SunTec

  Today, banks have a nod of approval on  integration of  third party applications and this has paved the way for them to expand their product portfolios and embark on a journey of change. Open banking has enabled banks to go beyond conventional banking and explore new avenues, leading to unprecedented innovation.     Fact is, ever since banking came into existence, customer data has remained with one entity – banks themselves. However, with the changing dynamics and open banking becoming the focus,  customers now have control over their  own  data . This has enabled third parties such as non-banking service providers to be part of the ecosystem to offer personalized, intuitive, and cost-effective offerings  that solve customer lifecycle needs . The adoption of banking-as-a-service is creating limitless possibilities and a plethora of customized offerings for the bank’s customers.      Understandably, interest in open banking m...

  We recently interacted with Mr Nanda Kumar, CEO SunTec Business Solutions to understand his perspective about the latest development in the technology sector. Here are few excerpts of the interview:- You embarked on this tech-enabled end-to-end value management almost three decades back and much has happened in the outside world. Staying put on the growth path during these disruptive times is a case-study. We would like our audience to know your story on this continued passion for delivering value. Value management is in fact rooted in our organisational DNA. It is also captured in our vision statement, which is to enable every value exchange in the digitally driven world. While the outside world has seen many disruptions over the last thirty years, fundamentally, businesses are able to survive and thrive only if they are consistently delivering value to their customers. This applies as much to SunTec as it does to our clients. 30 years ago, we were fortunate to start our jo...

  The relationship between banks and their customers has evolved over the past decade, thanks to technology-driven innovations. This has led to customer relationships becoming not only more digitally disintermediated and less branch-centric, but also increasingly fickle. The pandemic further made customers even more price-conscious and amenable to shift loyalties to benefit from better pricing. In such a scenario how can banks win new customers and retain existing ones? It becomes crucial to consciously factor pricing when formulating strategies and plans to deliver “customer centricity” and “superior customer experience journeys.” In this Point of View article, you will discover: Why right pricing is the hero for banks Four distinct areas to focus on to ensure contextual price The role of technology to boost pricing ability and agility

  The emerging  Buy Now Pay Later , commonly known as BNPL is the latest disruption in the once staid banking and financial services sector. Though BNPL has existed for some time now, it has garnered a lot of interest lately. The easy availability of payments via installments at the point of sale is attracting millennials and Gen Z customers who were earlier deterred by the high cost of goods and high rate of interest when purchasing goods on credit cards. Though this service is still niche, it is growing at a fast pace, fuelled in part by the unique restraints and conditions of the COVID-19 pandemic. In fact, reports suggest that BNPL spending at e-commerce point of sale is likely to go up to about USD 680 billion by 2025. 1 With BNPL, banks need to address two key questions: Is credit card usage declining and will it eventually make the credit card obsolete? What can banks do to win in this emerging space? BNPL services can present a significant threat to the ...

  The credit card industry is an interesting space to be in right now. Consider this – Chase has partnered with select airlines to create co-branded credit cards that offer new members a unique welcome bonus against their next international flight. In India, the country’s leading PSU bank SBI has partnered with lifestyle brand Fabindia to offer a co-branded, contactless credit card for premium customers. And ICICI, another leading Indian private bank has joined hands with Amazon Pay to launch a contactless card that has already on boarded two million customers. The banking and financial services sector is witnessing an incredible pace of change and the credit card segment is no exception. As more customers move away from cash and innovative digital payment models emerge, the credit card industry must reinvent itself to retain their edge in the market. The concept of using valueless instruments for buying and selling can be traced back to the earliest human civilizations. Since then...