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Open APIs are changing the next generation of financial services Startplatz, Cologne, 05.02.15
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 Jahres2
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
• 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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Sum: Gap between Offer and Expectation
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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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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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Backbone of next generation financial servicesfigo’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 connectsfinancial IDvia figo’s REST-API
Hosted in a German Bank Data Center
Financial Data
Apps ToolsServices
Banks Creditcards Wallets Cryptocurrencies Broker
How it works
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
Scoring and Identity
Banks
figo
Open position management
Cross selling Scan and pay / Travel-Expenses
Online payments
> 30 years FinTech ExperienceAnd by the way - this is figo
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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)
Resume…
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and a fundamental change in the marketThere 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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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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André M. Bajorat CEO
You are interested in what we are doing? Contact us!
[email protected]+49 172 4574783
