AI’s Strategic Role in Finance - Balancing Automation with Trust and Fairness
Lasse Mäkelä Head of Strategy & IR at Multitude
Multitude, a fintech bank with 700 employees across 16 countries and €260 million turnover, is exploring AI's tangible impact in banking amid prevalent hype. Current AI applications often optimize isolated banking processes rather than delivering systemic core transformation. Despite regulatory, legacy, and organizational resistance challenges, AI’s potential for deeper integration in finance remains vast. The discussion includes strategic insights from Openbank by Santander, practical AI use cases from Multitude Bank, and transformation initiatives at Swedbank, aiming to identify actionable AI implementations beyond experimental phases.
"AI is evolving beyond hype, moving into real business applications in banking, transforming processes from single points to potentially core, systematic changes. The potential is enormous despite regulatory, legacy, and organizational challenges."
Summary
- Multitude is a fintech bank operating in 16 countries with 700 employees and €260M turnover. - AI in banking is moving from hype to real, practical applications, especially in financial services. - Current AI uses are mostly point solutions improving parts of banking processes, not yet systemic changes. - Implementation challenges include regulations, legacy systems, and organizational resistance. - Speakers include leaders from Openbank Santander, Multitude Bank, and Svedbank discussing AI strategy and real use cases.
Article
Banking's AI revolution: Beyond the hype towards systematic transformation
Multitude executive highlights AI's shift from buzzword to banking necessity at Nordic Fintech Summit
The artificial intelligence revolution in banking has reached a critical transition point, moving beyond isolated efficiency improvements to begin reshaping core financial services, according to Lasse Mäkelä, Head of Strategy and IR at Multitude.
Speaking at the Nordic Fintech Summit, Mäkelä outlined how AI applications in finance are evolving from experimental "point solutions" to more integrated systems that could fundamentally transform the industry, despite significant regulatory and legacy challenges.
"AI is no longer just hype; it is gradually becoming a practical tool that enhances efficiency in banking processes," Mäkelä told attendees during his presentation on AI's strategic role in finance.
From isolated solutions to systematic transformation
The Frankfurt-listed Multitude, which operates across 16 countries with 700 employees and reports a turnover of €260 million, has been actively implementing AI technologies while monitoring their practical impact in banking operations.
Mäkelä, a former fintech entrepreneur who founded equity crowdfunding platform Investor, explained that the industry is currently witnessing an important evolution: "We're transitioning from isolated AI solutions to envisioning systematic change that embeds AI at the core of banking."
Using Gartner's hype cycle as a framework, he demonstrated how various AI technologies are progressing through different stages of maturity, with some applications now moving beyond peak hype into practical implementation.
"In some areas, the hype is starting to fade, and we are beginning to go into the real business of applying AI to the financial side," Mäkelä said. "But when we normally look at AI solutions currently, we sometimes call them point solutions. They are often of the nature where you take a part of a banking process and make it more efficient with AI."
Implementation barriers remain substantial
Despite growing adoption, the integration of AI in banking continues to face significant obstacles. Mäkelä highlighted three primary challenges: stringent regulatory frameworks, outdated legacy systems, and organizational resistance to technological change.
"Despite hurdles like regulations, legacy systems, and resistance to change, the enormous potential of AI in banking drives us forward," he noted. "Our goal is to integrate AI more deeply into banking to unlock new possibilities and transform financial services."
Industry leaders showcase practical applications
The presentation featured insights from several financial sector executives, including Petri Nikkila, Global CEO of Openbank by Santander, who discussed strategic approaches to AI implementation. Additional use cases were presented by Darko Popovic, Chief Innovation Officer from Multitude Bank, and Mart Rosimaggy, Head of Transformation and Innovation at Swedbank.
"Exploring real AI use cases in banking today moves us beyond promises, showing tangible innovations shaping the industry's future," Mäkelä concluded.
The Nordic Fintech Summit, which brings together financial technology innovators and industry leaders, showcased how banks are increasingly focused on balancing automation capabilities with maintaining trust and fairness in their AI implementations – a challenge that remains central as the technology becomes more deeply embedded in financial services.
Part of Nordic Fintech Summit