How human behavior changed and why open APIs are a good way to innovate

1. 1
Open APIs are changing the next
generation of financial services
Startplatz, Cologne, 05.02.15

2. André M. Bajorat
‣ Consultant, Business Angel, Co-Founder, Mentor,
Key-Note Speaker, Herausgeber
‣ Inhaltliche Schwerpunkte
• Banking, Payment, Mobile
‣ Berufliche Historie seit 1997
• Sparkassen Finanzgruppe 97-09
- SK Online
- M.d.Gl. Star Finanz / StarMoney
- GF giropay
• NumberFour AG 09-11
• seit 2011 amb consult
• seit 2012 GF und Co-Founder des Fin-Tech StartUps figo
• Beirat bei FinLeap und Cringle
• Initiator der Wahl zum FinTech des Jahres
2

3. Introduction
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4. There is a sustained change how we want to do banking
Banks 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?
4

5. Behavior patterns and
demands of users changed
5

6. And the way we use services
Mobile has changed the world
6

7. In the beginning of
digitalization,
banks were
forerunner
But the benchmark
for new financial
services do not put
banks anymore
7

8. All needed information in one screen
Time-lines and feeds are standard
8

9. One link is enough to get all information - think about your
bank or credit card statements
Silly data finally obtains context
9

10. Same data on every device
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German savings banks are creating data silos for every device

11. Banking in Germany is still a pull experience
Push is standard
11

12. Ident-Broker
‣ It is standard to use a central ID in different services and
to use the data across services
• Twitter
• Facebook
• PayPal
12

13. And in addition…
13

14. ‣ 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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15. 15

16. Sum: Gap between Offer and Expectation
16

17. And now… APIs
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18. APIs are one of the best answers for innovations
Why 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
18

19. Some words about figo…
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20. It is damn hard and complicated to build services
based on existing infrastructure.
What are the problems?
‣ Banking/Financial interfaces are old and fragmented.
‣ No single point of entry to all financial data services.
Neither for developer nor for end users.
‣ High development costs to connect software with today
financial interfaces.
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21. Backbone of next generation financial services
figo’s mission
‣ Enabling developers to easily create universal financial
services and products based on our agnostic technical
concept.
‣ Providing insights based on personal financial data to
the end user.
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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 figo’s REST-API
Hosted in a German
Bank Data Center
Financial Data
Apps ToolsServices
Banks Creditcards Wallets Cryptocurrencies Broker
How it works

23. Financial data brings context
Possible use cases for figo
23
Identification Payment
Wealth Management /
Investing
Productivity figo Banking
Insurance companies Risk management Accounting

24. The figo API is already the backbone of well-known companies
Selection of use cases currently in use
24
Banking Apps Bank transfer for p2p
payment
Scoring and Identity
Banks
figo
Open position
management
Cross selling Scan and pay /
Travel-Expenses
Online payments

25. > 30 years FinTech Experience
And by the way - this is figo
25
André M.
Bajorat
Joachim
Penk
Lars
Markull
Sebastian
Tiesler
CEO & Sales
‣ Exec. consultant in finance &
payment
‣ VP Product Marketing, CEO
at NumberFour
‣ Managing Director at giropay
‣ Management Board at Star
Finanz
‣ Advisory Board Member at
FinLeap / ExecIO / Cringle /
Mobicom
‣ Mentor at Plug&Play, Microsoft
Ventures, startupbootcamp
Technology
‣ Freelance Software Developer
‣ Entrepreneur fwd.io
‣ Co-Founder (CTO) Mikestar
Business Dev
& DevCom
‣ Shortcut Ventures
‣ SumUp
Product & Sales
‣ Head of Mobile Solutions
at Star Finanz
‣ Senior Account Manager
at Star Finanz
‣ G&J Multimedia Ventures
‣ Project Lead eCommerce at
Ponton Software Technology
‣ Project Lead B2B at
Mindways Multimedia
Heiko
Rahlfs
Finance &
Operations
‣ Consultant for Organization,
Processes & Finance
‣ Partner at Putz & Partner
Unternehmensberatung AG
‣ Manager at Lischke
Consulting GmbH
‣ Relationship Manager
Corporate Finance at
Dresdner Bank AG
‣ Diplom Kaufmann
‣ Banker (Bankkaufmann)

26. Resume…
26

27. and a fundamental change in the market
There is a need for Banking APIs
‣ Fidor provides the new Bank-API
‣ EPC is fighting for „Access to
Bank Account“
‣ For UK Government open Bank-
APIs are driver for the FinTech
Success of London
‣ > 140 Partners on figos Bank-API
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28. 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
‣ but don´t wait for them!
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29. 29
André M. Bajorat
CEO
You are interested in what we are doing?
Contact us!
amb@figo.me
+49 172 4574783