SunTec

  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 pricin...

  Right now, the credit cards business is a fascinating place to be in. Let’s imagine if, Chase has teamed up with a number of airlines to establish co-branded credit cards that provide new users with a special welcome bonus that is redeemable on their next foreign journey. SBI, India's largest public sector bank, has teamed with Fabindia, a lifestyle brand, to provide a co-branded, contactless credit card to premium clients. Another major Indian private bank, ICICI Bank, has partnered with Amazon Pay to develop a contactless card that has already attracted two million users. The banking and financial services industry is changing at a breakneck rate, and the credit cards industry is no exception. Customers are moving away from cash, and new digital payment models are emerging, therefore the credit card industry must reinvent itself to stay competitive. The concept of buying and selling with the help of worthless instruments dates back to the dawn of human civilization. Since then,...