German fintech firm figo’s technology is the backbone for the launch of Consorsbank’s open-minded MultiBanking service.

The bank, which is part of BNP Paribas Germany, says its customers can now use accounts and deposits they have with other banks after logging into their online banking. Figo says it brings the technical foundation via its business model – which entails opening the banks’ existing data.

“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,” says 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.”

This co-operation 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 Consorsbank was a sponsor.

André M. Bajorat, figo CEO, says: “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.”

Last year, Banking Technology did a case study on Consorsbank – and its pursuit of app-iness.


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