Lars Markull (Figo): Insights from a "Banking Service Provider"
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figo is a German banking API provider founded in 2012 that now has over 50 employees. It provides a unified interface for accessing over 3,200 financial institutions and accounts. figo's services include account aggregation, verification, transfers, transaction tagging, and tools for banks, fintechs, and other clients through its API. External drivers for figo's business include the growth of APIs which reduce costs and enable partnerships, open banking regulations, and changing consumer demands for digital services tailored to individual needs. figo hosts "Bankathons" to inspire collaboration between banks and fintechs and help realize new ideas.
Lars Markull (Figo): Insights from a "Banking Service Provider"
- 1. PICTURE BY KUSTER & WILDHABER PHOTOGRAPHY, FLICKR FinTechShow, Budapest May 3rd, 2018 FIGO AT FINTECH SHOW BUDAPEST INSIGHTS FROM A “BANKING SERVICE PROVIDER”
- 2. About us figo - Based in Hamburg/Germany with >50 employees - Founded in 2012 as Mobile Banking App - Now leading Banking API provider in Germany - “Friendly man in the middle” Lars - First FinTech job in 2012, joined figo during pivot in 2013/2014 - Responsible for RegShield & Hackathons
- 3. What is figo providing?
- 4. figo enables unified access to all financial sources financial sources > 3.200 Banks Credit Cards Assets/ Broker Multibanking in web & app Risk management Scoring User verification Account switching Invoicing tools Use Cases Banks, FinTechs and others API Auto Sync Categori -zation Payment Notifi- cations HBCIAPISWEBSCRAPING figo inside technology
- 5. Aggregation of all financial sources into one product Verification of IBAN or account owner name Initiation of bank transfers Identify and tag relevant transactions Our products today
- 6. What are the external drivers for figo’s business? APIs make development cheaper for new services & enable strong sales ecosystems. Best examples: The open bank is already getting realised by some banks. Business models change. Wants digital services, which suit him, his context and his lifestyle. Financial services must find ways to fullfil these expectations. Regulation forces the banks to open up to promote innovation and competition. Regulation API Economy The consumer Open Banking
- 7. What is an API? Past • A (easy) way of developing • Chance for cost cutting • Were treated as an interface • Mindset: APIs are like normal IT Pure technology • Decision on C-Level • Core assets of the company can be shared and accessed • Increases: reach, features, context and innovation • Mindset: APIs are a business model Now Business model
- 8. #figoInside: Solutions powered by figo
- 10. Quick facts figo usage Stats Category Bank Product aggregator & initiator Since Jan 2017 Target group End consumers Access Ongoing URL Deutsche Bank 1) Users of Deutsche Bank mobile and web banking can connect financial accounts from other banks as well. 2) User has to enter credentials of these bank accounts during “multi-banking” setup. 3) Deutsche Bank provides overview and payment functionality for all financial accounts and not only own accounts. Deutsche Bank App “Banking neu erleben” Integration of figo
- 11. Quick facts figo usage Stats Category Remittance service Product verifier (AIS) Since Mar 2017 Target group End consumers Access One time 1) User selects bank transfer as payment option to send money abroad 2) User enters credentials 3) Confirmation that IBAN is verified, user can transfer money now Transferwise “Transfer money abroad.” Integration of figo
- 12. Bankathon = The Bank-Hackathon Do not think too long, just try it. Realising ideas and trying them out. Ideas become Start-ups. figo is a central hub & promotes the community Bank FinTech Trust Inspiration Developer Ideas Cooperation is the main winner in platform economics. The artists of our time are developers. figo creates the ideal stage for new ideas and inspiration for all participants through the Bankathon.
- 13. What is our current focus?
- 16. ADDRESS figo GmbH Gaußstraße 190c 22765 Hamburg WEB www.figo.io @figoAPI Let’s change the way we bank today! LARS MARKULL E-MAIL: MOBILE: TWITTER: LM@FIGO.IO +49 151 50 580 510 @LARSMARKULL