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

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

The team of Sven Siat, Head Connectivity at SIX, connects banks with FinTechs through the platform bLink. Find out in our podcast which parallels Open Banking and Formula 1 have and why the Finnish racing driver Valtteri Bottas is an inspiration for Siat.

Who Is Valtteri Bottas?

Finnish Formula 1 driver Valtteri Bottas has been driving for the Swiss racing team Alfa Romeo F1 Team Orlen since 2022. However, he achieved his greatest successes at Mercedes, where he drove alongside Lewis Hamilton from 2017 to 2021. In 2019 and 2020, he finished runner-up behind him in the Drivers’ Championship. Bottas has won 10 Grand Prix and achieved 67 podiums so far.

Standardization and Innovation Go Hand in Hand

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.

Why Are Open Banking and Standardized Interfaces Needed?

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.

Open Banking Brings Added Value for Bank Customers

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.