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HOW OPEN APIS WILL CHANGE THE
FUTURE OF BANKING
January 2016
Hamburg /Germany
1. Data
2. APIs
3. What is the connection to banking?
4. Impact on banks and banking IT
Data is the new oil
Only connected / smart data has a true value
- Context
- Relevance
The true smartness of data is the aggregation of different sources:
- Overall view
- No value when only taking a silo in consideration
Data is not an end itself
1. Data
2. APIs
3. What is the connection to banking?
4. Impact on banks and banking IT
What are APIs?
An API is for a computer what an internet browser is for humans
figo API
HTML code
Subscription check based on bank account transactions
(https://www.aboalarm.de/vertragscheck)
+ =
> 3.000 financial sources
Best practice of “API companies”
Google maintains over 100
different APIs which enable
third party developers to
create new services. These
new services have a big impact
on Googles success story.
Google
Nearly every Google service can be accessed from third parties via an API
Salesforce would not have
been as successful as they are
without their force.com
platform. force.com is home to
a massive number number of
third party services which can
be used by every Salesforce
user.
Salesforce
Vertical and horizontal services on top of Salesforce API
Twilio & Stripe
Hidden champions: communication and payment are crucial infrastructure
With Twilio and Stripe any developer can implement payment or communication services
into their own service - without the usual complexity. 

All of us have used at least one service which depends on Twilio or Stripe (Uber, Coca Cola,
Kickstarter, Twitter, …).
Scaling across IT and developer communities
Facebook, Apple, PayPal, UBER - or in short: all digital successful offerings.
1. Data
2. APIs
3. What is the connection to banking?
4. Impact on banks and banking IT
› Existing assets from banks are losing value
› Size
› Branches
› Tradition
› Traditional networks
› Customer relationship
› Regional proximity and ties
› Powerful IT systems
New requirements are developing but only third parties
fulfil them
› Speed
› Innovation
› Flexibility
› New skills
› Flexible and strong IT
› Daily relevance and context of financial data
Consequence: The financial world is currently being disrupted
Quelle: www.millennialdisruptionindex.com/
The new financial landscape
Startups and incumbents from other industries are entering the space
Bank BBank A
Customers
Products
Important:
None of the new players is trying to replace a bank completely
Focus on specific use cases
Result for the banks: „Death by a thousands cuts”
Quelle: Tom Loverro, RRE Ventures, Slideshare
HOW OPEN APIS WILL CHANGE THE FUTURE OF BANKING
Rebundling follows unbundling
The “FinTech supermarket”
“Eventually, Number26 wants to be a FinTech
hub that offers users the best financial products
through integrations with other players, such as
TransferWise.”
Source: http://dailyfintech.com/
What would be a suitable answer from banks?
To beat the new entrants at their own game.
How could the future of banking look like?
• A true financial home for the customer - also in the digital world
• Connected and smart
• Full of context and relevance
• Role model and competitors are digital ecosystems and new entrants
• PSD2 and XS2A is the catalyst for this mindset
The required transition
New role models and regulation are opportunities
Banks today
• Isolation of own systems
• Believe into the loyal customer
➡ Totally unrelated to today’s reality
Flexibility
Aggregation
Speed
New use-cases
Implementation of third parties
New ways of monetisation
Growth driver
New customer loyalty
APIs are the centrepiece of the connected world
The required foundation for data, platforms and ecosystems
-> Only the API defines the frame
-> Complete overview
-> Internal IT does not limit
-> Third parties develop new services “for me”
-> End of financial data silos
-> APIs allow access to data
-> Infinite resources and ideas
-> Create context and relevance for the user
APIs are not an end itself, but part of the strategy and
mindset.
Clashes of thought patterns:
Openness <-> Isolation
Third parties <-> Do it on your own
Ecosystem <-> Silo
API as a part of a business strategy
A google search for “Banking API” only displays
one single bank!
Banks usually do not have APIs, but something they
call “interfaces”.
The big difference between an API and an interface
is that interfaces can be used by third parties and
APIs are build for third parties.
API & Banks
Are there any APIs from banks?
No results while searching for “API” at the two
biggest banking IT service providers in Germany.
What is figo doing?
After two years around 500 developers are using the API for different use cases:
• Nine API calls per second or 24m per month
• 160.000 daily users
• figo is connected to more than 50m bank accounts at more than 3,100 financial
sources
figo is the missing link
Fulfilling the need of aggregation and banking API
Account aggregation -> Kontoalarm, Moneymeets
Algo banking -> Fincite
Bank account switching tools -> FinReach, fino, dwins
Online subscription check -> Aboalarm
Real time risk management -> auxmoney
Scan & pay -> organize.me
Open position management -> Debitoor, Fastbill
P2P payments -> Cringle
Travel expenditures -> Xpenditure
Innovation labs and POCs -> Bankathon, UBS
Exemplary use cases on top of figo API
Focus on the user and not on products
The figo technology can be easily used by banks:
• Account aggregation (multi banking services)
• Foundation of an API layer (Groundwork for X2SA)
• Absorb new ideas (banking app-store, POC platform)
How can banks benefit?
Banks can harness the figo technology, developer community and use cases
Best-Practices
a. Banking Apps
b. Account switching service
c. Investing solution
d. Risk management
e. SME solutions
f. Others
Banking App: Kontoalarm
A banking app focused on cost control and prevention of unwanted debiting
Link: https://itunes.apple.com/de/app/kontoalarm/id737679841?l=en&mt=8
Banking App: KontoPilot
The Banking App from Deutsche Post (German Post)
Link: https://itunes.apple.com/de/app/e-post-kontopilot/id853741578?mt=8
Banking App: organize.me
Just one single app to scan, archive and pay your invoices
Link: https://itunes.apple.com/de/app/organize.me/id818586986?mt=8
Banking App: Wyze.me
A PFM solution to automate your finances
Best-Practices
a. Banking Apps
b. Account switching service
c. Investing solution
d. Risk management
e. SME solutions
f. Others
Account switching service: fino
Is going to be used by comdirect, Commerzbank, …
Link: http://fino.digital/
The implementation of figo will be invisible for the user.
Account switching service: FinReach (Finleap)
Cooperations with Sutor Bank and DKB
Link: http://www.finreach.de/#accountswitch
The implementation of figo will be invisible for the user.
Account switching service: DWINS
New bank account through an easy switch
Link: http://www.dwins.de/
The implementation of figo will be invisible for the user.
Best-Practices
a. Banking Apps
b. Account switching service
c. Investing solution
d. Risk management
e. SME solutions
f. Others
Investing solutions: Fincite
figo is the foundation of robo advisory solution from Fincite for banks
Link: http://fincite.de/
Investing solution: moneymeets
Social trading and community platform
Link: https://www.moneymeets.com/home
Investing solution: Aktienfreunde
Implementation of investment portfolios in order to track and compare trends
Link: http://aktienfreunde.net/index
Investing solution: Equity Farmer
Implementation of investment portfolios for better investment recommendations
Link: http://www.equityfarmer.com/
Investing solution: Hatch
Define saving goals and save automatically through rounding up while paying with your card.
Investing solution: Prosper
Quick and easy investing in ETFs with a mobile app
Best-Practices
a. Banking Apps
b. Account switching service
c. Investing solution
d. Risk management
e. SME solutions
f. Others
Risk management: Auxmoney
Real-time scoring based on account transactions
The implementation of figo will be invisible for the user.
Link: https://www.auxmoney.com/faq#q5
Risk management: Cringle
Verification of bank account for P2P payments in real-time
The implementation of figo will be invisible for the user.
Link: https://www.cringle.net/
Risk management: Decimo
Automatic bank account check for incoming transactions
The implementation of figo will be invisible for the user.
Link: http://www.decimo.de/
Best-Practices
a. Banking Apps
b. Account switching service
c. Investing solution
d. Risk management
e. SME solutions
f. Others
SME solutions: Debitoor
Smart banking for SME: Accounting can be fun
Link: http://feedback.debitoor.de/knowledgebase/articles/604638-zahlungen-zahlung-
buchen-dokumente-figo-ba
SME solutions: Xpenditure
Gathering of expenses through readout of bank account & credit card transactions
Link: https://xpenditure.com/de/figo
SME solutions: Candis
Supports you with gathering, organising and paying of incoming invoices
Link: http://www.candis.io/
SME solutions: MIA
MIA allows the user to interact with their bank in the easiest way - via texting
SME solutions: Fastbill
FastBill was build for Small Businesses and Entrepreneurs: Invoices, easy to make, beautiful to see
Link: https://www.fastbill.com/en/
SME solutions: Minnits
Gathering of expenses through readout of bank account and credit card transactions
Link: http://minnits.de/
SME solutions: Skyline
Software for certain industries - here: building cleaner
Link: https://skyline-web.de/handbuch/zahlungsverkehr/27-die-figo-app-
kontoumsatze-abrufen-und-zuordnen
Best-Practices
a. Banking Apps
b. Account switching service
c. Investing solution
d. Risk management
e. SME solutions
f. Others
Others: Smart Statement by organize.me
Automatic analysis of email attachments including matching of invoices to bank account transactions
Others: #more
Categorisation of bank account transactions through self-learning algorithm
Others: Trust Pay
Create and execute fully automated commercial agreements including payment
Others: Vertragscheck
Subscription and contract verification based on transactions, possibility of cancellation
and notification of duration
1. Data
2. APIs
3. What is the connection to banking?
4. Impact on banks and banking IT
Required parts of a successful API mission:
• Intention to open up
• Desire for speed
• Strong believe in platforms as the foundation for banking of the future
• Commercialisation of the API
• Creation of an own ecosystem for the user
APIs are worthless without a proper mindset
Building an API is easy, the consequences are the true challenge
Banks require new infrastructure - figo can be a part of that
One system but with different speeds and responsibilities
Systems of record - Core banking system
Systems of differentiation* - API layer like figo
Systems of innovation - different frontends
© 2011 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates.
„I do not know what I need at the
moment, I need to experiment“
*Also referred to as “Uniqueness”
„I know what I need, but my
requirements are unique and there no
bundles available for me”
„I know what I need: a standard
product which has no USP.“
Owner: Third parties or innovation labs - permanent releases
Owner: Internal IT - regular updates
Owner: Outsourcing - Rarely new releases
FinTech startup role model Number 26
Separation of the systems
Core banking system and card processor
Data buffer and API-Layer
iOS App / Android App / Web-App / CRM
© 2011 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates.
Owner: Number26
Owner: Wirecard Bank
Owner: Fiducia GAD / Wirecard Processing FZ LLC
First examples of APIs from banks in Germany
Trading and payments
Comdirect API: Developed for 2nd
Bankathon in November 2015
Fidor Bank API: Payment
The digital frontend is the future of banking
Future of banks is banking
• The digital customer fronted is crucial for success
• Bank(ing) is part of daily life
• It is an “everyday-OS”
• This happens mobile and in the right context
• It is all about relevance, which is determined by the user
• In order to achieve this, the right setup and skills are
required
• Technology is part of all of that, but mindset is and will be
the driving force
André M. Bajorat
E-Mail:
Mobile:
amb@figo.io
+49 172 4574783
Address
figo GmbH
Burchardstr. 21
20095 Hamburg
Web
www.figo.io
@figoAPI
Let’s change the way we bank today!

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HOW OPEN APIS WILL CHANGE THE FUTURE OF BANKING

  • 1. Picture by Kuster & Wildhaber Photography, flickr HOW OPEN APIS WILL CHANGE THE FUTURE OF BANKING January 2016 Hamburg /Germany
  • 2. 1. Data 2. APIs 3. What is the connection to banking? 4. Impact on banks and banking IT
  • 3. Data is the new oil
  • 4. Only connected / smart data has a true value - Context - Relevance The true smartness of data is the aggregation of different sources: - Overall view - No value when only taking a silo in consideration Data is not an end itself
  • 5. 1. Data 2. APIs 3. What is the connection to banking? 4. Impact on banks and banking IT
  • 6. What are APIs? An API is for a computer what an internet browser is for humans figo API HTML code Subscription check based on bank account transactions (https://www.aboalarm.de/vertragscheck) + = > 3.000 financial sources
  • 7. Best practice of “API companies”
  • 8. Google maintains over 100 different APIs which enable third party developers to create new services. These new services have a big impact on Googles success story. Google Nearly every Google service can be accessed from third parties via an API
  • 9. Salesforce would not have been as successful as they are without their force.com platform. force.com is home to a massive number number of third party services which can be used by every Salesforce user. Salesforce Vertical and horizontal services on top of Salesforce API
  • 10. Twilio & Stripe Hidden champions: communication and payment are crucial infrastructure With Twilio and Stripe any developer can implement payment or communication services into their own service - without the usual complexity. 
 All of us have used at least one service which depends on Twilio or Stripe (Uber, Coca Cola, Kickstarter, Twitter, …).
  • 11. Scaling across IT and developer communities Facebook, Apple, PayPal, UBER - or in short: all digital successful offerings.
  • 12. 1. Data 2. APIs 3. What is the connection to banking? 4. Impact on banks and banking IT
  • 13. › Existing assets from banks are losing value › Size › Branches › Tradition › Traditional networks › Customer relationship › Regional proximity and ties › Powerful IT systems
  • 14. New requirements are developing but only third parties fulfil them › Speed › Innovation › Flexibility › New skills › Flexible and strong IT › Daily relevance and context of financial data
  • 15. Consequence: The financial world is currently being disrupted Quelle: www.millennialdisruptionindex.com/
  • 16. The new financial landscape Startups and incumbents from other industries are entering the space Bank BBank A Customers Products
  • 17. Important: None of the new players is trying to replace a bank completely
  • 18. Focus on specific use cases Result for the banks: „Death by a thousands cuts” Quelle: Tom Loverro, RRE Ventures, Slideshare
  • 20. Rebundling follows unbundling The “FinTech supermarket” “Eventually, Number26 wants to be a FinTech hub that offers users the best financial products through integrations with other players, such as TransferWise.” Source: http://dailyfintech.com/
  • 21. What would be a suitable answer from banks? To beat the new entrants at their own game.
  • 22. How could the future of banking look like? • A true financial home for the customer - also in the digital world • Connected and smart • Full of context and relevance • Role model and competitors are digital ecosystems and new entrants • PSD2 and XS2A is the catalyst for this mindset The required transition New role models and regulation are opportunities Banks today • Isolation of own systems • Believe into the loyal customer ➡ Totally unrelated to today’s reality
  • 23. Flexibility Aggregation Speed New use-cases Implementation of third parties New ways of monetisation Growth driver New customer loyalty APIs are the centrepiece of the connected world The required foundation for data, platforms and ecosystems -> Only the API defines the frame -> Complete overview -> Internal IT does not limit -> Third parties develop new services “for me” -> End of financial data silos -> APIs allow access to data -> Infinite resources and ideas -> Create context and relevance for the user
  • 24. APIs are not an end itself, but part of the strategy and mindset. Clashes of thought patterns: Openness <-> Isolation Third parties <-> Do it on your own Ecosystem <-> Silo API as a part of a business strategy A google search for “Banking API” only displays one single bank!
  • 25. Banks usually do not have APIs, but something they call “interfaces”. The big difference between an API and an interface is that interfaces can be used by third parties and APIs are build for third parties. API & Banks Are there any APIs from banks? No results while searching for “API” at the two biggest banking IT service providers in Germany.
  • 26. What is figo doing?
  • 27. After two years around 500 developers are using the API for different use cases: • Nine API calls per second or 24m per month • 160.000 daily users • figo is connected to more than 50m bank accounts at more than 3,100 financial sources figo is the missing link Fulfilling the need of aggregation and banking API
  • 28. Account aggregation -> Kontoalarm, Moneymeets Algo banking -> Fincite Bank account switching tools -> FinReach, fino, dwins Online subscription check -> Aboalarm Real time risk management -> auxmoney Scan & pay -> organize.me Open position management -> Debitoor, Fastbill P2P payments -> Cringle Travel expenditures -> Xpenditure Innovation labs and POCs -> Bankathon, UBS Exemplary use cases on top of figo API Focus on the user and not on products
  • 29. The figo technology can be easily used by banks: • Account aggregation (multi banking services) • Foundation of an API layer (Groundwork for X2SA) • Absorb new ideas (banking app-store, POC platform) How can banks benefit? Banks can harness the figo technology, developer community and use cases
  • 30. Best-Practices a. Banking Apps b. Account switching service c. Investing solution d. Risk management e. SME solutions f. Others
  • 31. Banking App: Kontoalarm A banking app focused on cost control and prevention of unwanted debiting Link: https://itunes.apple.com/de/app/kontoalarm/id737679841?l=en&mt=8
  • 32. Banking App: KontoPilot The Banking App from Deutsche Post (German Post) Link: https://itunes.apple.com/de/app/e-post-kontopilot/id853741578?mt=8
  • 33. Banking App: organize.me Just one single app to scan, archive and pay your invoices Link: https://itunes.apple.com/de/app/organize.me/id818586986?mt=8
  • 34. Banking App: Wyze.me A PFM solution to automate your finances
  • 35. Best-Practices a. Banking Apps b. Account switching service c. Investing solution d. Risk management e. SME solutions f. Others
  • 36. Account switching service: fino Is going to be used by comdirect, Commerzbank, … Link: http://fino.digital/ The implementation of figo will be invisible for the user.
  • 37. Account switching service: FinReach (Finleap) Cooperations with Sutor Bank and DKB Link: http://www.finreach.de/#accountswitch The implementation of figo will be invisible for the user.
  • 38. Account switching service: DWINS New bank account through an easy switch Link: http://www.dwins.de/ The implementation of figo will be invisible for the user.
  • 39. Best-Practices a. Banking Apps b. Account switching service c. Investing solution d. Risk management e. SME solutions f. Others
  • 40. Investing solutions: Fincite figo is the foundation of robo advisory solution from Fincite for banks Link: http://fincite.de/
  • 41. Investing solution: moneymeets Social trading and community platform Link: https://www.moneymeets.com/home
  • 42. Investing solution: Aktienfreunde Implementation of investment portfolios in order to track and compare trends Link: http://aktienfreunde.net/index
  • 43. Investing solution: Equity Farmer Implementation of investment portfolios for better investment recommendations Link: http://www.equityfarmer.com/
  • 44. Investing solution: Hatch Define saving goals and save automatically through rounding up while paying with your card.
  • 45. Investing solution: Prosper Quick and easy investing in ETFs with a mobile app
  • 46. Best-Practices a. Banking Apps b. Account switching service c. Investing solution d. Risk management e. SME solutions f. Others
  • 47. Risk management: Auxmoney Real-time scoring based on account transactions The implementation of figo will be invisible for the user. Link: https://www.auxmoney.com/faq#q5
  • 48. Risk management: Cringle Verification of bank account for P2P payments in real-time The implementation of figo will be invisible for the user. Link: https://www.cringle.net/
  • 49. Risk management: Decimo Automatic bank account check for incoming transactions The implementation of figo will be invisible for the user. Link: http://www.decimo.de/
  • 50. Best-Practices a. Banking Apps b. Account switching service c. Investing solution d. Risk management e. SME solutions f. Others
  • 51. SME solutions: Debitoor Smart banking for SME: Accounting can be fun Link: http://feedback.debitoor.de/knowledgebase/articles/604638-zahlungen-zahlung- buchen-dokumente-figo-ba
  • 52. SME solutions: Xpenditure Gathering of expenses through readout of bank account & credit card transactions Link: https://xpenditure.com/de/figo
  • 53. SME solutions: Candis Supports you with gathering, organising and paying of incoming invoices Link: http://www.candis.io/
  • 54. SME solutions: MIA MIA allows the user to interact with their bank in the easiest way - via texting
  • 55. SME solutions: Fastbill FastBill was build for Small Businesses and Entrepreneurs: Invoices, easy to make, beautiful to see Link: https://www.fastbill.com/en/
  • 56. SME solutions: Minnits Gathering of expenses through readout of bank account and credit card transactions Link: http://minnits.de/
  • 57. SME solutions: Skyline Software for certain industries - here: building cleaner Link: https://skyline-web.de/handbuch/zahlungsverkehr/27-die-figo-app- kontoumsatze-abrufen-und-zuordnen
  • 58. Best-Practices a. Banking Apps b. Account switching service c. Investing solution d. Risk management e. SME solutions f. Others
  • 59. Others: Smart Statement by organize.me Automatic analysis of email attachments including matching of invoices to bank account transactions
  • 60. Others: #more Categorisation of bank account transactions through self-learning algorithm
  • 61. Others: Trust Pay Create and execute fully automated commercial agreements including payment
  • 62. Others: Vertragscheck Subscription and contract verification based on transactions, possibility of cancellation and notification of duration
  • 63. 1. Data 2. APIs 3. What is the connection to banking? 4. Impact on banks and banking IT
  • 64. Required parts of a successful API mission: • Intention to open up • Desire for speed • Strong believe in platforms as the foundation for banking of the future • Commercialisation of the API • Creation of an own ecosystem for the user APIs are worthless without a proper mindset Building an API is easy, the consequences are the true challenge
  • 65. Banks require new infrastructure - figo can be a part of that One system but with different speeds and responsibilities Systems of record - Core banking system Systems of differentiation* - API layer like figo Systems of innovation - different frontends © 2011 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates. „I do not know what I need at the moment, I need to experiment“ *Also referred to as “Uniqueness” „I know what I need, but my requirements are unique and there no bundles available for me” „I know what I need: a standard product which has no USP.“ Owner: Third parties or innovation labs - permanent releases Owner: Internal IT - regular updates Owner: Outsourcing - Rarely new releases
  • 66. FinTech startup role model Number 26 Separation of the systems Core banking system and card processor Data buffer and API-Layer iOS App / Android App / Web-App / CRM © 2011 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates. Owner: Number26 Owner: Wirecard Bank Owner: Fiducia GAD / Wirecard Processing FZ LLC
  • 67. First examples of APIs from banks in Germany Trading and payments Comdirect API: Developed for 2nd Bankathon in November 2015 Fidor Bank API: Payment
  • 68. The digital frontend is the future of banking Future of banks is banking • The digital customer fronted is crucial for success • Bank(ing) is part of daily life • It is an “everyday-OS” • This happens mobile and in the right context • It is all about relevance, which is determined by the user • In order to achieve this, the right setup and skills are required • Technology is part of all of that, but mindset is and will be the driving force
  • 69. André M. Bajorat E-Mail: Mobile: amb@figo.io +49 172 4574783 Address figo GmbH Burchardstr. 21 20095 Hamburg Web www.figo.io @figoAPI Let’s change the way we bank today!