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Open APIs are changing the next generation of financial services Mobey Forum 10-11.12.14 Vienna
Introduction
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There is a sustained change how we want to do bankingBanks are under pressure
‣ Never before so many solutions of non-banks have sprung up around banking services as in recent months
‣ What are the reasons?
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Behavior patterns and demands of users changed
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And the way we use servicesMobile has changed the world
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In the beginning of digitalization, banks were forerunner
But the benchmark for new financial
services do not put banks anymore
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All needed information in one screenTime-lines and feeds are standard
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One link is enough to get all information - think about your bank or credit card statements
Silly data finally obtains context
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Same data on every device
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German savings banks are creating data silos for every device
Banking in Germany is still a pull experiencePush is standard
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Ident-Broker
‣ It is standard to use a central ID in different services and to use the data across services
• PayPal
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And in addition…
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‣ Customers are using bank products from different banks
• „There is an app for that“: or an bank product for this case
‣ The relevant player for personal finance are growing • Banks + Wallets + FinTechs
Personal Finance is fragmented
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And now… APIs
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APIs are one of the best answers for innovationsWhy do we need modern Bank-APIs?
‣ Human behavior has changed and is changing more and more
‣ Mobile and the app-economy has changed everything ‣ Banks are not the forerunner anymore ‣ Speed is crucial ‣ Right context is necessary ‣ And never the less: bank products are software
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Some words about figo…
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The financial service industry is at the edge of disruption
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figo’s mission
‣ figo enables every player to make an easy and fast step into digitalization - anytime, anywhere
• Think of something like a layer comprising the financial service stacks of the world
• figo enables developers to create universal financial services and products
• With no hassle of implementing thousands of financial service providers but just one single API
figo enables developers to connect to every financial service provider with one single API
What problems are we solving?
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Digitalization requires speed
Banking interfaces are out-dated
‣ Implementation of all financial service providers would require a months long project
‣ Connecting to some specific providers will be very clumsy
‣ Technical teams are usually unexperienced in banking regulation and law questions
‣ Access to traditional financial service provider is complicated
‣ Maintenance and care is expensive and often not worthwhile for many companies
‣ Security is key for banking services
‣ Interfaces are still national not global
Our product: Banking as a Service Our figo connect API and a figo user account
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User accesses data through a central figo user account
User- & Access Management Metadata Enrichment
Realtime sync & Notifications Sync across devices & services
Smart Data
figo-Connect REST-API
Hosted in a German Bank Data Center
Financial Data
ServicesApps Tools
Financial data brings contextPossible use cases for figo
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Identification Payment Wealth Management / Investing
Productivity figo Banking
Insurance companies Risk management Accounting
The figo API is already the backbone of well-known companiesSelection of use cases currently in use
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Banking Apps Bank transfer for p2p payment
Live scoring in loan applications
Identity check
figo
Open position management
Cross selling Scan and pay / Travel-Expenses
Online payments
Resume…
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Yes they could be…Are Banks the right provider for APIs?
‣ Open APIs will give banks new speed ‣ External partners will bring innovations to the customer ‣ Banks are the owner of the data and the gatekeeper ‣ APIs are a new business model for banks
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André M. Bajorat CEO and Co-Founder
You are interested in what we are doing? Contact us!
[email protected]+49 172 4574783