intent: PauseDevice DateTime.duration: 5 Min Pause for 5 minutes Intent: PlayEpisode Content: Daily Show DateTime.date: T-1 Day Language Understanding Intelligent Service
  116. 116. At Peak 1’600 Cores, 5.6 TB RAM Over 2000 Images per Second uploaded 75 38 13 82 Million Unique Users 565 Million Images uploaded 1 Developer, 0 Downtime … to reach 50 Mio users:
  117. 117. John Doe
  118. 118. Conversation as a Platform
  119. 119. Bots: • Purpose built Services • Transactional in Nature • Need to know Information & Context for specific Task Completion only Agents: • Personal Digital Assistant • Knows your Context and works on your behalf • Holds your state • Knows your Personal Information like Interests Calendar, etc. • Can get help from relevant Bots
  120. 120. Developer Best of Microsoft Data Scientist / IT
  121. 121. http://botframework.com
  122. 122. Support Bot
  123. 123. Cloud Computing, Machine Learning and Big Data are moving Business Decisions from Reactive to Predictive. Cognitive Computing allows Systems to Understand the Users Sentiments, Emotions and Intents. Consumer’s use of Technology is Shifting. Digital Assistants and Bots are the Next Generation UX.
  124. 124. Links & Resources
  125. 125. Learn about Cortana Intelligence https://azure.microsoft.com/en-us/blog/tag/cortana-analytics-suite/ https://www.microsoft.com/en-us/cloud-platform/cortana-intelligence-suite Get Training https://channel9.msdn.com/Events/Cortana-Analytics-Suite http://aka.ms/CortanaMVA
  126. 126. Free e-Book http://bit.ly/a4r-mlbook
  127. 127. Bot Framework Home Page https://dev.botframework.com/ Bot Builder SDK on GitHub https://github.com/Microsoft/BotBuilder Bot Framework Blog https://blog.botframework.com/ //Build Reaction - Cortana and the Bot Framework https://channel9.msdn.com/Blogs/raw-tech/Build-Reaction-Cortana-and-the-Bot-Framework Cloud Cover Ep. 206: Bot Framework with Mike Hall https://channel9.msdn.com/Shows/Cloud+Cover/Episode-206-Bot-Framework-with-Mike-Hall
  128. 128. Building a Conversational Bot: From 0 to 60 https://channel9.msdn.com/Events/Build/2016/B821 Microsoft Cognitive Services: Give Your Apps a Human Side https://channel9.msdn.com/Events/Build/2016/B878 Microsoft Cognitive Services: Build smarter and more engaging experiences https://channel9.msdn.com/Events/Build/2016/B855
  129. 129. Personal Assistants: The New Context-Aware Digital Runtime https://channel9.msdn.com/Events/Build/2016/T620 Cortana: Learn How Cortana's New Capabilities can Proactively Drive User Engagement with Your Apps https://channel9.msdn.com/Events/Build/2016/B834 Cortana Futures: Step-by-step on How to Teach Cortana to Proactively Engage with Your App https://channel9.msdn.com/Events/Build/2016/B833
  130. 130. #IDBLI
  131. 131. DAOs - the better companies? Challenges and Potential of Decentralized Autonomous Organizations in the Financial Sector Dr. Mathias Bucher – Diamond Coin Vaduz, Liechtenstein – October 27, 2016
  132. 132. Slide Blockchain – World Computer??? Latency • 14 sec for 1 block, • 3 min for de-facto finality Scalability • 15 transaction / sec with current PoW consensus algorithm Privacy • Low at protocol level Storage • Expensive • Limited size compared to modern storage drives 2, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  133. 133. Slide Analogy: Blockchain V1.0 (Bitcoin) 3, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  134. 134. Slide Analogy: Blockchain V2.0 (Ethereum) 4, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  135. 135. Slide Ethereum Blockchain: Secure, resilient state transition machine - Decentralized architecture  Resilience – no data loss in case of server outage  DoS attacks unlikely to succeed - Immutable data + smart contracts = single source of truth  Enable “trustless” cooperation between parties  Allow for decentralized autonomous governance schemes - Cryptographically signed transactions and messages  No phishing  No viruses Tx 1 … Tx n Tx 1 … Tx n Tx 1 … Tx n 5, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  136. 136. Slide Evolution of the Ethereum Eco-system Building the Blockchain Refining the Blockchain Scaling the Blockchain 2015 2016 2017 Creating Toolsets/ Tech Stack Refining the Tech Stack Building Real-World Applications 6, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  137. 137. Slide Smart Contracts: Neither “Smart” nor “Legal Contracts” 7, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  138. 138. Slide Smart Contracts: Enablers of efficient, trustless cooperation Formally: Code • Stored on Blockchain • Verified by Blockchain • Executed on Blockchain • Can hold balance of crypto-currency or –asset • Can control other smart contracts Conceptually: Interaction Protocol • Between two or many parties • Who do not need to know or trust each other • But can rely on the exact execution according to the agreed terms • No cheating or unilateral modification possible 8, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  139. 139. Slide DAO: Decentralized Autonomous Organization A smart contract implemented on the Blockchain. Created to ensure: 9, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com Governance - Voting system based on digital tokens - Rules are transparent and enforceable Participation - Distribution of revenue or inflows/royalties according to pre-agreed terms Compliance - System needs to respect legal framework and regulations of jurisdictions where it is used
  140. 140. Slide Blockchain: Enabling the Age of Decentralization - DAOs won’t replace companies - DAOs can help making companies more efficient, and more credible - Big disruption is a different one: The nature of companies will change  Shift away from centralized companies to decentralized production  Removal of “Man in the middle” /Disintermediation  Organizational Economies of Scale of companies will disappear 10, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  141. 141. Slide Impact of the Blockchain on Financial Industry? 11, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  142. 142. Slide Roles of a Bank 12, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com Payments Credit Custody Investment management Blockchain Disruption over time Complexity of coordination
  143. 143. Slide Payments - Inside the banking system  SWIFT under massive attack of Ripple  Early Ripple adopters: Barclays, CIBC, Intesa Sanpaolo, Royal Bank of Canada, Banco de Santander - Disruptors  Bitcoin as pioneer  ZeroCash: Full privacy on the Blockchain  Micro-payment channels (e.g., Ethereum Raiden, Bitcoin Ligthning)  Payments are already happening on the Blockchain 13, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  144. 144. Slide Future of Credit - Presumption:  all parties have a unique ID on the Blockchain (which means clear identification of all parties)  Access to the Blockchain is easy and user-friendly - Example of decentralized Blockchain credit market  SME company seeks credit for new project, and submits project to Blockchain for review  Specialized credit analyst (company) rates project. It’s reputation tokens define both weight of opinion, and compensation  Decentralized market mechanism defines interest rate  Smart contract enforces payment of interest tranches  Credit mechanism without Banks 14, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  145. 145. Slide Future of Custody - Presumptions:  all parties have a unique ID on the Blockchain  Assets are represented digitally on the Blockchain - Example of decentralized custodian solution  KYC provider (company) creates customer file  Links KYC file to unique ID of customer on Blockchain  Every asset transaction includes encrypted Blockchain ID of customer  Customer uses the service of Portfolio aggregation and –analysis provider for reporting and recommendations  Custody of customer assets on the Blockchain, not at custodian bank 15, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  146. 146. Slide Future of Investment Management - Presumption  All parties have a unique ID on the Blockchain  Access to the Blockchain is easy and user-friendly  Assets are represented digitally on the Blockchain - Example of decentralized Blockchain credit market  High-net-worth client would like to delegate investment decision to professional provider  Investment manager (company), rated transparently by reputation tokens, competes for mandate with other investment managers  Mandate details are specified in smart contract between client and investment manager  Smart contract supervises the mandate execution of investment manager. Compensation of manager paid automatically via smart contract.  Investment Management without Banks 16, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  147. 147. Slide Blockchain will disrupt Banking until 2030 17, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com Intuitive User Interface Blockchain SYSTEM INFRASTRUCTURE Unique digital ID on the Blockchain Reputation system Assets digitalized via smart contracts Base technology Key components Multiplier for technology adoption Payments Credit Custody Investment management Decentralized banking services
  148. 148. Slide Real-life DAO: Diamond Coin 18, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com Secure collateral (Diamonds) Digital currency (Coins) + = Diamond Coin
  149. 149. Slide Rationale for Diamond Coin More profit for producers Cheaper prices for Diamond buyers 19, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com Disintermediation of Diamond Value Chain Liquidity for Diamond Owners Diversification of currency portfolio Less reliance on dealer network Reduced bid-ask spreads, smaller “cost” of liquidity Faster and cheaper transactions Lower dependency on Central Bank currencies
  150. 150. Slide In the US, the monetary base has increased over 400% since 2008 20, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  151. 151. Slide In CH, the monetary base has multiplied more than 10-fold 21, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  152. 152. Slide Commodity prices have crashed since the start of QE 22, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  153. 153. Slide Relative to financial assets, they are at an ALL-TIME low 23, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  154. 154. Slide The Economic Activity starts to look shaky… 24, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  155. 155. Slide Diamond Coin Value Chain System design/setup • Compliance with legal/ regulation • System governance • Asset model Provenance & certification Transport Storage Tracking Insurance Digital/financial value chain Coin issuance Collateral margin management User experience Physical value chain 25, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  156. 156. Slide Role of Diamond Coin DAO System design/setup • Compliance with legal/ regulation • System governance • Asset model Provenance & certification Transport Storage Tracking Insurance Digital/financial value chain Coin issuance Collateral margin management User experience Physical value chain 26, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com IN RED: DAO functions
  157. 157. Slide Reflections about System Governance 27, 31/10/2016 Align long-term incentives of Stakeholders and Shareholders Protect system from external pressure No unilateral changes by system admin must be allowed Both token holders and administrator need to be part of decision process, and economic upside Protect system from internal collusion Checks and balances in DAO required
  158. 158. Slide Conclusions - DAOs won’t replace companies - DAOs can help making companies more efficient, and more credible - Big disruption is a different one: The nature of companies will change  Shift away from centralized companies to decentralized production  Removal of “Man in the middle” /Disintermediation  Organizational Economies of Scale of companies will disappear - For the financial industry, this implies tectonical shifts in how it is organized - The lower the organizational complexity required to provide a service, the bigger the disruptive potential of the Blockchain - Decision makers need to develop visions how to embrace the Blockchain Technology 28, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  159. 159. Questions? Interested in additional information? Contact us: www.dmcoin.net info@dmcoin.net Dr. Mathias Bucher – Diamond Coin Geneva - September 30, 2016
  160. 160. Slide Appendix 30, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  161. 161. Slide31, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
  162. 162. Slide Management of the Physical Chain 32, 31/10/2016 Provenance Certification Transport Storage Tracking Insurance
  163. 163. Slide Legal / regulatory pitfalls 33, 31/10/2016 Disclaimer: the below is no legal advice, consult your lawyer ;-) Digital currencies/ Dapp tokens are less likely to be treated as securities if: Token is purchased for use-value rather than profit expectation Token is purchased after application/ system is already up- and-running Token value is dependent on the purchaser’s own effort and/or the efforts of a large number of unaffiliated others Avoid “Initial Coin Offering” Avoid “Profit Sharing” Avoid becoming a “Centralized Authority”
  164. 164. Slide34, 31/10/2016
  165. 165. #IDBLI
  166. 166. REGIERUNG FÜRSTENTUM LIECHTENSTEIN Innovationstag Digital Banking 2016 Innovations-Clubs, LVC und Regulierungslabor in der Praxis
  167. 167. Übersicht • Impuls Liechtenstein / Rollen im Innovationsprozess • Innovations-Clubs • Liechtenstein Venture Cooperative LVC • Regulierungslabor • SEED X Liechtenstein 2
  168. 168. Impuls Liechtenstein 3
  169. 169. Innovation – Erfolgsfaktoren 4 Innovation Kenntnis von (Kunden-)Bedürfnissen Kreativität Know-how Unternehmergeist Finanzierung
  170. 170. Innovations-Clubs • Verbesserung der Rahmenbedingungen, damit neue Wertschöpfung entsteht? • Wie erhalten wir wirklich neue Ideen? 5 Innovationsprozess am Finanzplatz
  171. 171. Innovations-Clubs - Funktionsweise 6
  172. 172. Innovations-Clubs - Beispiele • Digital Onboarding • Englisch-Übersetzung der wichtigen Gesetze • Abbau von Hindernissen im Marktzugang • Doppelbesteuerungsabkommen 7
  173. 173. Innovations-Clubs - Status • Rund 30 Innovations-Clubs sind registriert • Sehr unterschiedliche Themenbereiche • Projektstatus • 17% erfolgreich abgeschlossen • 4% nicht weitergeführt • 74% in Arbeit 8
  174. 174. Innovations-Clubs - Fazit Erkenntnisse: • Bottom-up Ansatz bewährt sich: Viele neue Ideen • Ressourcensituation Innovations-Clubs • Ressourcenaufwand seitens Regierung / Verwaltung Fazit: • IC sind Bestandteil des Innovationsprozesses am Finanzplatz • Faktor für Standortattraktivität 9
  175. 175. Liechtenstein Venture Cooperative LVC 10 LVC (Fairer und rechtssicherer Umgang mit Ideen, Arbeitsleistung und Finanzierung) Investoren Finanzierung Kommerzielle Unternehmung (AG, GmbH, etc.) Erfolgreiche Innovation Markteintritt
  176. 176. LVC: Komponenten 11 Liechtenstein Venture Cooperative LVC Rechtsform: Kleine Genossenschaft Kostenlose Vorlagen für Gründungs- dokumente LVC- Code of Conduct Referenz für faire Beteiligung
  177. 177. LVC Code of Conduct Modell für faire Beteiligungen 12 Schutz des «Innovators» Berücksichtigung der Risiken der frühen Phasen Schutz der Investitionen der späteren Phasen 50% + 100 MGP Basisanteil Risiko- multiplikatoren pro Phase «participating liquidation preference» Referenzmodell / freiwillig Vorlage Gründungsdokumente LVC Beitragsrechner
  178. 178. Auszahlungsprofil 13 Verkaufserlös
  179. 179. Erfolgsabhängige Anteile am Unternehmen 14
  180. 180. Use case 1: Bankangestellter 15 LVC
  181. 181. Use case 1: Vorteile LVC • Höhere Rechtssicherheit für alle Beteiligten • Höhere Umsetzungschancen durch Kooperation • Viele kleine Leistungen ergeben auch Fortschritte • Geringer Gründungsaufwand • Skalierbarkeit • Flexibilität 16
  182. 182. Use case 2: Joint Innovation 17 LVC
  183. 183. Use case 2: Vorteile der LVC • Geringe Kosten für Strukturierung der Zusammenarbeit • Flexible Gestaltungsmöglichkeiten (Anteile, Nutzungsrechte) • Kapselung des geistigen Eigentums • Skalierbarkeit • Flexibilität 18
  184. 184. Use case 3: Kanal für radikale Innovation 19 LVC
  185. 185. Use case 3: Vorteile der LVC • Offener Kanal für «disruptive» Ideen • Motivation der Mitarbeiter (inkl. Partizipation) • Flexible Gestaltungsmöglichkeiten (Nutzung Know-how, Infrastruktur als Investment) • Flexibilität in der Verwertung 20
  186. 186. LVC: Erfahrungen Erfahrungen: • Gründungsdokumente über 150 mal verteilt oder geladen • Resonanz sehr positiv, grosse Erleichterung für Gründer • Unbekanntes Vehikel für Investoren • Code of Conduct wird meistens verwendet und ermutigt Erfinder, ihre Idee zu teilen 21
  187. 187. LVC: Fazit Fazit: • Erleichtert die Entwicklung einer Idee • Motiviert Personen mit Ideen, diese zu teilen und zu entwickeln Zukunft: • Erweiterung des Anwendungsfelds der LVC für die Markteintrittsphase • Verstärkte Information von internationalen Investoren 22
  188. 188. Regulierungslabor • Expertengruppe in der FMA für innovative Geschäftsmodelle und Fin-Tech • Aktive Begleitung im Bewilligungsverfahren • Fachliche Diskussion über Regulierungstrends • Impulse für Verbesserung der Rahmenbedingungen 23
  189. 189. Regulierungslabor: Möglichkeiten 24 Bewilligungspflichtig? Passender Regulierungsrahmen? JA Berührt Grundinteressen? NEIN Ordentliche Bewilligung JA Innovations-Club Impuls für Anpassung der Rahmenbedingungen NEIN Monitoring JA Kein Monitoring NEIN
  190. 190. Regulierungslabor: Erfahrungen • Sehr positive Resonanz • Prozess bewährt sich • Gute Plattform zur Grundlagendiskussion • Wird in der Fin-Tech Szene wahrgenommen • Faktor der Standortattraktivität für Fin-Tech 25
  191. 191. SEED X Liechtenstein • Seed Accelerator • Finanzierung und Coaching in der Seed-Phase • Investment Management durch VC - Experten 26
  192. 192. Nutzungsmöglichkeiten SEED X • Aufbau eines neuen Geschäftsmodells durch Mitarbeiter • Innovationskanal für Banken (professionelles Coaching, Co- Finanzierung) 27
  193. 193. Einladung Nutzen Sie die Möglichkeiten, • zur Unterstützung Ihres Innovationsprozesses • zur Verbesserung der Rahmenbedingungen • zur Steigerung der wirtschaftlichen Stärke und Attraktivität unseres Finanzplatzes 28
  194. 194. #IDBLI
  195. 195. FYP (Forecast Your Pension) Prognose und Planung der eigenen Pension Universität Liechtenstein Innovationstag Digital Banking Liechtenstein 2016 Prof. Dr. Michael Hanke Ass. Prof. Dr. Martin Angerer 27.10.2016
  196. 196. Agenda • Motivation • Was macht Vorsorge so komplex? • Das „FYP“-Tool • Ausblick 1
  197. 197. Die Bevölkerung wird älter 2
  198. 198. Motivation • Altersarmut wird eine der grössten Herausforderungen in den kommenden Jahrzehnten – Nach eurostat sind 11,4% der Männer und 15,6% der Frauen in der EU altersarmutgefährdet • Die „Financial Literacy“ im Bereich Pensionsvorsorge ist gering – Dies gilt für die Bevölkerung aber auch für Berater! • Es besteht eine Vermeidungshaltung dem Thema gegenüber – Mit Hilfe eines Tools überbrückt man Berührungsängste – Tabuthemen wie Ehegattentod können selbständig analysiert werden 3
  199. 199. Agenda • Motivation • Was macht Vorsorge so komplex? • Das „FYP“-Tool • Ausblick 4
  200. 200. Was macht Vorsorge so komplex? • Entwicklungen der Wirtschaft und des eigenen Vorsorgeinvestments – Inflation, Rendite, Zahlungsausfälle • Persönliche wirtschaftliche Risiken – Teilweiser oder kompletter Arbeitsplatzverlust, unvorhergesehene Sonderbelastungen • Langlebigkeitsrisiko • Persönliche gesundheitliche Risiken – Krankheit, Erwerbsunfähigkeit • Steuerliche Risiken – Veränderungen im Steuersystem • Institutionelle Risiken – Veränderungen in (nicht-)staatlichen Vorsorgesystemen 5
  201. 201. Wichtige Grundlagen • Der Zinseszinseffekt – Inflation – Der Einfluss von Anlagezeiträumen • Risikobehafteter Anlageerfolg • Diversifikation • Langlebigkeit 6
  202. 202. Zinseszinseffekt 7 Darstellung aus Vorlesungsskriptumvon J. Kalser
  203. 203. Risiko: Unterschätzen der Inflation 8 Fr.- Fr.100'000.00 Fr.200'000.00 Fr.300'000.00 Fr.400'000.00 Fr.500'000.00 Fr.600'000.00 Fr.700'000.00 Fr.800'000.00 30 25 20 15 10 5 0 Preisentwicklungen für verschiedene Inflationsniveaus 30 Jahre vor Pensionsantritt 7% 5% 3% 1% Jahre bis Pensions- antritt Anfangskosten: CHF 100.000 Der Zinseszinseffekt wirkt umso stärker, je höher die Inflationsraten und je länger der Zeitraum.
  204. 204. Freiwillige Vorsorge passiert oft zu spät 9 Fr.10'000.00 Fr.15'000.00 Fr.20'000.00 Fr.25'000.00 Fr.30'000.00 Fr.35'000.00 Fr.40'000.00 Fr.45'000.00 50 45 40 35 30 25 20 15 10 5 0 Anlage von CHF 10.000 bis zum Pensionsantritt Anlage für 50 Jahre Anlage für 40 Jahre Anlage für 30 Jahre Anlage für 20 Jahre Anlage für 10 Jahre Jahre vor Pensionsantritt Zinssatz 3%
  205. 205. Der Anlageerfolg ist risikobehaftet 10 Erwartete Rendite 1%, Risiko 0,03 Erwartete Rendite 2%, Risiko 0,08
  206. 206. Diversifikation in der Vorsorge • Aufteilen von laufenden und einmaligen Sparbeiträgen auf unterschiedliche Anlageformen! – z.B. Ansparen in der 2. Säule oder Investieren und Versichern in der 3. Säule (bspw. mit Versicherungen, Aktien, Anleihen, Fonds, Immobilien). • Nutzen von Handlungsfreiräumen in der zweiten und dritten Säule, um die Vorsorge an die individuelle Situation anzupassen. • Diversifikation sollte sich dabei nicht auf Produkte beschränken, sondern verschiedene Institutionen oder Finanzdienstleister einschliessen. 11
  207. 207. Langlebigkeitsrisiko 12 Ist das finanzielle Risiko aufgrund einer langen Lebenszeit • Kritisch in den Vorsorgebereichen die nicht (oder nur teilweise) inflationsangepasst sind und/oder eine endliche Laufzeit haben • Ausgaben können im Alter teilweise weit schneller wachsen als die Inflation • Erhöhter finanzieller Aufwand aufgrund medizinischer Bedürfnisse • Höhere Kosten im Wohnbereich (Adaptierung von Wohnraum, Heimkosten, etc.) • Kann über zusätzliche (Versicherungs-)Produkte abgedeckt werden.
  208. 208. Andere Risiken • Persönliche wirtschaftliche Risiken – Teilweiser oder kompletter Arbeitsplatzverlust, unvorhergesehene Sonderbelastungen – Absicherbar über Arbeitslosenversicherung u.ä. • Persönliche gesundheitliche Risiken – Krankheit, Berufs- und Erwerbsunfähigkeit – Über Versicherungen absicherbar, bspw. Berufsunfähigkeitsversicherung, ist aber kostenintensiv • Steuerliche Risiken – Veränderungen im Steuersystem – Kaum absicherbares Risiko • Institutionelle Risiken – Veränderungen in staatlichen Vorsorgesystemen – Kaum absicherbares Risiko, bedingt über Diversifikation reduzierbar 13
  209. 209. Agenda • Motivation • Was macht Vorsorge so komplex? • Das „FYP“-Tool • Ausblick 14
  210. 210. Was können gute bestehende Pensionsrechner? • Berechnen der Pension aus staatlichen Systemen • Berechnen einfacher Vorsorgeprodukte • Darstellung nominaler und realer Werte • Adjustierung von vorzeitiger oder späterer Pensionierung • Miteinbezug von Gehaltssteigerungen • Errechnen einer Pensionslücke Für Liechtenstein ist nicht einmal ein „guter“ Rechner vorhanden! 15
  211. 211. Was bestehende Rechner nicht können… … und das FYP Tool schon kann • Blickwinkel „Vorsorgeeinheit Familie“ einnehmen • Kombination der drei Vorsorgesäulen (staatlich, betrieblich, privat) • Integration der privaten Säule • User-basierte Änderungen an den Annahmen (bspw. Gehaltssteigerung) • Einbezug von Steuern • Einbezug von (teilweisem) Kapitalbezug • Prognose von Werten x Jahre nach dem Pensionsantritt 16
  212. 212. Was bestehende Rechner nicht können… … und das FYP Tool schon bald kann • Einbezug geplanter Erwerbsunterbrüche • Prognose von Werten x Jahre nach dem Pensionsantritt • Einbezug von Ehegattentod • Einbezug von zu erhaltendem Erbvermögen • Individualisierter Lebensstil (Konsumausgaben) • Integration ökonomischer Modelle zur Schätzung makroökonomischer Variablen (bspw. Inflation) 17
  213. 213. Einflussfaktoren 18 • Inflation • Steuern • Alter • Geschlecht • Einkommen • Konsum • Ehe • Schwangerschaft • Ersparnisse • Arbeitgeber • Familie • Pensionsantritt • Inflationsanpassung • Alter • Risikoneigung • Wohnort • Dienstgeber • Beschäftigungsgrad • Zinsen • AHV • Versicherung • Vorsorgeplan • Immobilien • Einmaleinlagen • Lebenserwartung • Einkaufsbetrag • Beitragsjahre • Arbeitslosigkeit • Jahreseinkommen • Weihnachtsgeld • uvm.
  214. 214. Benötigte Daten Individuelle Daten müssen selbst ausgefüllt werden • Allgemeine Daten • Informationen über den aktuellen Versicherungsstand bei – AHV – Betriebliche Vorsorge – Diese Daten können über eine Anfrage leicht erhoben werden • Private Vorsorge • Einkommensverhältnisse • Vermögensverhältnisse 19
  215. 215. Profimodus Verändern der Berechnungsannahmen • Inflation • Inflationsanpassungen • Gehaltswachstum • Anlageerfolg der zweiten Säule • Rendite der dritten Säule • Umwandlungsfaktoren • Erwerbsunterbrüche 20
  216. 216. Ausgangssituation: 33 Jahre alt, 15% Vorsorge, 25 Jahre 3. Säule 21 0.00 20000.00 40000.00 60000.00 80000.00 100000.00 120000.00 140000.00 Heutige Ausgaben Ausgaben Pensionsantritt Vorsorge Ausgaben 15 Jahre nach PA Vorsorge Übersicht Ausgaben und Vorsorge Verfügbares Eigenkapital Säule 3 Säule 2 ALV - NBU - KK Säule 1 Sonstiges Unterhaltung Kommunikation Transport Gesundheit Hausrat Wohnen/Energie Bekleidung/Schuhe Restaurant/Hotel Alkohol/Tabak Essen/Trinken Steuer
  217. 217. 100% Vorsorge, 25 Jahre 3. Säule 22 0.00 20000.00 40000.00 60000.00 80000.00 100000.00 120000.00 140000.00 Heutige Ausgaben Ausgaben Pensionsantritt Vorsorge Ausgaben 15 Jahre nach PA Vorsorge Übersicht Ausgaben und Vorsorge Verfügbares Eigenkapital Säule 3 Säule 2 ALV - NBU - KK Säule 1 Sonstiges Unterhaltung Kommunikation Transport Gesundheit Hausrat Wohnen/Energie Bekleidung/Schuhe Restaurant/Hotel Alkohol/Tabak Essen/Trinken Steuer
  218. 218. Ausgangssituation 23 0.00 20000.00 40000.00 60000.00 80000.00 100000.00 120000.00 140000.00 Heutige Ausgaben Ausgaben Pensionsantritt Vorsorge Ausgaben 15 Jahre nach PA Vorsorge Übersicht Ausgaben und Vorsorge Verfügbares Eigenkapital Säule 3 Säule 2 ALV - NBU - KK Säule 1 Sonstiges Unterhaltung Kommunikation Transport Gesundheit Hausrat Wohnen/Energie Bekleidung/Schuhe Restaurant/Hotel Alkohol/Tabak Essen/Trinken Steuer
  219. 219. Arbeiten bis 66 (statt 64) 24 0.00 20000.00 40000.00 60000.00 80000.00 100000.00 120000.00 140000.00 Heutige Ausgaben Ausgaben Pensionsantritt Vorsorge Ausgaben 15 Jahre nach PA Vorsorge Übersicht Ausgaben und Vorsorge Verfügbares Eigenkapital Säule 3 Säule 2 ALV - NBU - KK Säule 1 Sonstiges Unterhaltung Kommunikation Transport Gesundheit Hausrat Wohnen/Energie Bekleidung/Schuhe Restaurant/Hotel Alkohol/Tabak Essen/Trinken Steuer
  220. 220. 15% Vorsorge, 14 Jahre 3. Säule 25 0.00 20000.00 40000.00 60000.00 80000.00 100000.00 120000.00 140000.00 Heutige Ausgaben Ausgaben Pensionsantritt Vorsorge Ausgaben 15 Jahre nach PA Vorsorge Übersicht Ausgaben und Vorsorge Verfügbares Eigenkapital Säule 3 Säule 2 ALV - NBU - KK Säule 1 Sonstiges Unterhaltung Kommunikation Transport Gesundheit Hausrat Wohnen/Energie Bekleidung/Schuhe Restaurant/Hotel Alkohol/Tabak Essen/Trinken Steuer
  221. 221. Agenda • Motivation • Was macht Vorsorge so komplex? • Das „FYP“-Tool • Ausblick 26
  222. 222. Ausblick 27 Implementierung Ergänzende Leistungen (Hinterlassenen – und Invaliditäts- leistungen) Warnroutinen für ungedeckte Risiken Integration von Vorsorge- produkten Manuelle Planungs- möglichkeiten Automatisierte Beratung
  223. 223. Vielen Dank für Ihre Aufmerksamkeit! 28 Prof. Dr. Michael Hanke Ass. Prof. Dr. Martin Angerer Projekt „Altersvorsorge in Liechtenstein“ EU-Projekt „Pensions in Europe“
  224. 224. #IDBLI

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