Open APIs are changing the next generation of financial services In the last seven years mobile changed a lot, but now I think mobile is not enough anymore - hard to say, but mobile only is dead. If you want to be successful, you have to create services and in best case ecosystems for you and your customers. A single mobile solution is nice, but times are running and now you have to bring the right context to your customers. But creating a ecosystem and giving the right context to your customers would not be a success if you try to build this alone by yourself and without the right partners. The problem is, you didn't know all the right partners who are bringing the right context to your customer. The only way to find them, is to be open - open minded and on a technical site with open infrastructures. I believe one of the keys for success in the future are smart APIs - In Banking and all other industries.

1. 1
Open APIs are changing the next
generation of financial services
Mobey Forum 10-11.12.14 Vienna

2. Introduction
2

3. Banks are under pressure
There is a sustained change how we want to do banking
‣ Never before so many
solutions of non-banks
have sprung up around
banking services as in
recent months
‣ What are the reasons?
3

4. Behavior patterns and
demands of users changed
4

5. Mobile has changed the world
And the way we use services
5

6. In the beginning of
digitalization,
banks were
forerunner
But the benchmark
for new financial
services do not put
banks anymore
6

7. Time-lines and feeds are standard
All needed information in one screen
7

8. Silly data finally obtains context
One link is enough to get all information - think about your
bank or credit card statements
8

9. Same data on every device
9
German savings banks are creating data silos for every device

10. Push is standard
Banking in Germany is still a pull experience
10

11. Ident-Broker
‣ It is standard to use a central ID in different services and
to use the data across services
• Twitter
• Facebook
• PayPal
11

12. And in addition…
12

13. Personal Finance is fragmented
‣ 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
13

14. 14

15. And now… APIs
15

16. Why do we need modern Bank-APIs?
APIs are one of the best answers for innovations
‣ 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
16

17. Some words about figo…
17

18. The financial service industry is at the edge of disruption
18
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

19. What problems are we solving?
figo enables developers to connect to every financial service
provider with one single API
19
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

20. Our product: Banking as a Service
Our figo connect API and a figo user account
20
Financial Data
User accesses data through a
central figo user account
User- & Access Management
Metadata Enrichment
Realtime sync & Notifications
Sync across devices & services
Smart Data
Hosted in a German Bank
Data Center
figo-Connect REST-API
Apps Services Tools

21. Possible use cases for figo
Financial data brings context
21
Insurance companies Risk management Accounting
Productivity figo Banking
Identification Payment Wealth Management /
Investing

22. Selection of use cases currently in use
The figo API is already the backbone of well-known companies
22
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

23. Resume…
23

24. Are Banks the right provider for APIs?
Yes they could be…
‣ 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
24

25. 25
You are interested in what we are doing?
Contact us!
André M. Bajorat
CEO and Co-Founder
amb@figo.me
+49 172 4574783