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Open APIs are changing the next generation of financial services

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Open APIs are changing the next generation of financial services

In the last seven years mobile changed a lot, but now I think mobile is not enough anymore - hard to say, but mobile only is dead.
If you want to be successful, you have to create services and in best case ecosystems for you and your customers.
A single mobile solution is nice, but times are running and now you have to bring the right context to your customers.

But creating a ecosystem and giving the right context to your customers would not be a success if you try to build this alone by yourself and without the right partners.
The problem is, you didn't know all the right partners who are bringing the right context to your customer.

The only way to find them, is to be open - open minded and on a technical site with open infrastructures.
I believe one of the keys for success in the future are smart APIs - In Banking and all other industries.

Published in: Economy & Finance

Open APIs are changing the next generation of financial services

  1. 1. 1 Open APIs are changing the next generation of financial services Mobey Forum 10-11.12.14 Vienna
  2. 2. Introduction 2
  3. 3. Banks are under pressure There is a sustained change how we want to do banking ‣ Never before so many solutions of non-banks have sprung up around banking services as in recent months ‣ What are the reasons? 3
  4. 4. Behavior patterns and demands of users changed 4
  5. 5. Mobile has changed the world And the way we use services 5
  6. 6. In the beginning of digitalization, banks were forerunner But the benchmark for new financial services do not put banks anymore 6
  7. 7. Time-lines and feeds are standard All needed information in one screen 7
  8. 8. Silly data finally obtains context One link is enough to get all information - think about your bank or credit card statements 8
  9. 9. Same data on every device 9 German savings banks are creating data silos for every device
  10. 10. Push is standard Banking in Germany is still a pull experience 10
  11. 11. Ident-Broker ‣ It is standard to use a central ID in different services and to use the data across services • Twitter • Facebook • PayPal 11
  12. 12. And in addition… 12
  13. 13. Personal Finance is fragmented ‣ 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 13
  14. 14. 14
  15. 15. And now… APIs 15
  16. 16. Why do we need modern Bank-APIs? APIs are one of the best answers for innovations ‣ 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 16
  17. 17. Some words about figo… 17
  18. 18. The financial service industry is at the edge of disruption 18 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
  19. 19. What problems are we solving? figo enables developers to connect to every financial service provider with one single API 19 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
  20. 20. Our product: Banking as a Service Our figo connect API and a figo user account 20 Financial Data User accesses data through a central figo user account User- & Access Management Metadata Enrichment Realtime sync & Notifications Sync across devices & services Smart Data Hosted in a German Bank Data Center figo-Connect REST-API Apps Services Tools
  21. 21. Possible use cases for figo Financial data brings context 21 Insurance companies Risk management Accounting Productivity figo Banking Identification Payment Wealth Management / Investing
  22. 22. Selection of use cases currently in use The figo API is already the backbone of well-known companies 22 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
  23. 23. Resume… 23
  24. 24. Are Banks the right provider for APIs? Yes they could be… ‣ 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 24
  25. 25. 25 You are interested in what we are doing? Contact us! André M. Bajorat CEO and Co-Founder amb@figo.me +49 172 4574783

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