SunTec

The introduction of technologies such as artificial intelligence (AI), machine learning, and the internet of things (IoT) has altered the way the world runs. Customers today expect personalized experiences, and organizations that have not yet digitized must alter in order to compete in this new reality. Banking is one industry that has found it more difficult to change since many institutions are burdened with rigid and f traditional application systems. Large banks and financial institutions continue to be hesitant to adopt innovative technology, limiting them from providing an ideal client experience, creating growth, and remaining relevant in a volatile market. To compete in this changing industry, banks must modernize their legacy banking systems and adopt a modular approach to digital transformation. While there are several ways to modernize core banking systems, success will be difficult to achieve until the current infrastructure is broken down into smaller manageable logical e...

  Businesses across industries are grappling to capture market share, retain existing consumers, and attract new customers. Customer loyalty is fragile especially in times like these, yet it's important to the survival of many businesses. Banks are no different. According to the 2019 Deloitte Banking and Capital Markets Outlook study, the global banking system has rebounded from the 2008 recession, and it has been not just lucrative but also resilient than ever before. However, the unusual events of 2020 have thrown the system into disarray and presented banks with a slew of new obstacles. They've had to fast absorb innovation in the last several months. As we move forward from this crisis, there must be deeper technology integration into banking solutions and services and the sector must usher in a new era of digitalization. Banking on Business Continuity Even the most technologically reluctant customer is now compelled to use digital banking channels as a result of the pande...

  “A ship in harbor is safe — but that is not what ships are built for.” — John A. Shedd This may be extended much further in today's environment. When banks try to play it safe, they're doomed. In the digital era, where clients want and expect contextual offerings, the need to innovate is paramount. The only way to stand out and remain ahead of the competition is to keep inventing —in terms of products and services. Agility has become a cliché in recent years - yet clichés exist for a reason. Banks need agility in general, and competitive agility in particular, to survive. But how can a bank stay nimble with decades-old legacy systems when fresher fintech businesses have flexible technology that allows them to make any essential adjustment in days? Let's talk about the 'why' before we go into the 'how. Most corporate banks are of the opinion that since their customers are corporations, they are equally burdened with legacy systems and therefore cannot react as...