Consorsbank offers customers figo based MultiBanking
More than 10,000 account holders already have the chance to end account chaos
Based on figo technology, Consorsbank has introduced MultiBanking for its customers. They now can also add accounts and deposits they have with other banks after logging into their online banking, giving Consorsbank customers the opportunity to manage all their finances in one place and to keep an eye on their overall financial situation when they want. The technical foundation for this is figo. With its business model, the Hamburg-based FinTech company has opened the banks’ existing data and represents this new, open banking world like no other company. Banks such as Consorsbank have recognized the resulting opportunities and are using figo to offer their customers innovative banking solutions: in this case, MultiBanking.
The issue of ‘digitization of the financial economy’ is being discusses daily in the press, provokes discussions at conferences and dominates social media platforms. For a long time it hasn’t been about the one-sided approaches of FinTechs and banks. Perspectives have changed and the customer is now at the center for both FinTech companies and banks when it comes to integrating banking into everyday life. And there are banks – as in the Consorsbank example – who have recognized that banks are more than tradition, experience, customer base and branches. With the introduction of MultiBanking, Consorsbank shows that it can be the financial home for its customers. At the same time, Consorsbank strengthens its relationship with customers by recognizing accounts with other financial institutions as normal.
“With figo we’ve been able to implement a feature that offers our customers a comfortable added value, because they can have a quick overview of their finances in general. Logging into different systems and downloading different apps is no longer necessary,” explains Clemens Eckstein, Head of Digital R & D at Consorsbank. “And the figures speak for themselves. Within a month, more than 10,000 account holders with almost 23,000 accounts have taken up our free MultiBanking offer.”
The cooperation between Consorsbank and figo is the result of the ‘BNP Paribas International Hackathon 2016’ in Berlin, where figo took part as an API partner, as well as the Bankathon in Hamburg, where the Consorsbank was a sponsor. “We always had points of contact and had a chance get to know each other and put each other to the test,” says André M. Bajorat, figo CEO. “At two events, we were able to win Consorsbank over with our technology. The extreme situation of a hackathon offers a realistic look at what figo can make possible in a short time. At BNP Paribas Hackathon we showed that developers can implement innovative banking products within a few hours by using our banking API. Two of the winning teams – a chatbot solution and a PFM solution – were based on our technology.”
More information about Consorsbank MultiBanking: www.consorsbank.de/multibanking
Consorsbank: Dirk Althoff, Tel: +49 911 369 17 09, email@example.com
figo GmbH: Stella Regna, Tel: +49 160 640 41 41, firstname.lastname@example.org