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Batch of Start F20 - What Open Banking Has to Do with Sustainability?

We begin our Start F20 blog series with Veikko Koski's blog about Fintech and the role of Open Banking in the area of sustainability

Veikko Koski

https://www.linkedin.com/in/vkoski/

November 16, 2020

When it comes to Finance, the industry traditionally links to greediness rather than sustainability. We are used to headlines around money laundering, corruption schemes, and embezzlement of money. This year the accounting scandal of German Fintech giant Wirecard proved it's not only the traditional players who are vulnerable to fraudulent activity. Smaller frauds might go completely unnoticed.

Open banking, together with the latest technologies and the innovation by 3rd party providers, offers an opportunity to fix the issues we are facing today. Driven by openness, Application Programming Interfaces, and data exchanges, we can make the world a fairer, equal place. By adopting new technologies and cooperating with 3rd party providers, businesses can accelerate digital transformation and learn from the latest agile and lean Software-as-a-Service players.

Technology is the enabler achieving United Nations Sustainability Development targets related to reducing significantly illicit financial flows and corruption. For businesses, investment in scalable technologies is more than that. It comes to automating employees' routine tasks, future-proofing their careers, leading to increased employee engagement. More importantly, acting socially responsibly and leveraging technology are the keys to attracting new generation talent used to seamless consumer tech experience - that the enterprise applications are lacking.

FinanceKey is driving the change for the better. Contact us for Open Banking solutions designed for corporate needs.

Kiuas F20 questions:

What was your childhood dream job?

I wanted to be a policeman, influenced by our neighbor who worked as a cop.

If you would get 1 billion euros right now, what would you do?

I would set up a venture fund investing in early-stage stage start-ups focusing on Enterprise Software, Fintech, and Sustainable Finance.

Choose A world without smartphones vs. a world without food delivery. Why?

A world without smartphones. We spend way too much time heads down on our screens. We should learn to deal without smartphones, and food is anyways, essential!

If you had a dollar for every idea you have come up with, how much money would you have?

A couple of hundred bucks! We've seen only the early days of digitalization; the opportunities out there are enormous. Everywhere you look, communication could be smoother, connectivity more seamless, customer experience better.

Ideal date: drinks or coffee? Why?

Since I'm not a coffee drinker: 5 o'clock tea! Not too late, and a family guy gets some needed sleep!

Veikko Koski

https://www.linkedin.com/in/vkoski/

November 16, 2020

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Originally published on

November 16, 2020