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

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

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

• Twitter

• Facebook

• 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

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

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

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

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

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!

amb@figo.me+49 172 4574783