Financial services, such as services offered by banks, insurances and investment companies, are a central part of modern economy. They are gaining not only macrosocial relevance but also importance for the individual; not least due to the demographic changes. The ageing of our society has dramatic consequences for retirement provisions and health costs. The result: the risk of old-age poverty is rising. For this reason, the individual person should be enabled to make provisions in all three columns, i.e. in the form state, company and increasingly also private pensions. The government's job in this endeavour is to create appropriate incentives and frame conditions, while companies need to offer and secure suitable service products.
Science can help with the assessment and controlling of the systemic and individual risks in order to keep the system stable. What consequences do the behaviours of central actors such as individual persons and companies have? What roles do frame conditions created by the government and fiscal policy play, such as the interest rate policy of the central banks or legal regulations and taxation?
What innovative new financial services can be of benefit in this context? The scientists in Ulm have a keen interest in enabling financial service providers to reliably and independently measure business processes and risks, and successfully control them. After all, a professional risk management is the only way to ensure the stable development of the financial services system.