Open Banking: Inspired by Valtteri Bottas – A Podcast on the “Drive” of Innovation

Sven Siat, Head Connectivity at SIX, is not a die-hard Formula 1 fan. He got to know Valtteri Bottas through the Netflix documentary Formula 1 – Drive to Survive. He was particularly impressed by the down-to-earth nature of the Monegasque by choice. Down-to-earthness is something you don’t really expect in the proverbial racing circus. Typical of Formula 1 is rather the constant drive for improvement, for innovation – and the degree of standardization, especially with regard to automotive technology.

In the latest episode of our podcast, Sven Siat explains to host Hannah Wise why innovation is both a cause and a consequence of Open Banking, and why norms in the form of standardized interfaces are also important here. Open Banking brings banks together with FinTechs, enabling the co-creation of new customer-centric solutions. Platforms like bLink from SIX ensure that collaboration and data flow can take place securely and efficiently.

In simpler terms, with the consent of the bank customer, a bank can share data with a FinTech or other third-party provider. Based on this, new value-added services can then emerge. For example, there may soon be an app that can calculate our carbon footprint based on the movements in our account and make suggestions for more sustainable consumption.