Geometric function theory is a classical subject. Yet it continues to find new applications in an ever-growing variety of areas such as modern mathematical physics, more traditional fields of physics such as fluid dynamics, nonlinear integrable systems theory and the theory of partial differential equations. This paper surveys, with a view to modern applications, open problems and challenges in this subject. Here we advocate an approach based on the use of the Schottky-Klein prime function within a Schottky model of compact Riemann surfaces.