SunTec

  What does it take to be a successful bank? To better serve clients in today's market, banks must offer customer-centric goods and services, ensure a seamless omnichannel experience, and investigate inventive new business models. True success, however, is contingent on efficient and cost-effective operations management as well as strong revenue management. Identifying and repairing revenue leakage is essential for a successful and profitable company. Managing payment failures, bad loans, and other types of customer-driven fraud is an important aspect of safeguarding revenues. Forced or event-driven revenue collection is an approach that is gaining favour today as banks investigate ways to assure payments without disturbing the client experience.   What is Event-Driven Revenue Collection?   To compute charges and manage billing and invoicing, most banks now employ a revenue management software. Automating these activities is critical for eliminating manual mistakes and pr...

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...

The banking sector has   been regarded as one of the most stable, with reliable returns on equity (RoE). The development of fintechs and the entry of tech behemoths into the industry has completely transformed the landscape. These digital native businesses have effectively used technology to address client pain areas, paving the path for a new era of hyper personalization, tailored services, and intuitive banking.   They have already smoothly integrated banking functions in areas such as e-commerce, social networking, gaming, digital entertainment, travel, health, and home-buying in many cases. Traditional banks are unable to maintain or improve their ROE as consumers' loyalties are shifting. According to McKinsey, global banking ROE was 10.5% in 2018 and 56% of banks across the world were not generating their cost of equity (CoE). Well, how can traditional banks then chart out a strategy for the disruption caused by the new entrants and how improve their RoE even under these ...

  We recently interacted with Mr Nanda Kumar, CEO SunTec Business Solutions to understand his perspective about the latest development in the technology sector. Here are few excerpts of the interview:- You embarked on this tech-enabled end-to-end value management almost three decades back and much has happened in the outside world. Staying put on the growth path during these disruptive times is a case-study. We would like our audience to know your story on this continued passion for delivering value. Value management is in fact rooted in our organisational DNA. It is also captured in our vision statement, which is to enable every value exchange in the digitally driven world. While the outside world has seen many disruptions over the last thirty years, fundamentally, businesses are able to survive and thrive only if they are consistently delivering value to their customers. This applies as much to SunTec as it does to our clients. 30 years ago, we were fortunate to start our jo...

  From time immemorial, people have  trusted  banks for the following – 1) Storing their money safely; 2) Facilitating monetary transactions for their daily life; 3) Helping grow their wealth, and 4) Providing access to an easy credit system when needed. Over the last few years, like a trusted friend, banks have also added one more dimension to the relationship it shares with its customers – becoming an advisor who will help them meet their financial needs. The role of the banks in these five dimensions means that the banks are present across an exceptionally large part of their customers’ lives. This also puts the banks in an enviable position – they are aware of what transactions their customers make, more than any technological giant, telecom operator, or retail institution. Plotting these transactions over a customer’s lifetime can help the banks create a wonderful insight-propelled view of why a customer makes any transaction. In addition, the banks also have two mor...

  Like I pointed out in my last blog, for many banks, the journey has already begun, yet it is still in its nascent stages. In the last of my series of blogs on Goal Based Banking, I outline the key steps banks should take to succeed in this journey. A bank, like any organization , is built up of four components – people, process, technology, and customer. Each of these components will have to undergo a radical change to make sure that banks are truly aligned to the goals of a customer, and do not focus on the transactions alone. To achieve this, banks will have to focus on the following four aspects. Put the customer at the center Today’s banks are product-centric. To cater to the unique needs of each customer, banks have a huge number of products and services in their product catalog.  It is not uncommon for banks to have more than a thousand varieties of their products and services listed on their website. These banks are mostly product-driven, and they focus mostly on the ...

  Enterprises today are looking to minimize their costs wherever possible to maintain their competitive advantage. One of the most important steps in this direction is to move the IT operations from physical infrastructure to virtual infrastructure. This allows them to further improve the efficiency of their operations and, at the same time, reduce the costs significantly. SaaS is today empowering businesses globally. In the last few years, the popularity of  SaaS platforms  has increased manifolds, and it is quickly becoming the preferred option for businesses looking to virtualize their operations. Earlier, it was believed that the SaaS model is meant only for small and medium businesses as big corporations prefer in-house IT infrastructure. But as the benefits of SaaS have become known, even the big corporates are adopting SaaS as their preferred deployment model. What is SaaS? SaaS or Software-as-a-Service is a cloud-based technology that enables software developers t...