The future of Banking @ Social Media Week 2015
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The Future of Banking - How a Banking API can foster innovation in the financial service industry
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The future of Banking @ Social Media Week 2015
- 1. 1 The future of banking Lars Markull & Joachim Penk Social Media Week, Hamburg, 23. Februar 2015
- 2. 2 FinTech disruption Change in banking 1 2 33 4 5 6 Future of Banking: API Banking API in practice 3 4What’s next 4 Twitter: #SMWFinTech
- 3. 3 “The Only Thing That Is Constant Is Change” Heraclitus
- 4. 4 Traditional banking “Banks face more change in next 10 years than in the last 200” - Chris Skinner
- 5. Traditional banking competition 5 Customers Products Bank A Bank B Competition
- 6. 6 Mobiles and software changed the world
- 7. 7 “PayPal Germany has more users than Sparkassen online banking customers” Everything is online, but banks…
- 10. 10 Biggest threats to banking
- 11. 11 “Death by a thousands cuts” “There is an app for that”
- 12. Points of attack 12 7.9b € 10.7b € 19.7b € Other fees 20.5b € Bank revenue in 2012 Substitute product from FinTech startups Exchange and mobile transactions, personal finance tools Securities Wealth management Deposits Private bank accounts, wealth management Loans Peer to peer, crowdfunding, SME loans, factoring Source: Horvath & Partners Research, 2014
- 13. The new banking competition 13 Bank A Bank B (Near Banks) Like Banks New Banks
- 14. Why is banking interesting? ‣ Google, Apple, Facebook, Amazon etc. ‣ More users & relevance ‣ New areas ‣ Data ‣ Startups ‣ “Easy” to win ‣ Good at technology ‣ Fast and innovative ‣ Try, error and adjust mentality 14
- 15. 15 Investment in FinTech soars
- 16. 16 FinTech disruptor examples Change in banking 1 2 3Future of Banking: API Banking 3 API in practice 4 5 6 What’s next 4 Twitter: #SMWFinTech
- 17. 17 An easy start with payment SumUp (mobile POS)
- 18. 18 P2P disrupts payment Lendstar + many others (mobile peer to peer payments)
- 19. 19 P2P disrupts lending & investing Auxmoney (peer to peer loans)
- 20. 20 Fair and transparent investing Moneymeets (easy and social investing)
- 21. 21 Mobile banking only Number26 (bank account 100% mobile)
- 22. 22 Full range of services “Your fat margin is my opportunity” Every entrepreneur
- 23. 23 FinTech disruption Change in banking 1 2 33 4 5 6 Future of Banking: API Banking API in practice 3 4What’s next 4 Twitter: #SMWFinTech
- 24. 24 Consequences ‣ Banks fade more into the background ‣ Banks will offer “backend-services” ‣ FinTech startups and similar players will offer “fronted-services” ‣ In the future financial services can be connected to every bank account => How to create financial services that are independent from a certain bank account?
- 25. Banking in silos 25 Apps ToolsServices Financial DataBanken Kreditkarten Wallets Kryptowährungen Broker
- 27. How (could) it work(s) 27 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 REST-API Hosted in a German Bank Data Center Financial Data ‣ Apps ‣ Tools‣ Services ‣ Banks‣ Creditcards‣ Wallets‣ Cryptocurrencies‣ Broker
- 28. Financial data brings context and speed Possible use cases 28 Dev-Platforms Payment Wealth Management / Investing Productivity Banking API Banking Insurance companies Risk management / Identification Accounting
- 29. 29 Use case: Scan and Pay Organize.me helps you to pay your bill - with one single app
- 30. 30 Use case: Smart Banking Kontoalarm helps you to identify not-required subscriptions
- 31. 31 Use case: Real time scoring Auxmoney uses the API in customer identification and risk management
- 32. 32 And many more… What about you?
- 33. 33 FinTech disruption Change in banking 1 2 33 4 5 6 Future of Banking: API Banking 3 4What’s next 4 Twitter: #SMWFinTech
- 34. 34 Banking API will be normal
- 35. 35 Future of banking ‣ Pick a bank account and select third party add- on services ‣ Security and data protection is “backend” ‣ The ones from before plus many more to come…
- 37. 37 Want to get in touch? Lars Markull E-Mail: lm@figo.me Twitter: @larsmarkull Follow us Anschrift: figo GmbH, Burchardstr. 21, 20095 Hamburg Postanschrift: figo GmbH, Eifflerstr. 43 (Betahaus), 22769 Hamburg Joachim Penk E-Mail: jp@figo.me Twitter: @achimsen