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Business practitioners increasingly use Artificial Intelligence (AI) applications to assist customers in making decisions due to their higher prediction quality. Yet, customers are frequently reluctant to rely on advice generated from machines, especially when their decision is at stake. Our study proposes a solution, which is to bring a human expert in the loop of machine advice. We empirically test whether customers are more accepting expert-AI collaborative advice than expert or AI advice.
GERMAN BANKS ARE HIGHLY SATISFIED WITH THEIR BUSINESS PROCESS OUTSOURCING (BPO) VENTURES. BENEFITS ARE ACHIEVED THROUGH THE COMBINATION OF A CLOSE VENDOR RELATIONSHIP AND A WELL-DEFINED OUTSOURCING CONTRACT. THE OUTSOURCING OF DOMESTIC PAYMENT PROCESSES IS MOST SUCCESSFUL WHEREAS THE OUTSOURCING OF CONSUMER CREDIT PROCESSES STRUGGLES WITH QUALITY IMPROVEMENTS.
DIGITIZATION CHALLENGES COMPANIES TO ACCELERATE THEIR INNOVATION CYCLES TO STAY COMPETITIVE. THIS RESEARCH INVESTIGATES HOW IT KNOWLEDGE ESTABLISHED ON DIFFERENT HIERARCHICAL LEVELS LEADS TO ORGANIZATIONAL INNOVATIVENESS. DIFFERENTIATING BETWEEN STRATEGICALLY MORE AND LESS DIGITIZED ORGANIZATIONS, THE RESULTS REVEAL: ORGANIZATIONAL INNOVATIVENESS IS SIGNIFICANTLY HIGHER INFLUENCED BY THE IT KNOWLEDGE OF BUSINESS EMPLOYEES IN ORGANIZATIONS GIVING THE DIGITAL BUSINESS STRATEGY HIGH IMPORTANCE, WHEREAS THE MANAGEMENT’S ROLE DECREASES. WE FURTHER DEDUCE THE CIO’S POSITIVE ROLE FOR IT-ENABLED BUSINESS INNOVATION IN KNOWLEDGE-INTENSIVE INDUSTRIES, SUCH AS THE FINANCIAL SERVICES SECTOR.
EXTANT STRATEGY CONCEPTS ARE CHALLENGED DUE TO THE ONGOING DIGITIZATION, WHICH FUNDAMENTALLY CHANGES CONDITIONS FOR ALL MARKET PARTICIPANTS. THIS RESEARCH COMPARES THE CONCEPT OF IT ALIGNMENT WITH THE RECENTLY INTRODUCED “DIGITAL BUSINESS STRATEGY” (DBS), WHICH DESCRIBES A CROSS-FUNCTIONAL AND AGILE FUSION OF BUSINESS AND IT STRATEGY. THE RESULTS REVEAL A TOTAL ABSENCE OF A DIRECT INFLUENCE OF IT LEADERS (CIOS) ON DBS, WHEREAS A HIGH IMPACT ON IT ALIGNMENT IS STILL GIVEN. BUSINESS LEADERS IN TURN IMPACT MORE ON DBS.
FINANCIAL SERVICES PROVIDERS ARE EXPOSED TO DIFFERENT SOURCES OF INSTITUTIONAL PRESSURE ARISING FROM THE INTENSE COMPETITION AND REGULATION IN THE BANKING SECTOR. AGAINST THIS BACKGROUND, THIS ARTICLE ANALYZES THE DETERMINANTS OF GRID ASSIMILATION AND THE ROLE OF INSTITUTIONAL PRESSURE IN THE GRID ASSIMILATION PROCESS.
WHILE CLOUD MARKETS PROMISE UNLIMITED RESOURCE SUPPLIES, INDIVIDUAL PROVIDERS MIGHT BE UNABLE TO OFFER SUFFICIENT PHYSICAL CAPACITY TO SERVE LARGE CUSTOMERS. A SOLUTION IS TO FORM CLOUD COLLABORATIONS, IN WHICH MULTIPLE CLOUD PROVIDERS UNITE FORCES IN ORDER TO CONJOINTLY OFFER CAPACITIES WITHIN CLOUD MARKETS. QUALITY OF SERVICE (QOS) AND SECURITY ASPECTS ARE THE PRIMARY CONSIDERATIONS IN BUILDING SUCH COLLABORATIONS. THIS RESEARCH REPORT PRESENTS A CORRESPONDING OPTIMIZATION APPROACH FOR THE SELECTION OF COLLABORATIVE CLOUD PROVIDERS UNDER CONSIDERATION OF FULFILLMENT OF CLOUD USERS’ QOS AND SECURITY REQUIREMENTS.
Gebündelte Kompetenz in der Finanzwirtschaft : Interview mit Hessens Finanzminister Karlheinz Weimar
(2006)
IN RECENT YEARS, ELECTRONIC COMMUNICATION EXPERIENCED SIGNIFICANT IMPROVEMENTS THROUGH NEW WEB 2.0 SOLUTIONS. HEREBY, NEW ELECTRONIC COMMUNICATION SYSTEMS OPENED COMPLETELY NEW POSSIBILITIES FOR COMMUNICATION. HOWEVER, NEW RISKS (E.G., INFORMATION OVERLOAD) EMERGED AS WELL. THIS ARTICLE PRESENTS AN EMPIRICAL INVESTIGATION ON THE USE OF ELECTRONIC COMMUNICATION SYSTEMS FOR INFORMATION SHARING AND ON THE INFLUENCE ON EMPLOYEES’ PERFORMANCE.
SOCIAL NETWORKS ARE COMMONLY USED IN PRIVATE AND BUSINESS LIFE. DIFFERENT STUDIES OUTLINE THAT THIS TREND WILL INCREASE IN THE NEARER FUTURE. IN ORDER TO UNDERSTAND THE BEHAVIORAL INTENTION TO PARTICIPATE IN SOCIAL NETWORKS OF NEXT GENERATION EMPLOYEES, WE EXTENDED THE WELL-ESTABLISHED THEORY OF PLANNED BEHAVIOUR TO HABIT AND INFORMATION OVERLOAD. USING SURVEY DATA FROM 262 PARTICIPANTS, WE FOUND THAT THE OVERLOAD OF INFORMATION PLAYS AN IMPORTANT ROLE TO PARTICIPATE IN SOCIAL NETWORKS, BESIDES THE HABIT TO USE SUCH NETWORKS.
The financial crisis – consequences for online banks : interview with Dr. Markus Walch, DAB bank
(2010)
Do we need a bad bank?
(2009)
IN A CASE STUDY IN THE GERMAN RETAIL BANKING BUSINESS IT IS SHOWN THAT ALIGNMENT BETWEEN IT AND BUSINESS UNIT IS CRUCIAL FOR THE ACTUAL USAGE OF IT SYSTEMS WHICH IN TURN IS A KEY DRIVER FOR BUSINESS PROCESS QUALITY. BANKS SHOULD THEREFORE FOSTER INTERRELATIONSHIPS BETWEEN IT AND BUSINESS AS WELL AS CROSS FUNCTIONAL WORK BIOGRAPHIES OF TEAM LEADERS
WE PRESENT OUR VISION OF OMNISCIENTDB, A NOVEL DATABASE THAT LEVERAGES THE IMPLICITLY STORED KNOWLEDGE IN LARGE LANGUAGE MODELS TO AUGMENT DATA SETS FOR ANALYTICAL QUERIES OR MACHINE LEARNING TASKS. OMNISCIENTDB EMPOWERS USERS TO AUGMENT DATA SETS BY MEANS OF SIMPLE SQL QUERIES AND THUS HAS THE POTENTIAL TO DRAMATICALLY REDUCE THE MANUAL OVERHEAD ASSOCIATED WITH DATA INTEGRATION. IT USES AUTOMATIC PROMPT ENGINEERING TO CONSTRUCT APPROPRIATE PROMPTS FOR GIVEN SQL QUERIES AND PASSES THEM TO A LARGE LANGUAGE MODEL LIKE GPT-3 TO CONTRIBUTE ADDITIONAL DATA, AUGMENTING THE EXPLICITLY STORED DATA. OUR INITIAL EVALUATION DEMONSTRATES THE GENERAL FEASIBILITY OF OUR VISION, EXPLORES DIFFERENT PROMPTING TECHNIQUES IN GREATER DETAIL, AND POINTS TOWARDS FUTURE RESEARCH.
INDIVIDUALS WITH LOWER SELF-CONTROL OFTEN FAIL IN STICKING TO THEIR PLANS WHEN FACING STRONG TEMPTATIONS. ARE THEY ALSO PRONE TO EXHIBIT INVESTMENT BIASES AND SHOW A MORE IMPULSIVE TRADING BEHAVIOR WHILE FORFEITING POTENTIAL PERFORMANCE IN A FINANCIAL CONTEXT? WE USE CIGARETTE ADDICTION, IDENTIFIED THROUGH CHECKING ACCOUNT TRANSACTIONS, AS A PROXY FOR LOW SELFCONTROL AND COMPARE THE INVESTMENT BEHAVIOR OF SMOKERS TO THAT OF NONSMOKERS TO ADDRESS THIS QUESTION EMPIRICALLY.
THIS PROJECT PROVIDES A PERFORMANCE MEASURE ON THE EFFECT OF LATENCY IN THE CONTEXT OF THE COMPETITIVE ADVANTAGE OF IT. BASED ON A DATASET OF DEUTSCHE BÖRSE’S ELECTRONIC TRADING SYSTEM XETRA, AN EMPIRICAL ANALYSIS IS APPLIED. THAT WAY, WE QUANTIFY THE IMPACT OF LATENCY FROM A CUSTOMER’S POINT OF VIEW.
Only around one in five firms reap the anticipated benefits from Service Oriented Architectures (SOA). Industry analysts assume that a lack of SOA governance is the main reason why SOA projects fail. And, indeed, the vast majority of the literature is on technical issues, and a business value and governance view is missing. So, what do SOA governance mechanisms help to implement an effective SOA that achieves IT flexibility and reuse?
Interview with Piebe Teeboom, Secretary General FIA European Principal Traders Association
House of Finance
(2006)
ICOs and improvement potentials for a global digital market infrastructure : Martin Steinbach
(2018)
Interview with Hauke Stars, Member of the Executive Board Deutsche Börse AG
FINANCIAL SERVICE PROVIDERS FACE SERIOUS PROBLEMS IF MANY OF THEIR CUSTOMERS LEAVE QUICKLY BECAUSE SUCH CUSTOMERS HAVE LITTLE LONG-TERM VALUE. STILL, CURRENT REPORTING PRIMARILY FOCUSES ON CURRENT PROFITABILITY THAT REPRESENTS THE SHORT-TERM VALUE OF THE CUSTOMERS. THE LONG-TERM VALUE TYPICALLY RECEIVES LITTLE ATTENTION. CUSTOMER EQUITY REPORTING PRESENTS A MEANS TO FOCUS ON THE LONG-TERM VALUE OF THE COMPANY'S CUSTOMERS. IT AVOIDS THE RISK THAT SHORT-TERM PROFITS ARE INCREASED AT THE EXPENSE OF LONG-TERM VALUE CREATION AND ITS CENTRAL METRIC, CUSTOMER EQUITY, SERVES AS AN EARLY WARNING INDICATOR FOR RISK MANAGEMENT SYSTEMS THAT FOCUS ON CUSTOMER LOSS.
DURING PUMP AND DUMP MARKET MANIPULATIONS, DECEIVERS ADVERTISE STOCKS BY PUBLISHING VERY POSITIVE NEWS TO PROFIT FROM AN INCREASED PRICE LEVEL. MARKET SURVEILLANCE AUTHORITIES HAVE TAKEN SEVERAL COUNTERMEASURES AGAINST SUCH FRAUDULENT STOCK RECOMMENDATIONS, BUT SIMULTANEOUSLY, DECEIVERS HAVE CONSTANTLY UPDATED THEIR TACTICS. THE RESEARCH INVESTIGATES WHETHER SUCH MANIPULATIONS STILL POSE A RISK FOR INVESTORS AND IF YES, WHICH CHARACTERISTICS DRIVE THEIR SUCCESS.
THE DEMAND FOR EFFICIENT MEASURES FOR PREVENTING CONSUMER CREDIT RISKS SUCH AS CREDIT SCORING IS GROWING ACROSS INDUSTRIES. IN GERMANY, SCORECALCULATIONS AND UNDERLYING CONSUMER DATA ARE STILL A WELL-GUARDEDSECRET. THE MARKET LEADER IN THE U.S. NOT ONLY DISCLOSES THE CREDIT SCORING VARIABLES TO THE CUSTOMERS BUT MOREOVER OFFERS THEM ADVICE ON HOW TO QUALIFY FOR BETTER INTEREST RATES.
The regulatory and legal challenges of blockchain technology : interview with Nina-Luisa Siedler
(2019)
STUDIES HAVE FOCUSED ON INNOVATIONS IN VARIOUS CONTEXTS BUT LARGELY EXCLUDED FINANCIAL INNOVATIONS, DESPITE THEIR NOTABLE IMPORTANCE. THIS STUDY ANALYZES THE TYPES OF FINANCIAL INNOVATIONS BY MAJOR BANKS AND THEIR PAYOFFS. THE RESULTS INDICATE THAT SECURITY AND CREDIT INSTRUMENTS CONSTITUTE THE MOST COMMON FINANCIAL INNOVATIONS. THE AVERAGE RETURNS TO A FINANCIAL INNOVATION ARE $146 MILLION. IN ADDITION, RADICALNESS AND FINANCIAL RISKINESS INCREASE THE RETURNS, WHEREAS COMPLEXITY DECREASES THEM.
TechQuartier to boost the start-up scene in Frankfurt am Main : interview with Sebastian Schäfer
(2017)
Interview with Sebastian Schäfer, Managing Director TechQuartier, Frankfurt
FinTech as enabler of entrepreneurship and growth in the EU : interview with Joachim Schwerin
(2017)
WE STUDY REDISTRIBUTIVE EFFECTS OF INFLATION USING A RANDOMIZED INFORMATION EXPERIMENT ON BANK CLIENTS. ON AVERAGE, INDIVIDUALS ARE WELL INFORMED ABOUT CURRENT INFLATION AND ARE CONCERNED ABOUT ITS IMPACT ON WEALTH. YET, MOST INDIVIDUALS ARE NOT AWARE OF HOW INFLATION ERODES NOMINAL POSITIONS. ONCE THEY RECEIVE INFORMATION ON THIS EROSION CHANNEL, THEY UPDATE PERCEPTIONS AND EXPECTATIONS ABOUT OWN NET NOMINAL POSITIONS. LEARNING ABOUT THE INFLATION-INDUCED EROSION OF NOMINAL POSITIONS CAUSALLY AFFECTS CHOICES IN HYPOTHETICAL REAL-ESTATE TRANSACTIONS AND ACTUAL CONSUMPTION. THE FINDINGS SUGGEST THAT HOUSEHOLD WEALTH MEDIATES THE SENSITIVITY OF CONSUMPTION TO INFLATION ONCE HOUSEHOLDS ARE AWARE OF THE BALANCE-SHEET EFFECTS OF INFLATION.
IN THE PAST YEARS THE CUSTOMER FEEDBACK METRIC RECOMMENDATION INTENTION HAS GAINED IMPORTANCE, ESPECIALLY DUE TO THE WIDESPREAD CONCEPT NET PROMOTER SCORE (NPS). THE NPS CONCEPT IMPLIES A POSITIVE, NON-LINEAR RELATIONSHIP BETWEEN RECOMMENDATION INTENTION AND CUSTOMER VALUE. THIS ARTICLE INVESTIGATES THE RELATIONSHIP BETWEEN RECOMMENDATION INTENTION OF INDIVIDUAL CUSTOMERS AND THEIR VALUE FOR THE FIRM. THE RESULTS SHOW THAT RECOMMENDATION INTENTION SIGNIFICANTLY INCREASES CONTRIBUTION MARGIN BUT NEITHER RETENTION NOR CUSTOMER VALUE. THE METRIC SATISFACTION HAS A SIGNIFICANT, POSITIVE IMPACT ON CUSTOMER VALUE AND CAN THUS BE USED AS A LEADING INDICATOR. THEREFORE, THE RESULTS DO NOT CONFIRM THE SUPERIORITY OF THE NPS CONCEPT FOR CUSTOMER MANAGEMENT.
The customer determines the success or failure of the company : interview with Philipp Schmitt
(2021)
DESPITE A RECENT SLIGHT RECOVERY FROM CRISIS LOW LEVELS, STOCK MARKET PARTICIPATION IN GERMANY IS STILL AT ONLY 14% OF ADULT POPULATION. PREVIOUS RESEARCH SHOWED THAT TRADITIONAL PERSONAL ADVICE – DUE TO HIGH COSTS AND MISALIGNED INCENTIVES – CAN HARDLY ALLEVIATE PRIVATE INVESTORS' INVESTMENT MISTAKES, OF WHICH STOCK MARKET NON-PARTICIPATION IS ONE. ROBOADVICE IS A "HOT TOPIC" IN REGULATORY AND INDUSTRY DISCUSSIONS. THE RESULTS OF THIS STUDY SHOW EMPIRICAL EVIDENCE THAT INVITATIONS TO ROBO-ADVICE INCREASE STOCK MARKET PARTICIPATION.
SOCIAL MEDIA PLATFORMS PRESENT UNIQUE POSSIBILITIES FOR COMPANIES TO INTERACT WITH THEIR CUSTOMERS AND TAKE UP A KEY ROLE IN BUILDING RELATIONSHIPS. HOWEVER, LITTLE IS KNOWN CONCERNING THE FINANCIAL RETURN ON INVESTMENT FROM SOCIAL MEDIA ENGAGEMENT AND SPECIFIC STRATEGIES TO LEVERAGE IT. THE ANALYSIS OF OVER 1.5 MILLION TWEETS REVOLVING AROUND TEN CAR MANUFACTURERS SUGGESTS THAT COMPANIES CAN INCREASE THEIR SALES VOLUME THROUGH GREATER RELATIONSHIP INVESTMENT AND BY ADOPTING A SOCIAL MEDIA STRATEGY THAT PROMOTES THE USERS’ RELATIONSHIP SATISFACTION.
You reap what you sow! differences in knowledge exchange effectiveness between communication types
(2014)
FOR KNOWLEDGE-INTENSIVE ORGANIZATIONS IN THE FINANCE INDUSTRY, AN EFFECTIVE KNOWLEDGE EXCHANGE AMONG EMPLOYEES IS CRUCIAL FOR THE COMPETITIVE PERFORMANCE. THEREFORE, COMPANIES INCREASINGLY RELY ON SOCIAL MEDIA PLATFORMS TO FACILITATE COMMUNICATION AND COLLABORATION. TO ENHANCE OUR UNDERSTANDING OF SUCCESSFUL COMMUNICATION IN ENTERPRISE SOCIAL MEDIA, WE APPLY HUMAN CODING AND QUANTITATIVE ANALYSIS TO THE CONTENT AND TONE OF 15,505 ENTERPRISE MICROBLOGGING MESSAGES CREATED BY 1,166 EMPLOYEES OF AN INTERNATIONAL FINANCIAL SERVICE PROVIDER. OUR RESULTS SUGGEST THAT A MORE FACTUAL-ORIENTED COMMUNICATION TYPE BENEFITS FROM A HIGHER KNOWLEDGE EXCHANGE EFFECTIVENESS COMPARED TO A PRIMARILY SELF-DISCLOSING COMMUNICATION TYPE.
COMPANIES USE SOCIAL MEDIA IN GENERAL AND MICROBLOGGING IN PARTICULAR FOR DIFFERENT PURPOSES, SUCH AS REPUTATION MANAGEMENT. WE EMPIRICALLY IDENTIFY DIFFERENT SOCIAL MEDIA ACTIVITIES IN TERMS OF SOCIAL MEDIA MANAGEMENT STRATEGIES, ACCOUNT TYPES, AND COMMUNICATIVE APPROACHES. BY ANALYZING A DATA SET OF OVER FIVE MILLION TWITTER MESSAGES, WE FIND POSITIVE EFFECTS OF SOCIAL MEDIA MANAGEMENT TOOLS, BROADCASTING ACCOUNTS, AND CONVERSATIONAL COMMUNICATION ON THE CORPORATE PUBLIC PERCEPTION.
Analyzing the relationship between differentiated online sentiment and company-specific stock prices
(2015)
PRACTITIONERS AND RESEARCHERS ALIKE INCREASINGLY USE SOCIAL MEDIA MESSAGES AS AN ADDITIONAL SOURCE OF INFORMATION WHEN DEALING WITH STOCKS. BASED ON EMOTION THEORY AND AN ESTABLISHED SENTIMENT LEXICON, WE DEVELOP AND APPLY AN OPEN SOURCE DICTIONARY FOR THE ANALYSIS OF SEVEN DIFFERENT EMOTIONS IN 5.5 MILLION TWITTER MESSAGES ON 33 S&P 100 COMPANIES. WE FIND VARYING EXPLANATORY POWER OF DIFFERENT EMOTIONS (ESP. HAPPINESS, AND DEPRESSION) FOR COMPANY-SPECIFIC STOCK PRICE MOVEMENTS OVER A PERIOD OF THREE MONTHS.
THE WAY IN WHICH PEOPLE COMMUNICATE AFFECTS THEIR RELATIONSHIPS, SOCIAL NETWORK STRUCTURES AND ULTIMATELY THE SOCIAL CAPITAL ACQUIRED THROUGH THEIR CONNECTIONS. SOCIAL CAPITAL IS A KEY FACTOR FOR THE PERFORMANCE OF INDIVIDUALS AND ORGANIZATIONS. THEREFORE, COMPANIES IN THE FINANCIAL SERVICES INDUSTRY INCREASINGLY IMPLEMENT SOCIAL MEDIA PLATFORMS TO FACILITATE COMMUNICATION AMONG EMPLOYEES AND TO LEVERAGE THE SOCIAL CAPITAL BENEFITS. ANALYZING THE INDIVIDUAL NETWORK STRUCTURES OF DIFFERENT COMMUNICATION TYPES, WE FIND THAT A MORE SELF-DISCLOSING COMMUNICATION TYPE (“MEFORMER”) BENEFITS FROM A HIGHER EFFICACY IN BUILDING SOCIAL CAPITAL COMPARED TO A PRIMARILY FACTUAL-ORIENTED COMMUNICATION TYPE (“INFORMER”).
Encouraging growth funding
(2015)
THE CURRENT FINANCIAL CRISIS CALLS FOR A THOROUGH ANALYSIS OF BANKING SYSTEM STABILITY. WE ANALYZE GERMAN BANKS FROM A LIQUIDITY PERSPECTIVE TO ANSWER HOW FRAGILE THE GERMAN BANKING SYSTEM IS AND HOW WELL IT CAN COPE WITH SUDDEN ILLIQUIDITY SHOCKS. RESULTS SHOW THAT ALTHOUGH BANKS CREATE LIQUIDITY FOR THE GERMAN ECONOMY AND THEREBY EXPOSE THEMSELVES TO ILLIQUIDITY RISK, THE AGGREGATE BALANCE SHEET STRUCTURES ARE SAFE AND STABLE.
Firms, researchers, and policy makers often want to measure consumption and especially how events, promotions, or policies affect it. Measuring consumption reactions is often hard. Firms lack access to competitors’ sales data and regularly do not share their own with outsiders. Large samples of smartphone location data could solve this problem. This article describes a research project using smartphone location data to estimate consumption reactions to political conflict during the Trump presidency.
Interview with Dr. Hans-Jürgen Plewan, Board Member Finanz Informatik Solutions Plus GmbH
Chatbots become human(like): the influence of gender on cooperative interactions with chatbots
(2019)
CURRENT TECHNOLOGICAL ADVANCEMENTS OF CONVERSATIONAL AGENTS (CAs) PROMISE NEW POTENTIALS FOR HUMAN-COMPUTER COLLABORATIONS. YET, BOTH PRACTITIONERS AND RESEARCHERS FACE CHALLENGES IN DESIGNING THESE INFORMATION SYSTEMS, SUCH THAT CAs NOT ONLY INCREASE IN INTELLIGENCE BUT ALSO IN EFFECTIVENESS. THROUGH OUR RESEARCH ENDEAVOUR, WE PROVIDE NEW AND COUNTERINTUITIVE INSIGHTS THAT ARE CRUCIAL FOR THE EFFECTIVE DESIGN OF COOPERATIVE CAs.
Target2-Securities (T2S) is a project of the Eurosystem (central banking system of the Euro area) aiming to create a common platform to settle securities transactions in central bank money. This platform is another step of the European Union towards harmonization of capital markets and enhancement of competitive conditions in the Euro area. T2S is planned to go live in 2013 and to operate on a full costrecovery and non-profit base.