SunTec

  Even before the pandemic, the banking industry was fast transforming. Customers sought a new kind of banking experience, and Fintechs were ready to take up with their tech-driven innovative services. Despite conventional banks' high levels of trust, clients, particularly the younger generation, were more prepared to test new and innovative financial services that provided them with more choice, control, and hyper-personalized services. Banking altered much more as the virus spread throughout the world. Customer behavior altered when bad loans rose, loan applications decreased, and customer behavior changed. Online banking grew commonplace as social separation became the norm, and early research shows that this tendency may be here to stay.   Traditional banks must alter their strategies and operating models to continue recruiting and maintaining clients in this environment. A new banking strategy must be built on customer-centric relationship-based models, which include knowing w

  Every industry is being transformed by digital innovation, and the financial services industry is no different. The possibilities for banks to reimagine customer experiences are endless, thanks to AI-powered self-service transactions, mobile-based financing, and analytics-driven personalization of services.   Overview of the Changing Landscape The financial services business has seen a considerable digital shift in recent in the last few years. A plethora of fintech and non-traditional businesses are entering the banking industry with simple, customer-centric solutions that aren’t confined to the challenges of legacy systems. Even huge tech firms like GAFAM-BAT (Google, Apple, Facebook, Amazon, Microsoft, Baidu, Alibaba, and Tencent) are leveraging their technological expertise, considerable user base, and big data analytics to provide improved financial services experiences.   While regulators are fostering innovation, they are also attempting to create frameworks that will allow th

  The current customer's involvement with most companies is characterized by ease of access and use, personalization, and on-demand availability. So, what makes you think banking is any different? To satisfy customer expectations and guarantee customer loyalty, traditional banks are moving forward with their digital transformation and modernization agendas. Furthermore, the global rollout of 5G networks will assist banks in meeting their new customer service goals. The 5G Roll Out The 5th generation mobile network, often known as 5G, is a new worldwide wireless standard that aims to provide low latency, dependable, and high data capacity connections. 5G networks are being pushed out over the world after some delays. More than 125 nations have already made investments in 5G technologies. 142 nations started 5G services as of May 2020. By 2025, the world is expected to have more than 2.6 billion 5G connections, with the United States, North East Asia, and Western Europe leading the w

  Banking was once a stable landscape but has transformed today. Fintechs and BigTechs have revolutionized the banking industry . When it comes to financial needs, banks were formerly the only choice. However, customers today have a wide range of fintechs and technology-based financial services businesses to select from, many of which promise increased personalization, on-demand access, and tech-powered solutions. Above all, fintechs have altered customer experience. The question today isn't whether traditional banks must change their product bundling tactics, but rather how must they do so to best fight competition. What is Bundling? Bundling is the process of grouping or bundling similar products and services into a single customer offering. It aids retailers in spreading costs over several products and ensuring customer value and loyalty over time. In the banking industry, this is a tried-and-true marketing method for increasing sales of slow-moving products. By providing a sing

  From December 4, 2021, the General Authority of Zakat and Tax (GAZT) of the Kingdom of Saudi Arabia made e-invoicing mandatory. This mandate aims to decrease the shadow economy, improve tax compliance, and encourage ethical business practices. E-invoicing must be implemented in two stages, according to GAZT. For starters, firms must be able to create and keep tax invoices and notes in a structured electronic format without having to deal with the tax authority directly. Second, the taxpayer's e-invoicing software must be able to interact with GAZT systems and shift to a clearance-based compliance model that allows GAZT systems to transmit real-time data. This rule applies to all businesses who are liable to pay taxes in the Kingdom of Saudi Arabia, as well as third parties who issue tax invoices on behalf of residents. Companies, especially banks must be prepared for a variety of situations, including the likelihood that real-time permission for individual invoices and transactio