Send money to every mobile number in seconds via Cringle #figoInside
Anyone could rent an apartment in another city with Airbnb, Anyone could rent a car with Car2Go in seconds, but nobody can pay his best friend €2.50? This annoying search for change, trying to find the nearest machine, acting like debt collectors, managing expenses, online banking – Cringle eliminates all the annoying aspects of payments between private individuals.
Short and sweet:
- The future of FinTechs is …
diverse. There will be segments in which there will be no FinTechs, there will be segments where we see successful challengers and there will be successful FinTech/Bank cooperations. In the meantime, most FinTechs, but also banks, are feeling a cooperative approach, which is, in my opinion, not right in every segment.
- Developers and banks are friends. Yes? No? Maybe?:
Developers and banks have to be friends.
- PSD2 makes banking better. Yes? No? Maybe?:
The potential is certainly there. For example, the XS2A idea is quite attractive and forward-looking. But the implementation and acceptance on the part of banks is important. There are still a few more hurdles to come.
- In the year 2035 there will be no branch banks. Yes? No? Maybe?:
I suppose so. While the concentration of branch networks is currently being driven by the digitization of individual banking segments, there will still be brick-and-mortar sites. Of course the function of these branches will change, and there will be a much stronger link between on and offline.
- Mountains or beach?
Starter: When did you first get the idea for your service? What have you been doing?
Joschka had the idea. After a football match in 2013, his team has already had a beer, one guy covered the entire team. Then the money was supposed to be collected. While everyone was looking at their smartphone and no one had cash, he thought:
Anyone here could rent an apartment in another city with Airbnb, Anyone could rent a car with Car2Go in seconds, but nobody can pay his best friend €2.50?
The idea for Cringle was born.
World Improver: What about your service makes the world a little bit better or easier?
My grandmother always said that humankind’s greatest invention was the washing machine. Because it simplifies life for millions of people. Exactly the same we have also with Cringle before.
This annoying search for change, trying to find the nearest machine, acting like debt collectors, managing expenses, online banking – Cringle eliminates all the annoying aspects of payments between private individuals.
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?
The struggle for the customer is becoming more and more intense as digitalization progresses. So we should try to loosen the “What’s my business case?” mentality a little. It’s not always possible to earn money directly from the customer with an innovation. However, this mindset unfortunately often prevents long-term potential from being detected.
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?
Cringle is a financial service provider that enables electronic P2P payments in Europe. For this, we offer banks Cringle-branded products for P2P payments, which banks can use to offer their customers P2P payments. Our core product, the Cringle App, lets us send money to every mobile number in seconds. We can already do this with every German and Austrian account. We use figo to identify the user. Thanks to our collaboration, users can do the entire registration process at Cringle in less than 60 seconds. We benefit from a very fast KYC process and thus lower abandonment rates.