As a part of our latest white paper release with Tuum, we have invited Kristian Luoma, Chief Strategy Officer at Utopia Music and ex-Head of OP Lab at OP Financial, to discuss the main technologies impacting the financial sector as well as the new digital business models enabled by them.

We have recently teamed up with Tuum to create a new white paper called “It’s time to build! Making the right technology choices to enable true business transformation in banking”. In the paper, we invite you to discover the most important market shifts happening in banking and fintech, the key technologies driving the industry forward, emerging business models as well as what to look out for when choosing a core banking solution.

You can check out the white paper directly via Tuum here.

It’s time to build! Webcast episode two featuring Utopia Music

The “It’s Time to Build!’ webcast is a three-part series exploring some of the key findings in our white paper, featuring speakers from some of the most exciting and innovative players in the financial services industry. The second episode focuses on the key technologies that have a lasting effect on how banking services are delivered and how these technologies subsequently enable new business models. Moderator Adrian Klee of Ross Republic is joined by Kristian Luoma, CSO of Utopia Music, a Swiss-based technology company that leverages big data in order to enhance the global music industry through increased revenues, reduced costs, accelerated payment cycles and improved insights. Previously, Kristian was the Head of OP Lab at OP Financial, Finland’s biggest financial group serving over 4.2 million customers. From Tuum’s side they we’re joined by Rivo Uibo, Chief Business Office and Co-founder.

Cloud, microservices and APIs are the key technologies that help banks drive new growth

In the coming years, banking providers’ ability to compete against new digital banks and big tech companies will heavily depend on their tech architecture. That’s why the winners now build and operate the most competitive technology stack.  Yet, many banks still rely on the same old systems that have powered their operations for decades, which are constraining their ability to grow and reinvent. That’s why we have outlined three fundamental technological developments that facilitate the re-design of financial services for maximum scalability, efficiency and resilience:

  • Cloud
  • Microservices
  • Application Programming Interfaces (APIs)

During the online fireside chat, we discuss each technology and how banks can utilise them for maximum impact.

New business models are emerging

The aforementioned technologies are an important enabler of a bank’s ability to grow. However, integrating new technologies just for the sake of operational efficiency would be short sighted. The white paper illustrates that these new technologies should be used as a catalyst for exploring new business models, which allow to distribute products more effectively, reach new target groups, or integrate third party data or products for the benefit of the end-customer. One example is the aggregator business model, applied by Revolut or Apple. Aggregators focus heavily on the customer experience, i.e. developing and owning the end-client relationships; either by starting out from the banking segment and adding new value-added service layers on top or by starting out from non-financial segment and offering tailored banking services as integrated solutions.

Check out the full conversation below:


00:00: Intro – Adrian Klee, Partner, Ross Republic

01:00: Intro – Kristian Luoma, CSO, Utopia Music

03:25: Intro – Rivo Uibo, CBO, Tuum

04:50: New Technologies Support Growth: An Overview

07:20: The Current Technological Landscape

16:05: Fundamental Technologies: Cloud, Microservices & APIs

30:00: Exploring Banks’ Struggles with Tech Debt

34:40: New Business Models in Era of Embedded Banking

47:20: FS Landscape: Long-Term Outlook

About the author

Adrian Klee, partner at Ross Republic

Adrian Klee

Adrian is an expert in building digital business in the financial services sector. He has a background in Fintech and Consulting, and specialises in market research, digital service development and lean venture building.

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