With digital transformation hitting the banking sector worldwide, banking entities are in need of a rapid digitisation of their processes. Customer-centricity has become ever-more pervasive, and time-tested in-house banking operations no longer fit the requirements of an increasingly demanding consumer base. As banking and insurance processes undergo disruptive changes and technological upgrades, it is not always possible for banks to handle all workflows in-house. The need for outsourcing and collaborative efforts with financial institutions and fintechs is pressing in such an economy. Banks are posed with two options to achieve digital business – by proving to be a strong customer interface provider for digital partners or as a navigation platform in an ecosystem of financial services.

Enter Next Digital Banking (ndgit), a market-leading open finance platform for innovating banking and insurance in the European banking and insurance sphere. ndgit provides a toolset that enables banks to implement new use cases in less time and with greater user optimisation. Acting as a middleware, ndgit has been implemented in as many as 30 banks across Europe. Founded in Munich in 2016 by Oliver Dlugosch and Florian Pahl, the organisation has centred on the theme of connected banking technology right from its inception. “ndgit facilitates thousands of small and highly-specialised micro-services for developers simultaneously, aiding efficient infrastructure integration,” says Dlugosch, co-founder and CEO of ndgit. “With our platform, banks are decoupling from the constraints of their back-end systems and opening themselves up to third-party access.”

ndgit comes with a comprehensive application processing interface (API) for management and business and security concepts of digital banking. The platform offers banking as a service (BaaS), ecosystem banking, digital lending, open wealth, foreign exchange (FX) payments and Payment Services Directive 2 (PSD2) compliance under its service range of operational functions. With PSD2 acting as an important catalyst for European banks to prepare for the future of connected banking, electronic payments are regulated to allow the entry of third party providers (TPPs) into the transaction.
Digital lending is on overdrive, with e-business revenues seeing improvements and the demand for embedded payment and financing options going up. Instant and optimised loan processing with ndgit is executed by forging digitised connections between digital players and top-notch banks facilitated by loan and rate products and a strong end-to-end customer journey. Flexible loan options result in high conversion when using the best-of-breed fintech features such as account aggregation, risk scoring, credit bureaus, KYC and digital signatures with ndgit. Instant payout can be availed within 24 hours, giving customers financial flexibility.

As commercial activity around the world is transforming to digital channels, embedded payment and financing options have increased in demand. With the possibility of instantaneous transactions now available to consumers at the click of a button, ndgit has been able to tap into opportunities for offering more options in loans through digital lending partners and banks. Having a variety of loan and rate products at their fingertips, customers can expect more options than in purely traditional banking methods. With flexible loan options, different use cases of lending are facilitated, pushing digital sales to an optimum. Credit flows backed by ndgit’s API platform allow credit approval in just three minutes! Finance providers enabling the payment have access to the requisite data for loan legitimation and credit approval via XS2A APIs for PSD2 compliance, digital signature, credit ratings, account analytics and video legitimation.
  • ndgit facilitates thousands of small and highly-specialised micro-services for developers simultaneously, aiding efficient infrastructure integration

As financial service providers struggle with an ever-greater burgeoning of technology into all spheres of life, ndgit allows banks, fintechs and digital partners to access open banking and insurance. Looking ahead, ndgit will be tapping into other target markets in Europe, the U.S.A. and Asia. In the future, ndgit wants to continue on its upward growth curve with the support of external investors and expand its products for open banking.