Jens-Mario Burggraf

What exactly is SCHUMANN? It may seem strange, but this is a question I frequently get asked. We are a family-owned business with headquarters in Göttingen, Germany, a very nice German University city which is always worth travelling. We are about 200 professionals in the area of credit risk management: business analysts, developers, solution architects, product owners, project leads and many others supporting our clients all over the world. We leave our customers in control at all times: If you have clear ideas about how to manage your credit risk, we are happy to execute your vision. But if you want us to take the lead, offering you a selection of risk models, we can do that too. Our experience is not limited to one niche of the credit markets – we are equally at home in leasing, medium-term credit, political risk, factoring, bank lending, surety, export credit agencies or short-term credit. At the heart of our mission lies a commitment to not just meet, but exceed, the expectations. Why SCHUMANN makes the difference: 🔍 Instant Risk Assessment: Where traditional risk evaluations could stretch up to 10 days, SCHUMANN slashes this to merely a second. Our technology is revolutionizing the speed at which decisions are made, setting new industry standards for efficiency. 📑 Digital Contract Issuance and Adjustment: In the digital age, the ability to issue and adjust contracts digitally is not just an advantage; it's a necessity. SCHUMANN ensures that your contract management processes are seamless, efficient, and adaptable to the changing needs of your business. Our ultimate goal? To simplify our customers' lives and refine business processes. In essence, SCHUMANN helps you make better decisions, work efficiently, and stay updated with the latest developments. If you want to learn more about how you can benefit from us, let's connect. Your success is my priority! 🌟 #SCHUMANN #SoftwareSolution #BoostProductivity

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EPISODE 1: Internet in DE Today has been a horror day. The events of today have triggered a decision to start sharing my experience of how modern (or not) various systems in Germany are. Spoiler: based on my experience - they are not. Really, things don’t work here… Now… let me share a bit who I am and why I feel entitled to reflect on how systems work in Germany. I’ve been living and working in Munich since January 2022. I got a job here and moved from Warsaw, Poland. My area of expertise is Digitalization of processes - preparation of business requirements, communication with development teams, testing, roll-out, maintenance. My reflections are based on experience in 🇵🇱 and 🇩🇪 as tax payer, telecom user, train passenger, bank account holder and lastly, as a regular customer. Let me start this episode with something relatively simple - using a telecom service. Well… already the begining of my relationship with a telecom provider in DE is twisted and before I go to the gist, I need to make this into the twist 😉 On the second day of my life in Germany, namely the city of Munich, I needed to organize for us both - me and my husband - to have internet at home. We went to the closest shop, and that happened to be O2 Germany. We went in, signed contract quite quickly and received information, that should have our internet activated within 24 hours. If that would not happen, we were told to return to the store. On the next day we still didn’t have internet, so we went to the store. Apparently some data was not filled in so they added the data and asked to come back if connection is not working. And guess what! It didn’t work. So on the third day we came back to the shop… And then we received the reason for our „misfortune” 😉 - we were new to DE! We didn’t have any record/ credit history in SCHUFA Holding AG so our credibility was ZERO, and that was why our application for contract was not accepted and signed by O2. But we received also a hint - the German national telecom, Deutsche Telekom had offers for customers arriving in Germany that have no credit history. That was a solution for us then. On day #4 we made it to come to a Telekom store before its closing at 8 pm. And great! We successfully signed contract for „Festnetz” where taking a TV service was compulsory MAGENTA TV and as an equipment to be able to watch TV we received a router - and that device was the object of our dreams at that moment. The Telekom expert came over on the following day and activated everything. YEAH! Big Score after 5 days of attempts. Within the next 4 weeks I needed to go to the store 2 or 3 times. The dongle to my smart TV, that was supposed to receive the TV signal from the super cool router - simply didn’t work. One seemed broken. Another one also. So during the third visit in the store just because of the dongle, I was offered to buy another type of dongle, for 150€. That was over my possibilities so decided to watch no TV, though I paid for it.

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⏩ We live in an #instant economy, so why do we continue to encounter non-instant payments and payouts? 📊 Brite Payments have commissioned a new report together with YouGov to investigate the state of Pay by Bank / Account-to-Account payments. We surveyed over 8000 consumers across six key European markets to find out: * Which market has the highest awareness for Pay by Bank? * What nation has the most (and least) patient consumers? * And what factors drive a consumers decision to use #paybybank? 🔗 Download the report now for Instant insights, at the speed of Brite*: https://bit.ly/3IJb1la

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The digital bank is dead. Or better the discussion around it. It is simply outdated. And it is very fast being replaced by the #AI bank. Let’s take a look. For years banks’ strategic priorities and IT budgets focused on digital transformation. It basically meant: —    integrating modern #technology into banking operations & —    shifting from a traditional, legacy set-up to a flexible, cloud-based, infrastructure Plus, billions of Euros and Dollars in budget and many years of implementation. The problem with this approach is that it has always been a catch-up play. Meaning that it is an enabler for banks to compete in the digital era, but it doesn’t bring (alone) any competitive advantages over digital native fintechs or bigtechs. AI has brought this fact to the fore. AI is fundamentally changing #banking (and banks), both from a front-end and from a bank-end perspective. It renders digital capabilities not a vague self-defined / driven exercise but a pre-condition for the AI transformation that is already re-writing competition tools and re-defining customer expectations. Consider this: According to Counterpoint Research Apple’s smartphone sales in China fell 19.1% in Q1 2024. What is (one of) the main reason(s)? Artificial Intelligence. Or better the lack of it. Apple has been slow in integrating AI functionality and is lagging rivals such as Huawei. If AI can trigger this for one of the mightiest and most tech-savvy companies on earth, will it not do the same for banks? In fact: —    banking could see the biggest impact from GenAI as a % of revenues: between 2.8% and 4.7% or $200 bn and $340 bn annually (McKinsey) —    Deloitte goes even further and predicts +$ 1 tn in global banking revenues pools by 2030 —    AI will bring down compliance, operations and customer service costs by 25% (Deloitte) AI is redefining the banking #business and operational model as these lines are being written. Not in the future, but now. Banks’ ability to integrate AI functionality will be much more critical than their ability to offer it in the first place. Example: AI-powered chatbots will change front-end customer interaction. But at the same time, they will fundamentally modify the back-office set-up in terms of opening up hybrid channels, embedding new use cases, enhancing more added-value human interactions and even influencing sales outcomes. Which brings me to my starting point: it's not a “digital bank” discussion anymore but a “AI bank” or “AI-first bank” one. But unlike the transition from traditional to digital, this time transformation will move faster and will be a make-or-break factor. 4 things will be critical into the banks’ #AI journey: 1) the challenge of integrating GenAI into existing IT infrastructure 2) retraining / upskilling the workforce 3) adjusting the entire business model 4) managing risks coming from #data protection and regulatory compliance Graphic sources: Boston Consulting Group (BCG), Roland Berger

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What next for Banking... Here it is...

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🤖 What is a "AI-first bank"? I don't believe that peripheral #chatbot solutions for financial services are the right step towards AI-first banking. The Klarna case has shown that GPT-based chatbots have made progress and possibly increased efficiency, but customers are still rather disappointed in the interaction. A problem that is particularly serious when dealing with finances. I believe that #genAI needs to be deeply integrated into specific use cases. For example, pre-complinace checks in client-advisor conversations or explainable portfolio construction and performance.

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🏔 🏔 🏔 21X AG Joins TechQuartier's Prestigious TQ Accelerator Program to Revolutionize Digital Finance🏔 🏔 🏔 🏔 21X AG, a trailblazing market infrastructure firm specializing in digital assets, has announced its participation in the inaugural TQ Accelerator Program: Digital Finance 2024. This prestigious initiative, run by Frankfurt's leading innovation hub, TechQuartier (TQ), aims to bridge the gap between fintech corporates and startups, fostering collaboration to drive technological advancements in the finance industry. 🏔 A Milestone for 21X AG and Digital Finance Innovation🏔 Being selected for the TQ Accelerator Program is a significant milestone for 21X AG as it continues its mission to secure a license for operating a DLT-based trading and settlement system under the European Union’s DLT regime. The program, taking place from May to July 2024, offers 21X AG invaluable opportunities to: 🏔 Engage with key industry players and potential partners in Frankfurt's financial hub. 🏔 Access extensive financial knowledge and regulatory expertise. Build strong relationships with corporate representatives and fintech enthusiasts. 🏔 Showcase its innovative vision for secure digital asset trading at The Pitch Arena. 🏔 Leadership Insights🏔 Max Heinzle, CEO of 21X AG, emphasized the importance of this opportunity: “Securing our EU-wide DLT trading & settlement infrastructure license is a priority. Collaborating with finance-focused organizations through the TQ Accelerator Program allows us to deepen our market understanding, explore new opportunities, and leverage collective knowledge. We are excited to build an ecosystem that meets industry demands from day one.” 🏔 Program Vision🏔 Sebastian Schaefer, Co-Founder and Managing Director of TechQuartier, highlighted the program’s impact: “The TQ Accelerator: Digital Finance program is a unique platform for corporate and startup innovators to come together. Over the next seven weeks, we will spotlight innovative solutions, foster lasting collaborations, and collectively shape the future of Frankfurt's financial center.” 🏔 About 21X AG🏔 Frankfurt-based 21X AG is at the forefront of fintech innovation, developing a blockchain-powered exchange for tokenized assets. Under the regulatory supervision of the European Securities and Markets Authority (ESMA), 21X AG is poised to lead the institutional adoption of tokenized securities, facilitating the issuance, trading, and settlement of tokenized stocks, bonds, and funds via smart contracts. With its license application submitted to operate a DLT trading and settlement system, 21X AG is on track to be among the first authorized under the EU DLT regime, paving the way for a new era in digital finance. #web3 #digitalassets Richie MacTaggart Marc Hegen Severin Kranz Thomas Zraunig Jeffrey Hartjes

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A neat move by Germans in the payment landscape: moving Giropay/Paydirect into the #EPI.

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🚀 Transforming Invoice Processing with AI: GVB – Gebäudeversicherung Bern's Success Story with Yokoy Every company processes a huge number of invoices every year — and many companies still do it all manually. But what if AI could take capture, verify, and authorise every invoice? That’s what GVB are doing with Yokoy, and it’s transforming how they work. ✨ With Yokoy, GVB has: 1. Unified expense and invoice management on one AI-powered platform  2. Simplified employee submissions with an intuitive mobile-first experience  3. Automated invoice processing across multiple formats  4. Raised just 3 support tickets in 12 months — it’s that easy to use Discover how Markus Schenkel & Philipp Röthlisberger streamlined their workflows and boosted efficiency with Yokoy. 🔍 Read the full case study: https://lnkd.in/dCDtGvCp #AI #InvoiceProcessing #FinanceAutomation #Efficiency #Yokoy #GVB #Innovation #BusinessGrowth 

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How do we find opportunities among so many payment companies? What do they do exactly? 👇 The diagram below shows the payments ecosystem. 🔸 Steps 0-1: The cardholder opens an account in the issuing bank and gets the debit/credit card. The merchant registers with ISO (Independent Sales Organization) or MSP (Member Service Provider) for in-store sales. ISO/MSP partners with payment processors to open merchant accounts. 🔸 Steps 2-5: The acquiring process. The payment gateway accepts the purchase transaction and collects payment information. It is then sent to a payment processor, which uses customer information to collect payments. The acquiring processor sends the transaction to the card network. It also owns and operates the merchant’s account during settlement, which doesn’t happen in real time. 🔸 Steps 6-8: The issuing process. The issuing processor talks to the card network on the issuing bank’s behalf. It validates and operates the customer’s account. I’ve listed some companies in different verticals in the diagram. 👉 Quite a few companies offer digital wallets. Can you find a place for wallets in the ecosystem? — 👉 If you like my FinTech posts, please follow Hua Li and click the 🔔 on my profile to receive updates. #systemdesign #payments #fintech .

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On the road to mass adoption    At the annual Handelsblatt Zukunft Retail Banking conference in Frankfurt, industry experts gather to share insights into exciting new use cases and provide concrete recommendations.    During today's panel, we explored the relevance of digital assets and cryptocurrencies in retail banking with Anton Langbroek and Andreas Streb. The potential for banks and traditional financial institutions is vast, with numerous opportunities ranging from retail and corporate services to the integration of tokenized securities.     Before venturing into crypto, banks need to decide on their market entry strategy and target customer segments. This decision will influence critical factors such as trading platforms, custody solutions and services such as staking. In addition, they need to weigh the benefits of using a ready-made and tailored solution from an experienced partner versus developing crypto and digital asset solutions in-house, considering the time-to-market implications.      As Europe's leading infrastructure provider of integrated and customized solutions along the entire crypto and digital asset value chain, we are a trusted partner for banks, brokers and asset managers. We guide them every step of the way into the world of digital finance. At Boerse Stuttgart Digital, we offer secure and reliable brokerage, trading, and custody solutions, enabling institutional partners to access the world of crypto and digital assets with ease and confidence.     Partnering with an experienced infrastructure provider saves valuable resources that would otherwise be required to build infrastructure from scratch and ensure full compliance, especially with #MiCAR coming into full force.     Thank you to the organizers for the great event and the opportunity to contribute on stage!   #bsdigital #HBBanken #Handelsblatt #banking #crypto #digitalassets

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The launch of Wero has been announced, a mobile-first digital wallet and instant account-to-account payment solution in Germany, brought to you by the European Payments Initiative (EPI). 🌍💳 Starting now, German Sparkassen and Volksbanken customers can make instant P2P transactions using just a phone number, QR code, or email address. Wero aims to revolutionize payments across Europe, offering seamless, secure, and instant money transfers. 🚀 Key Highlights: Instant Payments: Send and receive money instantly using only contact details. Secure and Seamless: Enhanced security features ensure safe transactions. European Expansion: Launching soon in Belgium, France, and other regions. Why is this important? Wero is the choice from the European Union to advance with its plans on deploying an instant and interoperable payment solution to be used across the region. However, (we latinos always like to do things our way) and Spain, Portugal and Italy have joined forces to make theis ( Bizum, Mbway and Bancomat) interoperable. Who will win the race? The north with Wero? Or the Latins? It is going to be an interesting battle, but in the end interoperability is a common interest for all, regardless of its final name choice . Article in comments. #Fintech #DigitalPayments #Innovation #EPI #Wero

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🇩🇪🔏 #DigitalSignature Trend Radar: Adoption in German Savings Banks: 200+ Savings banks have introduced the “Digital Signature” product of Finanz Informatik (FI) since its launch in 2019. This information was just published in the most recent issue of the newsletter of Finanz Informatik - one of Europe’s largest banking IT service providers and digitalization partners in Europe, the enabler of the digital transformation within the Sparkassen-Finanzgruppe. With the "Digital Signature" product, FI enables the processing of electronic signatures, whereby contracts are legally signed by customers and internal savings bank processes are processed digitally. Simple or qualified electronic signatures can be made via the Digital Signature Platform (DSP) - depending on the application. 🔏 Simple electronic signatures, which are made as iPad or mouse signatures, can be used for use cases with a low liability risk, for example for the payment partner letter via the account switching service. 🔏 Qualified electronic signatures, on the other hand, are legally equivalent to a handwritten signature and can therefore also be used for use cases with a written form requirement, for example for consumer loans. Full article fimagazin+ Newsletter May 2024: In focus: Digital signatures (in German language) https://lnkd.in/dEvf-xze #DigitalSignatures #ESignature #ESign #ElectronicSignature #ElectronicSignatures #QualifiedElectronicSignature #QES #eIDAS #eIDASinAction

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“German banks are set to shut down their PayPal competitor, Giropay/Paydirekt, and instead align themselves with the European Payments Initiative (#EPI). This move marks a significant shift in the digital payments landscape across Europe. … The decision to abandon both #Paydirekt and #Giropay comes ahead of a crucial shareholder meeting this week. A spokesman confirmed to local paper Finanz-szene that “there are currently coordinations at shareholder level on the future of Giropay and Paydirekt GmbH as an operating company. .. This move is timed just before the launch of #Wero, the payment wallet of the bank-backed European Payments Initiative (EPI). Paydirekt has been around for almost a decade since it was initially launched in 2015. As it expanded over the years, it also merged the Giropay online payment system, building up a service that grew to be one of the largest competitors to PayPal in Germany today. It operates as a joint mobile and online payments initiative of Germany’s largest banks, including Deutsche Bank, Commerzbank AG, comdirect – eine Marke der Commerzbank AG, Sparkassen Finance Group, and Postbank Unternehmensbank. However, with the rise of EPI, the banks have decided to abandon both Giropay and Paydirekt and throw their weight behind the new solution instead. The decision was made during the shareholder meeting, and their spokesperson confirmed it. EPI launched with the goal of building a unified pan-European payment system — something that would transcend the banks themselves. It was initially baked by 31 major Eurozone banks, as well as acquirers Worldline and NETS [Nexi Group]. Since its inception, it also created a digital wallet that would support #accounttoaccount based instant #P2P and consumer-to-business payments. This was followed by the launch of online and mobile shopping payments, and lastly, the PoS terminals. While most major banks in the Eurozone support the startup, a few of them actually decided to distance themselves from it, including Commerzbank and DZ BANK AG. However, Deutsche Bank decided to remain a shareholder. The project’s launch plans include the upcoming deployment in several more countries, including Germany itself, but also Belgium, the Netherlands, and France.” For those close to the German market, the development was long expected but for the industry at large this is a major pivot and something that be create the precedent for other similar moves in Europe, and possibly beyond Europe. In payments, scale and shared platforms matter... #mobilepayments #digital #digitalbanking https://lnkd.in/dsYxf44N https://lnkd.in/dTbFjahQ

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