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A number of economic/financial articles about the banking and financial activities are made freely available on a periodic basis. The articles are published in their original language.

  • Thursday 15/11/2018

    The fast development of robo-advice has responded to a growing demand for automation and enhanced capabilities to industrialize investment advisory (IA) solutions in the FinTech landscape. Until recently, the first generation of robo-advisors have naturally focused on the low-end segment of the IA market, mostly thanks to a rather low sophistication of the portfolio allocation systems based on simplistic versions of Modern Portfolio Theory, leaving wealth managers with no serious competition from fully digitized solutions. Nowadays, the second generation of robo-advisors is more ambitious, both from a scientific and an ergonomic point of view. Even though we are not yet witnessing the age of industrialized big data or machine learning fully automated investment advisors, the maturity level of today’s robo-advisors is sufficient to accommodate behavioral sources of complexity like mental accounting or loss aversion at the investor’s level. The pressure on margins induced by regulation and digitalization gradually increases the competitive advantage of robotized IA in the mass affluent and private banking segments, making them a serious threat to those incumbent firms that cannot adapt with proper tooling or niche offering. In the near future, the mature generation of robo-advisors, with full deep learning and data treatment capacities, will presumably coexist with those firms that have been actively preparing today, that will use performant tools besides human expertise, but in a world in which fees will presumably have largely decreased and service quality will have been improved, at the benefit of the customer.

  • Thursday 15/11/2018

    Lorsque je vais à des conférences dont le sujet est « l’innovation » un des thèmes les plus populaires est la « Blockchain ». Tout le monde a son avis concernant cette nouvelle technologie mais peu de monde sait de quoi il en retourne exactement. Cet article est l’occasion de rappeler très succinctement ce qu’est la Blockchain, d’où elle vient, où elle a déjà montré un intérêt et ce que l’on en fait dans le domaine financier !

  • Thursday 15/11/2018

    Cette étude examine si le Bitcoin peut (ou pourrait) constituer une alternative crédible à l’euro ou au dollar. Est-il une menace pour la politique monétaire, ou, au contraire, doit-il constituer une source d’inspiration pour les banquiers centraux ? Le bitcoin fait face à de nombreux défis. Premièrement, il est loin de constituer un système de paiement stable et fiable, comme l’aurait voulu ses concepteurs. Deuxièmement, le bitcoin est, par nature, un objet quasi-ingouvernable. Troisièmement, le bitcoin, contrairement à ce que pourraient penser ses défenseurs, ne permet pas de protéger efficacement les données et la vie privée de ses utilisateurs. Pour autant, le Bitcoin n’est pas sans intérêt. L’article se conclut par quelques pistes qui pourraient inspirer, notamment, les banques centrales.

  • Thursday 15/11/2018

    On 6 June 2018, CFA Institute hosted a conference at the European Parliament in Brussels on the progress of the European Commission’s flagship Capital Markets Union project, which aims to create a single EU-wide market for capital by 2019. Josina Kamerling, Head of Regulatory Outreach EMEA at CFA Institute, reviews the discussion and evaluates the proposed regulation and the challenges and opportunities that accompany it.

  • Thursday 15/11/2018

    Boekrecensie - “De limieten van de markt” / Paul De Grauwe. Recensie door Carlos Bourgeois, lid van het redactiecomité tijdschrift Bank- en Financiewezen.

  • Tuesday 11/9/2018
    Hans De Cuyper

    Interview with Hans De Cuyper, Chairman Assuralia. Interview by Frank Lierman, Chairman of the editorial board of the Revue bancaire et financière / Tijdschrift Bank- en Financiewezen.

  • Tuesday 11/9/2018
    Frank Lierman

    Report on the presentation given by mister Philipp Hartmann, Senior Manager and Policy Adviser of the European Central Bank, to the Belgian Financial Forum in Brussels on the 14th of May 2018. Report written by mister Frank Lierman, Chairman Editorial Board of the Revue bancaire et financière/Bank- en Financiewezen.

  • Tuesday 11/9/2018
    Jan Vergrote

    Part of the financial news in recent months has been dominated by articles about ‘cryptocurrencies’. Sky-high gains, followed by significant price falls, both for the currencies and the companies involved, have been everyday occurrences. Little wonder, then, that comparisons have been made with the dotcom bubble: high valuations for technology that has not (yet) proved itself. In developed countries, cryptocurrencies are used mainly as a speculative asset. Believers see the long-term value of these cryptocurrencies mainly based on the underlying blockchain technology, which is expected to have many other applications in combination with new technology. 

    By contrast, in weak and underdeveloped states, there is mistrust with regard to cryptocurrencies, often because of their anonymity that facilitates criminal dealings. So, whereas believers see cryptocurrencies as a far-reaching innovation, others view it as a way to create ‘funny money’. And while some invest in these currencies based on the promise of a future market, there may be many dangers lurking around the corner, such as Internet fraud, phishing scams and hacking of the underlying software. Just where these virtual currencies will end up remains an unanswered question today. But allow us to provide you with an initial guide.

  • Tuesday 11/9/2018
    Dirk Hermans

    Based on the involvement in 15+ blockchain cases, what are the challenges of a Blockchain project? It is mostly not about the hard coding work of a typical Blockchain technology, that is not yet mature, both improving very fast. It is the other area’s that make or break a Blockchain initiative. It is about the vision and business case, the collaboration aspect, the regulatory environment, standards and the integration aspects in legacy systems.

  • Tuesday 11/9/2018
    Dave Remue

    Blockchain technology looks promising to fundamentally improve the ‘know your customer’ (KYC) process with financial institutions and at the same time to empower corporates to manage and control their digital identity.  A distributed shared ledger allows participating banks and other organisations, such as government institutions, to share updates on corporate profiles instantly within the parameters set by the corporate itself, and this in a privacy preserving manner and with full audit traceability.  B-Hive, a fintech innovation collaborative platform, started exploring with its partners last year the creation of a blockchain platform to simplify identity management for corporates and KYC which could significantly reduce the onboarding time for business customers and reduce KYC costs significantly.  Following iterative development of a proof of concept based on Hyperledger, we are now conducting extensive pilot testing with Isabel, KBC, Belfius, ING and BNP Paribas Fortis.

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