Post on 23-Jan-2017
Internet
of
Things
50 Mrd. Geräte bis
2020
Internet
of
Things
50 Mrd. Geräte bis
2020
Internet
of
Things
50 Mrd. Geräte bis
2020
Internet
of
Things
Internet
of
Money
50 Mrd. Geräte bis
2020
Internet
of
Things
Internet
of
Money
> 40% des Daten-
verkehrs
50 Mrd. Geräte bis
2020
Internet
of
Things
Internet
of
Money
> 40% des Daten-
verkehrs
KI
>4 Mrd. Internet
User 2020
50 Mrd. Geräte bis
2020
Internet
of
Things
Internet
of
Money
> 40% des Daten-
verkehrs
KI
>4 Mrd. Internet
User 2020
Simula-
tionen
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
#IDBLI
The Age of CryptoFinance�How CryptoFinance Will Transform the World
Johann Gevers, Founder and CEO
johann.gevers@monetas.net�
Economics always wins.
Two Ways to Interact�
voluntary > moralviolent > immoral
voluntary interactions create valueviolent interactions destroy value
business = voluntary trade > creates value = moral
How do we increase voluntary trade�and thereby create more value in our world?
We need a version 2.0�of the financial system.
— Andrew Lo, Financial Times, 27 August 2012
The financial system is at the epicenter of a fundamental transformation that is
radically changing geopolitics.
TerrorismFinancial crisesCorrupt governmentsNatural disastersClimate change
Problems
1. Trade barriers�
2. Health (contraception, disease,� malnutrition)
3. Education (illiteracy)
— Copenhagen Consensus�
The World’s Biggest Problems
Removing trade barriers is
over 30 times more effective
than any other intervention.
— Copenhagen Consensus
Free trade is
50 times more effective
than democracy at reducing violent conflict.
— Economic Freedom of the World 2005 Report
Wealth creation�is the fundamental driver�
of individual and social well-being.
How do we build wealth?
1. Greater security of property2. Lower transaction costs3. Larger economic networks
⇒ Greater division of labor and specialization⇒ Higher productivity⇒ Rising wealth creation and standard of living
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.
2. Efficient Trade
A mere 0.1% reduction in transaction costsquadruples a country’s wealth— the difference between Argentinaand Switzerland.
Low transaction costs are the fundamental driver of economic growth.
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 microfinance institutions to save or borrow money, our research finds. Nearly 2.2 billion of these unserved adults live in Africa, Asia, Latin America, and the Middle East. Unserved, however, does not mean unservable.
To read the full report, Half the World is Unbanked, visit sso.mckinsey.com/unbanked.
Counting the world’s unbanked
Alberto Chaia, Tony Goland, and Robert Schiff
Alberto Chaia is a principal in McKinsey’s Mexico City office, Tony Goland is a director in the Washington, DC, office, and Robert Schiff is a consultant in the New York office.
The microfinance movement, for example, has long helped expand credit use among the world’s poor—reaching more than 150 million clients in 2008 alone.1 Similarly, we find that of the approximately 1.2 billion adults in Africa, Asia, and the Middle East who use formal or semiformal credit or
savings products, about 800 million live on less than $5 a day. Large unserved populations represent opportunities for institutions that are able to offer an innovative range of high-quality, affordable financial products and ser- vices. Moreover, with the right financial education and support to make good
choices, lower-income consumers will benefit from credit, savings, insurance, and payments products that help them invest in economic opportunities, better manage their money, reduce risks, and plan for the future.
Sub-Saharan Africa 326 million adults
Middle East 136 million adults
Latin America 250 million adults
East Asia, Southeast Asia876 million adults
South Asia 612 million adults
Central Asia & Eastern Europe 193 million adults
High-income OECD countries60 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%
Total2,455 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 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 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
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.
Source: McKinsey research conducted in partnership with the Financial Access Initiative (a consortium of researchers at New York University, Harvard, Yale, and Innovations for Poverty Action); we relied on financial usage data from Patrick Honohan, “Cross-country variation in household access to financial services,” Journal of Banking & Finance, 2008, Volume 32, Number 11, pp. 2493–500.
The unbanked are not unservable
1 According to the Microcredit Summit Campaign, a leading advocacy group.
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
Adjusted for purchasing-power parity
3. Economic Network Size
Two Problem-Solving Paradigms
1. People-based systems2. Technology-based systems
People-based systems�don’t scale beyond Dunbar’s number
Technology-based systems�scale virtually without limit
Finance 2.0��
Replacing expensive, fallible people-based systems�with cheap, reliable technology-based systems
What if we could develop a
technology �
that
§ secures property rights§ reduces trading costs§ integrates people into the global economy?
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.
CryptoFinance
will catalyze
the greatest explosion of wealth creation the world has ever seen.�
Bitcoin emerges: 3 January 2009
The Cryptofinance Ecosystem
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
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�
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.
$20
Wallet-based�systems
$20
Account-based�systems
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
The digitization of bearer instruments enables value to flow instantly and at negligible cost via the internet
Payment Message
RecordProcess
ReconcileClearSettle
Value Transfer
Instant Transfer �via Digital Bearer Instruments
TODAY� TOMORROW�
Debts <> Accounts� Asset tokens <> Wallets�
True Digital Wallets��
Financial services providers �offer advanced financial services
based on digital tokens�stored in true digital wallets
controlled by users
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
Digital Legal Tender��
Central banks issue digital legal tender
10100101011101010101010101010000011101010110101010101100000001010101101010101010101010100111110101010101011111110000010111011010101011100001
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
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
End users are free to use any wallet they desire, whether it be a bank of MNO. Within the wallet, the users can access any function they the MNO or bank offers, while being able to transact with any business or user, regardless of which institution their relationship is with or which mobile network they use. Users can complete transactions for less a Cedi, even across boarders. This allows for the lowest cost remittance possible.
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
The CryptoFinance Ecosystemin greater detail
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
The CryptoFinance Ecosystem
§ probabilistic consensus systems (e.g. Bitcoin)ü community standards and infrastructurex slow, expensive, limited scalability, public> secure voting systems, property registries,�
uncensorable data, inflation-proof currencies, etc.
§ deterministic contract systems (e.g. Monetas)ü trading partiesü fast, cheap, unlimited scalability, private> secure, efficient retail transactions, micropayments,�
resource allocation, internet of things, etc.
Contract systems�(Monetas)�
contract <> consensus�
Consensus systems�(Bitcoin)�
Speed� milliseconds 1 000 xfaster 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
Consensus technologies andContract technologies
are complementary
and synergistic
Best of both worlds
Store assets securely in consensus systems�> asset layer
Trade assets efficiently in contract systems�> transaction layer
<$1$1-5
>$5
The Transaction Business
Where is the volume?
In Kenya, 80% of all transactions are less than $5In Switzerland, the average transaction size is $27
In the internet of things, transactions will be fractions of a cent
Current cashless systems are�too expensive for daily transactions
Still surprised that people prefer cash and resist cashless systems?
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
Monetas is the first transaction platform that can compete with cash:
ü Requires no bank accountü Instant settlementü Cheaper than cash
And it offers features cash cannot match:ü Security
ü Smart contractsü Global payments and trade
What is a transaction?
A transaction is a legal agreement> a contract
Transaction systems arecontracting systems.
Monetas has built a universal contracting platform.
A universal platform for global commerce.
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
Bank in a Box
SoftwareHardware
Smartcontracts
Digitalwallets
Issuer�
The Monetas�Ecosystem
MonetasA 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
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.
Radical Transformation of
Financial systemsCommunications systems
Production systemsGovernments and Legal systems
Explosion of Wealth creation�
Implications and OpportunitiesFor Finance, Business, and Society�
The Big Trend
From Fragmented Local Systemsto Integrated Global Systems�
> The Rise of Global Platforms�
What is killing financial services today?
Compliance – the production of trust – is unreasonably costly because of:
1. Dated technology2. Unwise regulation
Dated Technology
§ Legacy infrastructure• slow, expensive, manual• insecure• limited functionality
§ Fragmented ecosystem• non-standard instruments• closed, incompatible systems• complicated, unsensible rules
CryptoFinance
§ Modern infrastructure• fast, cheap, automated• highly secure• advanced functionality
§ Unified ecosystem• standardized instruments• open, interoperable systems• simple, sensible rules
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
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
The fragmented digital finance ecosystem and the threat from Global Tech Giants
Apple Pay, Google Wallet, PayPal, etc.:
1. are merely wrappers for legacy systems2. take over the customer relationship3. leave banks with the cost of legacy systems
=> not the solution�
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.
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)
The Internet of Things is still missing a critical enabling technology
desert before rain desert after rain
The Internet of Things needs:
An extremely fast, extremely efficient,�globally scalable financial transaction platformto enable resource allocation for peer-to-peer technologies
=>�
Crypto Valley
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
Regulating CryptoFinance�
for Security, Innovation, and Economic Growth
The Purpose of Regulation
1. To prevent harm to persons and their property
2. To foster prosperity.
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.
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.
Reasonable Regulation
§ Risk-based§ Benefits exceed costs§ Principles-based, not rules-based
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.
The Age of CryptoFinanceA new era in human social evolution�
The Technology of Trust
The transformation�of our world
A new generation of visionary entrepreneurs is building�
�Society 3.0�
�Join Us.
The world’s most advanced transaction platform
Johann Gevers, Founder and CEOjohann.gevers@monetas.net�
#IDBLI
Intelligent Softwareand the Implications for Banking
Sascha CortiTechnical Evangelist, Microsoft Switzerlandsascha.corti@microsoft.com | techpreacher.corti.com | @techpreacher
Microsoft Switzerland Developer Newsletter
http://msdn.ch/newsletter
Email Update Opt-Inhttp://aka.ms/myupdate-en
BizSpark for Startupshttp://bizspark.ch
“Software is eating
the World”
Marc Lowell AndreessenPublished in the Wall Street Journal, 2011
“The Cloud is
eating Software”
Joseph SiroshThe Future of Analytics Conference, 2015
The CloudAdvantage
“Data is the
New Electricity”
Satya NadellaData Driven Event, 2016
New York City
https://www.microsoft.com/en-us/cloud-platform/data-driven
Machine Learning
Cloud
Big Data
ActionDecision
Value
Cortana Intelligence
DataSources
Apps
Sensors & devices
People
Apps
Automated Systems
Data Intelligence Action
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
FrameworkSQL Data
Warehouse
Data
Catalog
Data Lake
Analytics
Data Factory Machine
Learning
Data Lake
Store
Cognitive
Services
Power BI
Data Creation Data Ingestion Storage Analytics Presentation & Action
Event Hub SQL DatabaseMachine
LearningApp Service
IoT HubTable/Blob
Storage
Stream
AnalyticsPower BI
Service Bus DocumentDB HDInsightNotification
Hubs
External Data
Sources3rd party
DatabasesData Factory Mobile Services
Data Lake BizTalk Services
{ }
Intelligent Systems
General A.I. Specialized A.I.
Project Malmo
T-800
Google AlphaGo
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
Machine Learning PurposesHistorical Data Predict Future Trends Behavior
Predicting future performance from historical data
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
Best of Microsoft
Data Scientist / IT
Model as aWeb Service
Classic and New
Machine Learning Studio
ML STUDIO
Data Science / Analytics Business
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.
DemocratizingArtificial Intelligence
Specialized Artificial Intelligence
Machine Learning
Features Algorithms
Training
Data
Human
In The
Loop
Interfacing with the User
Event Hubs
Stream Analytics
Machine Learning
Storage
SQL databaseHDInsight
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
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
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
Cognitive Computing
Best of Microsoft
Data Scientist / IT
Developer
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
Cognitive
Services
Give your solutions
a human side
https://www.microsoft.com/cognitive-services/en-us/computer-vision-api
Analyzes unstructured text.
Sentiment analysisHow do your customers feel about your brand or products?
Key phrase extractionWhat are your customers talking about?
Interactive experience
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: TextToSpeechContent: NewsHeadlines
Read the headlines
Play yesterday’sDaily Show
Intent: PauseDeviceDateTime.duration: 5 Min
Pause for5 minutes
Intent: PlayEpisodeContent: Daily ShowDateTime.date: T-1 Day
Language
Understanding
Intelligent Service
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:
John Doe
Conversation as a Platform
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
Developer
Best of Microsoft
Data Scientist / IT
http://botframework.com
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.
Links & Resources
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
Free e-Book
http://bit.ly/a4r-mlbook
Bot Framework Home Pagehttps://dev.botframework.com/
Bot Builder SDK on GitHubhttps://github.com/Microsoft/BotBuilder
Bot Framework Bloghttps://blog.botframework.com/
//Build Reaction - Cortana and the Bot Frameworkhttps://channel9.msdn.com/Blogs/raw-tech/Build-Reaction-Cortana-and-the-Bot-Framework
Cloud Cover Ep. 206: Bot Framework with Mike Hallhttps://channel9.msdn.com/Shows/Cloud+Cover/Episode-206-Bot-Framework-with-Mike-Hall
Building a Conversational Bot: From 0 to 60https://channel9.msdn.com/Events/Build/2016/B821
Microsoft Cognitive Services: Give Your Apps a Human Sidehttps://channel9.msdn.com/Events/Build/2016/B878
Microsoft Cognitive Services: Build smarter and more engaging experienceshttps://channel9.msdn.com/Events/Build/2016/B855
Personal Assistants: The New Context-Aware Digital Runtimehttps://channel9.msdn.com/Events/Build/2016/T620
Cortana: Learn How Cortana's New Capabilities can Proactively Drive User Engagement with Your Appshttps://channel9.msdn.com/Events/Build/2016/B834
Cortana Futures: Step-by-step on How to Teach Cortana to Proactively Engage with Your Apphttps://channel9.msdn.com/Events/Build/2016/B833
#IDBLI
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
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
Slide
Analogy: Blockchain V1.0 (Bitcoin)
3, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
Slide
Analogy: Blockchain V2.0 (Ethereum)
4, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
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
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
Slide
Smart Contracts: Neither “Smart” nor “Legal Contracts”
7, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
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
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
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
Slide
Impact of the Blockchain on Financial Industry?
11, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
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
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
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
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
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
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
Slide
Real-life DAO: Diamond Coin
18, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
Secure collateral
(Diamonds)
Digital currency
(Coins)+ =
Diamond Coin
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
Slide
In the US, the monetary base has increased over 400% since 2008
20, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
Slide
In CH, the monetary base has multiplied more than 10-fold
21, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
Slide
Commodity prices have crashed since the start of QE
22, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
Slide
Relative to financial assets, they are at an ALL-TIME low
23, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
Slide
The Economic Activity starts to look shaky…
24, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
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
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
Slide
Reflections about System Governance
27, 31/10/2016
Align long-term incentivesof Stakeholders and Shareholders
Protect system fromexternal 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 frominternal collusion
Checks and balances in DAO
required
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
Questions? Interested in additional information?
Contact us: www.dmcoin.net
info@dmcoin.net
Dr. Mathias Bucher – Diamond Coin
Geneva - September 30, 2016
Slide
Appendix
30, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
Slide31, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com
Slide
Management of the Physical Chain
32, 31/10/2016
Provenance Certification Transport Storage
Tracking
Insurance
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-valuerather than profit expectation
Token is purchased afterapplication/ 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”
Slide34, 31/10/2016
#IDBLI
REGIERUNG
FÜRSTENTUM LIECHTENSTEIN
Innovationstag Digital Banking 2016
Innovations-Clubs, LVC und Regulierungslabor in der Praxis
Übersicht
• Impuls Liechtenstein / Rollen im Innovationsprozess
• Innovations-Clubs
• Liechtenstein Venture Cooperative LVC
• Regulierungslabor
• SEED X Liechtenstein
2
Impuls Liechtenstein
3
Innovation – Erfolgsfaktoren
4
Inn
ova
tio
n Kenntnis von (Kunden-)Bedürfnissen
Kreativität
Know-how
Unternehmergeist
Finanzierung
Innovations-Clubs
• Verbesserung der Rahmenbedingungen, damit neue Wertschöpfung entsteht?
• Wie erhalten wir wirklich neue Ideen?
5
Innovationsprozess am Finanzplatz
Innovations-Clubs - Funktionsweise
6
Innovations-Clubs - Beispiele
• Digital Onboarding
• Englisch-Übersetzung der wichtigen Gesetze
• Abbau von Hindernissen im Marktzugang
• Doppelbesteuerungsabkommen
7
Innovations-Clubs - Status
• Rund 30 Innovations-Clubs sind registriert
• Sehr unterschiedliche Themenbereiche
• Projektstatus
• 17% erfolgreich abgeschlossen
• 4% nicht weitergeführt
• 74% in Arbeit
8
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
Liechtenstein Venture Cooperative LVC
10
LVC(Fairer und rechtssicherer
Umgang mit Ideen, Arbeitsleistung
und Finanzierung)
Investoren
Finanzierung
Kommerzielle Unternehmung
(AG, GmbH, etc.)
Erfolgreiche InnovationMarkteintritt
LVC: Komponenten
11
Liechtenstein Venture Cooperative LVC
Rechtsform:Kleine
Genossenschaft
Kostenlose Vorlagen
für Gründungs-dokumente
LVC-Code of Conduct
Referenz für faire Beteiligung
LVC Code of ConductModell für faire Beteiligungen
12
Schutz des «Innovators»
Berücksichtigung der Risiken
der frühen Phasen
Schutz der Investitionen
der späteren Phasen
50% + 100 MGPBasisanteil
Risiko-multiplikatoren
pro Phase
«participatingliquidationpreference»
Referenzmodell / freiwilligVorlage Gründungsdokumente
LVC Beitragsrechner
Auszahlungsprofil
13
Verkaufserlös
Erfolgsabhängige Anteile am Unternehmen
14
Use case 1: Bankangestellter
15
LVC
Use case 1: Vorteile LVC
• Höhere Rechtssicherheit für alle Beteiligten
• Höhere Umsetzungschancen durch Kooperation
• Viele kleine Leistungen ergeben auch Fortschritte
• Geringer Gründungsaufwand
• Skalierbarkeit
• Flexibilität16
Use case 2: Joint Innovation
17
LVC
Use case 2: Vorteile der LVC
• Geringe Kosten für Strukturierung der Zusammenarbeit
• Flexible Gestaltungsmöglichkeiten (Anteile, Nutzungsrechte)
• Kapselung des geistigen Eigentums
• Skalierbarkeit
• Flexibilität
18
Use case 3: Kanal für radikale Innovation
19
LVC
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
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
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
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
Regulierungslabor: Möglichkeiten
24
Bewilligungspflichtig?
PassenderRegulierungsrahmen?
JA
Berührt Grundinteressen?
NEIN
Ordentliche Bewilligung
JA
Innovations-Club
Impuls für Anpassung der Rahmenbedingungen
NEIN
Monitoring
JA
Kein Monitoring
NEIN
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
SEED X Liechtenstein
• Seed Accelerator
• Finanzierung und Coaching in der Seed-Phase
• Investment Management durch VC - Experten
26
Nutzungsmöglichkeiten SEED X
• Aufbau eines neuen Geschäftsmodells durch Mitarbeiter
• Innovationskanal für Banken (professionelles Coaching, Co-Finanzierung)
27
Einladung
Nutzen Sie die Möglichkeiten,
• zur Unterstützung Ihres Innovationsprozesses
• zur Verbesserung der Rahmenbedingungen
• zur Steigerung der wirtschaftlichen Stärke und Attraktivität
unseres Finanzplatzes
28
#IDBLI
FYP (Forecast Your Pension) Prognose und Planung der eigenen Pension
Universität LiechtensteinInnovationstag Digital Banking Liechtenstein
2016
Prof. Dr. Michael HankeAss. Prof. Dr. Martin Angerer
27.10.2016
Agenda
• Motivation
• Was macht Vorsorge so komplex?
• Das „FYP“-Tool
• Ausblick
1
Die Bevölkerung wird älter
2
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
Agenda
• Motivation
• Was macht Vorsorge so komplex?
• Das „FYP“-Tool
• Ausblick
4
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
Wichtige Grundlagen
• Der Zinseszinseffekt
– Inflation
– Der Einfluss von Anlagezeiträumen
• Risikobehafteter Anlageerfolg
• Diversifikation
• Langlebigkeit
6
Zinseszinseffekt
7
Darstellung aus Vorlesungsskriptum von J. Kalser
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.
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%
Der Anlageerfolg ist risikobehaftet
10
Erwartete Rendite 1%, Risiko 0,03 Erwartete Rendite 2%, Risiko 0,08
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
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.
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
Agenda
• Motivation
• Was macht Vorsorge so komplex?
• Das „FYP“-Tool
• Ausblick
14
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
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
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
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.
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
Profimodus
Verändern der Berechnungsannahmen
• Inflation
• Inflationsanpassungen
• Gehaltswachstum
• Anlageerfolg der zweiten Säule
• Rendite der dritten Säule
• Umwandlungsfaktoren
• Erwerbsunterbrüche
20
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
HeutigeAusgaben
AusgabenPensionsantritt
Vorsorge Ausgaben 15Jahre 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
100% Vorsorge, 25 Jahre 3. Säule
22
0.00
20000.00
40000.00
60000.00
80000.00
100000.00
120000.00
140000.00
HeutigeAusgaben
AusgabenPensionsantritt
Vorsorge Ausgaben 15Jahre 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
Ausgangssituation
23
0.00
20000.00
40000.00
60000.00
80000.00
100000.00
120000.00
140000.00
HeutigeAusgaben
AusgabenPensionsantritt
Vorsorge Ausgaben 15Jahre 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
Arbeiten bis 66 (statt 64)
24
0.00
20000.00
40000.00
60000.00
80000.00
100000.00
120000.00
140000.00
HeutigeAusgaben
AusgabenPensionsantritt
Vorsorge Ausgaben 15Jahre 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
15% Vorsorge, 14 Jahre 3. Säule
25
0.00
20000.00
40000.00
60000.00
80000.00
100000.00
120000.00
140000.00
HeutigeAusgaben
AusgabenPensionsantritt
Vorsorge Ausgaben 15Jahre 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
Agenda
• Motivation
• Was macht Vorsorge so komplex?
• Das „FYP“-Tool
• Ausblick
26
Ausblick
27
Implementierung Ergänzende Leistungen
(Hinterlassenen –und Invaliditäts-
leistungen)
Warnroutinen für ungedeckte
Risiken
Integration von Vorsorge-produkten
Manuelle Planungs-
möglichkeiten
Automatisierte Beratung
Vielen Dank für Ihre Aufmerksamkeit!
28
Prof. Dr. Michael Hanke Ass. Prof. Dr. Martin Angerer
Projekt „Altersvorsorge in Liechtenstein“ EU-Projekt „Pensions in Europe“
#IDBLI