SunTec

  What does it take to be a successful bank? To better serve clients in today's market, banks must offer customer-centric goods and services, ensure a seamless omnichannel experience, and investigate inventive new business models. True success, however, is contingent on efficient and cost-effective operations management as well as strong revenue management. Identifying and repairing revenue leakage is essential for a successful and profitable company. Managing payment failures, bad loans, and other types of customer-driven fraud is an important aspect of safeguarding revenues. Forced or event-driven revenue collection is an approach that is gaining favour today as banks investigate ways to assure payments without disturbing the client experience.   What is Event-Driven Revenue Collection?   To compute charges and manage billing and invoicing, most banks now employ a revenue management software. Automating these activities is critical for eliminating manual mistakes and providing a

  What will the future banks be like? Frankly speaking, we doubt there will be a physical bank where financial transactions may be carried out. This doesn’t mean that banking won't exist in the future. Banking systems have existed in some form or another for as long as humans have transacted, and they are likely to survive in some form or another for as long as we do business. However, banking as we know it today, may not be around for much longer. In the future, deeper integration of financial services, often known as embedded banking, is expected to become the standard.   Today’s banking is nothing like what our grandparents or parents experienced. Consider this: when was the last time you visited a real bank office to conduct business? Do you still use cash or your debit card, or do you prefer to utilize mobile applications, digital wallets, and UPIs? The introduction of new technology has ushered in a new era of digitally-driven experiences, and banking is no different. Custome

  During the pre-pandemic time, corporate banking was on the rise across the world. In 2019, North and South America were top performers, registering a 19.5% growth in corporate lending. The   sector thus saw extraordinary disruption and delays as the events of 2020 transpired. Corporate banking took a blow, but as the globe adjusts to the new normal brought on by the pandemic, the buzz in this sector is likely to rise again. Banking, on the other hand, may never be the same as the industry's digitalization has accelerated due to COVID-19. It has also increased its focus on client-centric business strategies in order to assure customer satisfaction and loyalty. The new rule of the game is hyper-personalization, and corporate banking isn't immune to implementing hyper-customized interaction models for improved business outcomes. This refers to more than simply marketing and outreach initiatives. In the future years, processes critical to the banking sector, such as handling nego

  For the banking sector, 2020 will be remembered as a difficult year packed with obstacles and lessons learned. While the internet and mobile banking were gaining traction before the pandemic, the worldwide crisis made going ‘digital’ the sole option to reach out to customers, engage them, and service their requirements during lockdowns, making it more about a bank's actual existence than a box to be ticked. Banks must adapt to be relevant, prosper, and grow as customers increasingly turn to digital alternatives. The growth of the API economy is another key trend linked to digitalization. Open banking, facilitated by open APIs, is now firmly established in financial services, giving clients flexibility over what goods and services they consume, including partner products, as well as from other third parties. This indicates that the purchasing decision might come from a third-party source rather than the bank. Third-party service providers, huge IT corporations, and fintech are all

  Modern customers want firms to give a seamless contextual experience or personalization in a quick and consistent manner, from Netflix's streaming suggestions to Amazon's suggested purchasing lists. According to research, 90% of customers find personalization appealing, and 80% are more inclined to connect with a firm that provides tailored experiences. Customer data analysis is increasingly being used by brands across industries to better understand customer behavior and provide a tailored experience that is critical for engagement and loyalty. The banking industry is no different. The advent of technological behemoths into the industry has altered the game's rules. Nova Credit, for example, utilizes social signals and percentile grading among comparable borrower groups for calculating credit scores. Affirm, a fintech business simplifies the purchasing cycle by allowing impulse buy mechanisms, delayed payment models, and single-click purchase choices on e-commerce platfo

  A 1% increase in price results in a rise of 8.7% in operational profitability. Despite this, more than 30% of price decisions made by businesses each year fail to achieve optimal results.   Pricing for goods and services is an important part of any go-to-market strategy since it affects revenue, profitability, and brand perception. In the banking industry, proper pricing is critical to increasing profit margins. Fintech competition, shrinking lending margins, and regulatory-driven reductions have all had an impact on banking earnings. The regulatory environment has tightened significantly over time, previous strategies like hidden costs or passing costs on to customers are obsolete. Banks are also dealing with deteriorating client loyalty as well. Customers today have a variety of alternatives to pick from, as well as the ability to compare services and pricing models among banks to make the best decisions for themselves. Banks must focus on adopting data-driven smart pricing models