SunTec

  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...

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...

  After using their credit card consistently to make large purchases, a banking customer is given a gift voucher for a high-end car accessories store. But the voucher goes unused because they just bought a mid-range car. They do not need new accessories and the expensive ones covered by the voucher are not a good fit for their vehicle. Rewarding customers for their business is an excellent strategy that can go a long way in ensuring customer delight. But the one-size-fits-all approach to rewards and loyalty programs are irrelevant in the modern banking landscape because customers expect personalized attention. The Demand for Hyper Personalization Banking rewards systems and loyalty programs have been in circulation for years. Why have customer expectations changed drastically now? The answer lies in outside of the banking world. Consider what a customer sees every time they open Netflix – a list of recommendations based on their viewing behaviour. Every time they shop online, they ...