SunTec

  What will the future banks be like? Frankly speaking, we doubt there will be a physical bank where financial transactions may be carried out. This doesn’t mean that banking won't exist in the future. Banking systems have existed in some form or another for as long as humans have transacted, and they are likely to survive in some form or another for as long as we do business. However, banking as we know it today, may not be around for much longer. In the future, deeper integration of financial services, often known as embedded banking, is expected to become the standard.   Today’s banking is nothing like what our grandparents or parents experienced. Consider this: when was the last time you visited a real bank office to conduct business? Do you still use cash or your debit card, or do you prefer to utilize mobile applications, digital wallets, and UPIs? The introduction of new technology has ushered in a new era of digitally-driven experiences, and banking is no different. Cu...

  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...

  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...

  Citigroup recently announced that it would be shutting down its consumer banking business in India and 12 other countries as part of an ongoing strategic review. 1  Under new CEO, Jane Fraser, the group plans to direct its investments and resources to businesses in four key regions where it anticipates higher returns and growth—Singapore, Hong Kong, the UAE, and London. “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” said Fraser. Citigroup’s candid admission comes on the heels of Spanish bank BBVA’s announcement in November that it would be selling its stateside business to PNC Financial Services Group for $11.6 billion. 2  HSBC too is reportedly considering withdrawing from the US retail banking market as part of a wide-ranging overhaul of its global business. 3 One could argue that these exits were driven by the banks’ need to use their capital resources better. But they also reflect just how tough the ret...