Lukas Zörner is co-founder and CEO of Mobillity, an online money manager. In this new podcast episode of the BankNXT Fintech Podcast, Lukas talks about setting up the business, how the “pressure cooker” that is Startupbootcamp is an invaluable resource for budding entrepreneurs, and how banks need to get their act together in order to stay in the pack when it comes to providing products and services that customers want to use.
The nature of Mobillity, which uses Facebook Messenger to function, is based on trust. Lukas talks about the importance of having many levels of security, such as Digicert and Salt Edge, that underpin the service, ensuring that customers can share data safely and in good faith. Mobillity seems to be the service we all wish the banks were already offering, and it’s not something they can’t immediately start putting into practice. The recent Backbase demo at Finovate Europe shows what’s possible for existing financial services, and Mobillity is demonstrating that, while there are challenges, it can be done.
I asked him about remaining impartial when it comes to offering a complete range of services: “We don’t want to just engage with some of the suppliers,” he said. “We need to give our customers the whole picture, and they need to take the decisions. So we are giving our customers the tools, so they can be in control of their data, pull the trigger of what they want to do, and get along with it. At the moment, we are looking at subscriptions, so customers can cancel their subscriptions through Mobillity, and we can see some use cases where this is definitely relevant.”
I asked Lukas about PSD2, and proffered a scenario where banks don’t play fair with the new rules: “Of course, PSD2 is a very strong growth enabler in the industry, because it makes the processes much more secure,” he said. “And we hope customers are much more aware of what’s going on with – and the benefit of – open APIs, and what they can do with their data. These two points are crucial, and we don’t think banks will hinder the integration into their APIs or their processes.
“There are a lot of challenger banks out there that have a completely different approach in how they are structuring their platforms. We see, for example, Monzo, who have their open platform where they publish their APIs and will have a platform which includes and integrates with fintechs out there. We see that customers love that, because customers want to manage their money in these places. The large commercial and retail banks out there, they will lose out if they don’t integrate properly with fintech companies. Their customers will be more willing to change their banks if they see that other services can provide cheaper and better services.”You can subscribe to this podcast on iTunes.