“Bank CEOs should question everything that is assumed today” #figoInside aboalarm
aboalarm is an early figo partner since 2014. Since then the two companies have worked together in many ways. aboalarm is not only using figo in its contract checker but also participated at figos 3rd Bankathon in Hamburg where they won the second prize. Most importantly, figo and aboalarm (fintracer) have developed the transaction categorisation on top of the figo API together. Read the interview with Product Manager David Drews for more insights about Munich-based aboalarm.
Short and sweet:
- The future of FinTech is …
for some, very promising.
- Developers and banks are friends. Yes? No? Maybe?
Yes. Like all companies, even in other sectors, banks are becoming software-centric companies.
- PSD2 makes banking better. Yes? No? Maybe?
Better and more diverse.
- In the year 2035 there will be no branch banks. Yes? No? Maybe?
No. There will be very few branches, which could be best compared with flagship stores in the retail sector.
- Mountains or beach?
Mountains AND beach.
Starter: When did you first get the idea for aboalarm?
When Bernd’s (aboalarm CEO Bernd Storm van’s Gravesande) wife had forgotten to cancel her monthly train ticket, the idea for aboalarm was born. At this time, Bernd had just wound up his first successful startup. So the timing was ideal.
World Improver: How does aboalarm make the world a little bit better or easier?
Thanks to aboalarm, consumers can save a lot of money with little effort when it comes to ending contracts, from better offers through renegotiation right up to complete savings in the case of unnecessary contracts, and aboalarm helps consumers enforce their rights when it comes to large companies.
Convincing: Who was the first person to be won over by the aboalarm idea?
Bernd’s co-founder Stefan Neubig.
Wisdom spreader: What advice would you offer a bank CEO if you had a coffee with her/him? What should she/he do better or differently?
They should question everything that is assumed today: customer value, customer loyalty, customer acquisition.
Door opener: Explain your product/service and the role figo plays. What does figo make possible? What would be difficult or impossible if the figo API was not integrated?
With aboalarm, you can manage, cancel, and revoke consumer contracts of all kinds. We’ve noticed that many people don’t know exactly what contracts they even have, and that manual management of all these contracts is time-consuming. That’s why we’ve developed the automatic contract check. With the contract check, aboalarm users can check their bank account for current contracts and relevant information such as the provider, subscribed product, payment interval or debiting amount are automatically recognized and transferred to the policy management. To be able to offer this service to a large number of customers from different credit institutions without having to deal with connecting different bank interfaces, we’ve solved the access to bank accounts problem via figo. So we get all the data in a uniform format and can focus fully on improving the contract recognition logic. Without figo, we would certainly have thought twice about whether we wanted to raise the necessary resources we would need to develop a function for retrieving transaction history from banks.
With fintracer, you recently offered a whole new product, would you like to say a few words about that?
With fintracer we offer a B2B solution, which makes the automatic contract check available to banks and other financial service providers. In addition to contract recognition and our termination service, we have also integrated fintracer services such as categorization of transactions and identification of key events based on account history. And the feature list of fintracer continues to grow!
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