Oliver Dlugosch, CEO and Co-Founder, ndgitOliver Dlugosch, CEO and Co-Founder
Most people's bank of choice remains unchanged from the time they are teenagers until they retire. Such a commitment restricts the customer to the limited range of financial services and products that a single bank can provide. Imagine if there was no one bank at the centre of each person’s financial universe. What if the customer was instead at the centre, with several banks, fintech companies, and third-party financial services providers surrounding them? By leveraging a secure infrastructure to share one’s banking data with multiple banks and financial service providers, consumers can access a whole new world of banking solutions tailored specifically to them. Not only would this cut the clutter involved in sharing banking data with third parties, but it would make way for a new dawn in how the fundamental banking structure serves the end customers.

This is where fast-growing Fintech startup ndgit is spurring business use cases for Open Banking/Open Insurance integrations. The company is able to help banks generate additional revenue via third party providers pertaining to insurance, wealth management, loans, or payments. "Our work with banks directly helps new business fields such as digital platforms and ecommerce shops. With ndgit, companies can easily add financial services into their digital offerings and improve the customer journey in fields such as loans or payments,” states Oliver Dlugosch,CEO and Co-Founder of ndgit. ndgit`s vision is to provide a platform that serves as a kind of an operating system for banks or digital platforms, giving them easy access to offerings from a wide range of third-party providers. "Oor offerings range from foreign remittances and digital lending to accounting solutions,” says Dlugosch. For digital companies such as platforms for mobility or e-commerce, ndgit is the straight forward access portal into the world of financial services. Banks, on the other hand, can easily and scalably add the offerings of innovative startups to their traditional product portfolio and thus generate additional revenue outside their established core business without any own risk.

With its platform solutions ndgit is the direct route into the world of Open Finance and digital ecosystems related to financial services in Europe. The business model is visionary and uncomplicated, efficient and scalable for customers. In order to offer customers the best product portfolio, ndgit cooperates with the best solution providers for all areas of the customer journey: from consent management, customer authentication, cyber security to foreign transfers, credit processes or asset management.

With the PSD2 aimed at creating a more integrated European payments market, making payments safer and more secure to protect consumers, banks and 3rd party fintech partners were eager to get on board. In the simplest of terms, PSD2 enabled bank customers to share their banking data with third parties if they so desired.
Today, the ripples of PSD2 have grown into the giant waves of Open Banking, which allows consumers to instruct their banks to release their data in a secure, standardized form so that it can be shared more easily between authorized organizations online. This data includes some simple records, such as the location of branches and the exact details of certain banking products.

With ndgit, companies can easily add financial services into their digital offerings and improve the customer journey in fields such as loans or payments

Open Banking makes it possible to pass this rich information to third parties, who can use it to create new products. It is however, not without its own challenges, including API integration and security. ndgit has seen strong growth helping banks become PSD2-ready by opening their APIs. In a next evolutionary step, ndgit today securely connects banks and insurances with digital providers and innovative fintechs aiming at creating financial ecosystems. Their open finance platform supports financial service providers in their greatest strategical and technological challenge. It accelerates the creation of connected offers with partners, the development of ecosystems, and facilitates the future revenue potential of digitization. ndgit thereby opens up traditional IT systems of banks, connects fintechs and digital partners via standards, and implements financial offers for non-banks.

From a bank’s perspective, ndgit acts as an operating system (OS) for the integration of fintech partners. A bank has to integrate only once against the platform and has immediate, secure, and easy access to all pre-integrated fintechs through APIs. This makes the ndgit platform exceptionally scalable (“integrate once—re-use often”).

The OS demonstrated its prowess in one recent implementation with an ndgit client. The bank in question wanted to open up its APIs and other microservices to meet the future of open banking. They were looking for a platform that enabled them to do so with ease. ndgit soon provided the bank with their standard APIs, which were connectable to 3rd party providers and used their indigenous standards related to the banking group’s goals. The system took into account an aggregation module from one of ndgit’s fintech partners and combined it with account analytics for the loan processes. They also added a support and loan process module of the bank to include information from the accounts and the loan process. Thus, ndgit was able to help the bank fulfill its original goal of becoming a more open ecosystem bank.

As the rest of the banking and the greater financial sector begin to adopt open banking and banks open their APIs, the race is open to monetize them and create business cases and complementary revenues. This development is also driven by the strong competition from neobanks as well as big tech companies. At this crucial juncture, ndgit believes that the next big thing to happen to revenue potential is an across-the-board standardization that will pave the way for fast adoption. Consequently, ndgit is engaged in a number of initiatives for defining API standards, such as the Berlin Group or Open Wealth Association, and plans to walk with their clients into the next generation of banking standards.