Banking & E-Commerce Lawyers Germany
Schlun & Elseven delivers strategic, business-oriented banking law advice to German and international clients. Our lawyers advise on financing transactions and e-commerce law as well as on topics such as complex debt restructurings and equipment leasing. Our banking lawyers in our offices in Cologne, Aachen, Düsseldorf, Frankfurt, Munich, Berlin Hamburg and Stuttgart have an integrated national practice that seamlessly provides and coordinates legal services for our clients throughout Germany and around the globe.
Banking Law Today: Online Purchasing Power
The way we buy goods and shop has changed dramatically during the last few decades. Customers seek more convenient, faster and cheaper forms of transaction. Today the majority of global trade and commerce is taking place online. Therefore the online appearance of the financial and banking sector is also altering. Developments like Financial Technology – FinTech – or digital currencies such as Bitcoin are likely to restructure the whole financial sector. It is growing and compelling field for investors, founders of start-ups, banks and financial companies. However, new opportunities also imply new legal risks and challenges.
Risks and Challenges Involved with E-Commerce and Online Banking
As consumer protection is the basis for most of the regulations concerning E-Commerce and banking, consumer rights violations can arise quickly. This applies in particular in cases involving online marketing. Sending newsletters about new financial products requires the consent of customers to use their personal data. In order to gain a valid consent, contracts and data protection agreements need to be consistent with current legislation. Challenges due to different regulations applicable – on national, European and international level need always to be considered thoroughly to avoid any infringements.
As an owner of an online & financial business, there is also the risk of being the target of a cyber criminal act. Customers’ data can potentially be stolen. This risk arises for everyone in this sector from the most powerful banks to the smallest of those in the E-Commerce arena. It is the financial services provider’s responsibility to offer security for online financial transactions and data protection when it comes to financial operations. The question of whether the business fulfilled all its legally required responsibilities for data protection should be answered quickly, so that companies can progress with knowing whether they can be held liable.