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The future of Banking @ Social Media Week 2015

The Future of Banking - How a Banking API can foster innovation in the financial service industry

The future of Banking @ Social Media Week 2015

  1. 1. 1 The future of banking Lars Markull & Joachim Penk
 Social Media Week, Hamburg, 23. Februar 2015
  2. 2. 2 FinTech disruption Change in banking 1 2 33 4 5 6 Future of Banking: API Banking API in practice 3 4What’s next 4 Twitter: #SMWFinTech
  3. 3. 3 “The Only Thing That Is Constant Is Change” Heraclitus
  4. 4. 4 Traditional banking “Banks face more change in next 10 years than in the last 200” - Chris Skinner
  5. 5. Traditional banking competition 5 Customers Products Bank A Bank B Competition
  6. 6. 6 Mobiles and software changed the world
  7. 7. 7 “PayPal Germany has more users than Sparkassen online banking customers” Everything is online, but banks…
  8. 8. 8 Cultural change Source: http://www.millennialdisruptionindex.com/
  9. 9. 9 Consequences Source: http://www.millennialdisruptionindex.com/
  10. 10. 10 Biggest threats to banking
  11. 11. 11 “Death by a thousands cuts” “There is an app for that”
  12. 12. Points of attack 12 7.9b € 10.7b € 19.7b € Other fees 20.5b € Bank revenue in 2012 Substitute product from FinTech startups Exchange and mobile transactions, personal finance tools Securities Wealth management Deposits Private bank accounts, wealth management Loans Peer to peer, crowdfunding, SME loans, factoring Source: Horvath & Partners Research, 2014
  13. 13. The new banking competition 13 Bank A Bank B (Near Banks) Like Banks New Banks
  14. 14. Why is banking interesting? ‣ Google, Apple, Facebook, Amazon etc. ‣ More users & relevance ‣ New areas ‣ Data ‣ Startups ‣ “Easy” to win ‣ Good at technology ‣ Fast and innovative ‣ Try, error and adjust mentality 14
  15. 15. 15 Investment in FinTech soars
  16. 16. 16 FinTech disruptor examples Change in banking 1 2 3Future of Banking: API Banking 3 API in practice 4 5 6 What’s next 4 Twitter: #SMWFinTech
  17. 17. 17 An easy start with payment SumUp (mobile POS)
  18. 18. 18 P2P disrupts payment Lendstar + many others (mobile peer to peer payments)
  19. 19. 19 P2P disrupts lending & investing Auxmoney (peer to peer loans)
  20. 20. 20 Fair and transparent investing Moneymeets (easy and social investing)
  21. 21. 21 Mobile banking only Number26 (bank account 100% mobile)
  22. 22. 22 Full range of services “Your fat margin is my opportunity” Every entrepreneur
  23. 23. 23 FinTech disruption Change in banking 1 2 33 4 5 6 Future of Banking: API Banking API in practice 3 4What’s next 4 Twitter: #SMWFinTech
  24. 24. 24 Consequences ‣ Banks fade more into the background ‣ Banks will offer “backend-services” ‣ FinTech startups and similar players will offer “fronted-services” ‣ In the future financial services can be connected to every bank account => How to create financial services that are independent from a certain bank account?
  25. 25. Banking in silos 25 Apps ToolsServices Financial DataBanken Kreditkarten Wallets Kryptowährungen Broker
  26. 26. 26 Multiple bank connections
  27. 27. How (could) it work(s) 27 User accesses data 
 through a central 
 financial ID User- & Access Management Metadata Enrichment Realtime sync & Notifications Sync across devices & services Smart Data 
 Partner connects
 financial ID
 via REST-API Hosted in a German 
 Bank Data Center Financial Data ‣ Apps ‣ Tools‣ Services ‣ Banks‣ Creditcards‣ Wallets‣ Cryptocurrencies‣ Broker
  28. 28. Financial data brings context and speed Possible use cases 28 Dev-Platforms Payment Wealth Management / Investing Productivity Banking API Banking Insurance companies Risk management / Identification Accounting
  29. 29. 29 Use case: Scan and Pay Organize.me helps you to pay your bill - with one single app
  30. 30. 30 Use case: Smart Banking Kontoalarm helps you to identify not-required subscriptions
  31. 31. 31 Use case: Real time scoring Auxmoney uses the API in customer identification and risk management
  32. 32. 32 And many more… What about you?
  33. 33. 33 FinTech disruption Change in banking 1 2 33 4 5 6 Future of Banking: API Banking 3 4What’s next 4 Twitter: #SMWFinTech
  34. 34. 34 Banking API will be normal
  35. 35. 35 Future of banking ‣ Pick a bank account and select third party add- on services ‣ Security and data protection is “backend” ‣ The ones from before plus many more to come…
  36. 36. 36 Banking app stores
  37. 37. 37 Want to get in touch? Lars Markull E-Mail: lm@figo.me Twitter: @larsmarkull Follow us Anschrift: figo GmbH, Burchardstr. 21, 20095 Hamburg Postanschrift: figo GmbH, Eifflerstr. 43 (Betahaus), 22769 Hamburg Joachim Penk E-Mail: jp@figo.me Twitter: @achimsen

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