policy committee at the university of nottingham, published by the globalisation and economic policy centre, university of nottingham, thursday 29th january, 2009. www. dartmouth. edu / ~ blnchflr. ernst & young, 2009. “ the financial services index : 1st quarter 2009 ”, the financial services report for the first quarter of 2009, compiled by george kershoff ( ber ) and graham thompson ( e & y ), the survey was conducted between 11 february and 17 march and the results processed on 18 march 2009. the number of responses processed was : retail banks ( 21 ), investment banks ( 17 ), investment managers ( 63 ) and life insurers ( 17 ), april 2009. federal reserve board, 2008. “ senior loan officer opinion survey on bank lending practices ”, survey on the state of the usa banking sector provided by the federal reserve board, published january 2009. http : / / www. federalreserve. gov / boarddocs / snloansurvey / 200902 / king, m. 2009. opening remarks by the governor, inflation report press conference, bank of england, wednesday 13 may 2009.

andreas dombret : digital natives? the future of banking in an era of digitalisation speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the " unlock the block " hackathon, hosted by the university of cape town, cape town, 24 january 2018. * * * 1. introduction ladies and gentlemen it is a pleasure to be here in cape town and also to speak at a hackathon. central bankers in general and banking supervisors in particular rarely get an opportunity to address such a technically adept audience. still, to those of you who are participating in the event and who received their first day of blockchain training today, i would like to say that the following session is going to be quite a non - technical one – even though we at the bundesbank have done our own research on the promising blockchain technology and are always eager to discuss insights with experts such as you here today in this room. we even launched a blockchain project of our own in cooperation with the deutsche borse, the stock exchange in frankfurt in 2016. today, i would like to make the most of you and today ’ s audience, by considering a wider question : why exactly is it so difficult for many banks to fully embrace the many opportunities presented by the digital era and become successful? numerous issues have already been addressed at length, such as the role of it legacy, the question whether banks are frequently “ too big to innovate ", and even the “ economics of qwerty ", an argument about path dependence. i would like to focus on a different subject, namely the role of “ digital natives ” and their conflicts with conventional bankers. how does this relate to successful banking in the digital era? 2. " digital natives ” and “ digital illiterates ” – a clash of cultures when i say “ digital natives ", i am not just referring to those born since 1980, as some have defined the term1, but to people with a certain attitude towards the digital world. i consider most folks here in this room to be digital natives – at least by profession or by choice. and i expect you won ’ t still be mulling over whether a blockchain could generally be useful or not. to digital natives, the upside is perfectly clear. digital natives are focused on the opportunities of the digital age. everything that is imaginable is worth considering. but the financial industry is by no means inhabited