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Time for software-driven transformation in the financial services industry

The future for financial services is digital and fast moving, with software at its core.

Christian Segersven / April 13, 2021

The future for financial services is digital and fast moving, with software at its core. Just over one year ago, Tieto and EVRY merged to become TietoEVRY – creating a new powerhouse for financial services in the Nordics. But what has really happened and what does it mean for the future?

Christian Segersven, Head of TietoEVRY Financial Services Solutions, takes a closer look.

The driving force behind change

We’re all aware of the increasing impact digitalization is having on our lives and the business and industrial world – not least the banking and financial sector. Something that has been further accelerated by the pandemic and the resulting reliance on digital services.

In the past, innovation in the financial sector was driven by advances in hardware. That has changed now, software is driving innovation, while hardware is becoming increasingly commoditized. It’s now up to individual organizations to embrace this before their competitors.

Those that do, will be able to get new compelling services out to the market faster, responding to new market demands and improving the customer experience, while reducing resource requirements and time-to-value. Those that don’t, will get left behind; caught in the grip of clunky and resource-heavy legacy systems.

Time for real-time

If software – and software-as-a-service – is the key to innovation and transformation, secure real-time transactions are one of the foundations that financial services should be built around. These must, of course, run smoothly, despite ever-increasing pressure from regulators and central banks, increasing fraudulent activities and the need to reduce costs.

A new organization for a new dynamic market

Which brings us to TietoEVRY Financial services solutions and what we have done in the past year (and continue to do as we speak). Pre-merger both Tieto and EVRY had a strong position in the financial services industry.

This merge has been a very good match with only limited overlaps. Based on the changing dynamics of the market and based on our merger we have combined best practices and the greatest capabilities from both ex-Tieto and ex-EVRY to create a new powerhouse for financial services in the Nordics with ambition to scale both in the Nordics and globally.

Our ambition is bold and clear: We want to be the preferred partner for software-driven transformation in the financial services industry

We believe we are in a very good position to continue to help our customers digitalize their business processes and transform in this era of disruption and ever-increasing speed for change.

Today, we focus on seven domains. We leverage our extensive software and services expertise to help our customers digitalize their business processes and transform in this era of disruption and ever-faster change. Our product portfolio of market-leading software covers:

All our software products and services are market-leading solutions in their respective domains in the Nordics and are deployable as SaaS or On-prem. We also offer sophisticated tailored localisation layers and interfaces for the Nordic markets.

Our BaaS platform is fully modular end-to-end digital banking platform both running digital front office services like cards, loans, payments and deposits as well as the back-end services like reporting, risk management, security and authentication. Fully modular in this context means that it can be deployed one component at a time enabling a more evolutionary transformation, as well as a full-scale platform change in one, go if there is a need.

Today, we are helping over 100 Nordic banks run their banking platform and we have a proven track record in outperforming the competition in cost/income ratios for the banks running on our platform.

What does this mean for our customers?

With this new set-up, we are convinced that our customers - banks and financial institution, - will gain faster access to best-of-breed software and platform services to be able to launch new products and services faster, improve cost efficiency and give your customers the services and experiences they want and expect in today’s digital climate.

We also believe that this updated ambition and focus will reassure our customers that we are making long term investments in key areas to be able to offer the best software and platform services today and tomorrow.

What is next?

TietoEVRY creates digital advantage for millions of people every day, helping the financial services industry to digitalize business processes, secure operational efficiency and growth in an environment of constant regulatory change.

We have been transforming as a company for the past 50 years. This is an exciting time of new opportunities but also challenges. We have helped our customers transform and grow for almost 50 years and with our more than 3000 financial software and services experts, we have the ambition to continue and accelerate that in the future.

Are you interested in learning more? Reach out to me or listen to our recorded digital event that took place on 11 February to learn more about the new TietoEVRY integrated Financial Services Solutions!

 

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Christian Segersven
Head of Industry Software and Financial Services Solutions

Author

Christian Segersven

Head of Industry Software and Financial Services Solutions

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