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New technologies will create new jobs if aided by development funds

Interview by Dimitris Kasaganis

“The need for creating and finding more development funds” in the EU which will help in the creation of new jobs, through high technologies, points out, in an interview, Steffen von Blumroeder, head of the banking and financial services sector of Federal Association for Information Technology, Telecommunications and New Media (BITKOM) who recently took part in a panel, discussing the impact of technology on the banking sector. The event, titled “the future of banking 2,0”, took place in Berlin during a series of meetings of CAPITALS Business Circle.

What are the challenges in the areas of European technology and innovation today?

One of the most important challenges, in my opinion, is the obstacle of unlimited new regulations that prevent the innovation of technology in the future. We have to cooperate in order to ensure that the planned regulations will provide creative ideas, so tha businesses will create new online services in the frame of ‘online economy’.

How technology can affect even more the size of employment?

We must create new technology businesses in order to support growth since this is the only way to create new jobs. That action includes the creation of new development funds, which is more difficult in the EU compared to USA or Asia.

What is the relationship between technology and banking?

In our days banking uses widely new technology. The high volume transfers, the international online taxation, the prevention of online fraud, are areas where technology is used in banking. Through the changing demands of customers in areas of banking such as mobile payments, Croud Investing, Peer2Peer or Personal Finance etc the Fin Tech Startups will be very important. More than 3,500 new businesses are operating in this area internationally. According to today’s surveys, the traditional banks will provide the 1/3 of their revenue to services from these new businesses.

What is the next big “Trend” of European technology?

In my opinion, this is the 3D printer. The 3D printer will become more important in the years to come as huge industries will have to adopt and change their supply chains. In the future there will be no more need for spare parts since everyone would be able to print it in his home. We experience today a qualitative leap in the growth of new devices and the relative software. However the Streaming services will continue to develop as well as the way of using music and TV services.

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