open apis are changing the next generation of financial services
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Open APIs are changing the next generation of financial services Mobey Forum 10-11.12.14 Vienna
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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
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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
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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
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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
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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
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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
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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