Udo Milkau is Chief Digital Officer, Transaction Banking of DZ BANK, central bank of the co-oprerative banking sector in Germany. The primary focus of his responsibility is the ‘digital transformation’ of DZ BANK’s transaction banking including payment services, card services, securities transaction services and derivative processing.
After his academic education in physics he worked as a research scientist in large collaborations and performed experiments at different European research centers including CERN, CEA de Saclay, and GSI. Afterwards he joined a mechatronic manufacturer as head of a task force for ‘project bail out’ and was responsible for automotive clients in East Asia and Europe. He has held different management positions in consulting firms for more than a decade. He is chairman of the European Association of Co-operative Banks (EACB) Digital and Data Working Group, member of the EACB Payment Services Working Group and member of the European Central Bank’s Operation Managers Group (ECB OMG).
He has spoken at international conferences and authored papers on payments strategy, operations, transaction banking, and principles of management; and lectured at Goethe University Frankfurt am Main and Frankfurt School of Finance and Management.
This paper discusses key features of fighting behavioral risk in the business line of operations as the central hub for all transactions in a bank.