Card schemes enable simplified and guaranteed exchange of money between merchants, customers and their banks, by operating international networks and setting uniform standards. More specifically, they define rules for the routing of payment authorizations and settlement requests in point-of-sale and e-commerce transactions between merchant acquirers and card issuers, as well as ATM withdrawals or purchases with cashback transactions.
Retail banking is undergoing radical change. New players in the market and changes in the regulatory framework (e.g. PSD 2) mean that the market is being opened up as a result of market conditions and regulations, posing new challenges for traditional banks. Customer behaviour has also changed decisively. The willingness of customers to change accounts has doubled in the last four years, with the absolute number of accounts in the German market remaining constant over this period. The traditional instruments of financial institutions currently offer hardly any opportunities to react to the effects of this change.
"Artificial intelligence" is one of the most discussed topics in public today. Events such as the evaluation of voter data by Cambridge Analytica for the US presiden-tial election in 2016 or the generation of a conversation with the new generation of Google Assistants, which many participants regard as humane, do fuel fears and en-thusiasm for the new technology.