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...

  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...

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...

  “A ship in harbor is safe — but that is not what ships are built for.” — John A. Shedd This may be extended much further in today's environment. When banks try to play it safe, they're doomed. In the digital era, where clients want and expect contextual offerings, the need to innovate is paramount. The only way to stand out and remain ahead of the competition is to keep inventing —in terms of products and services. Agility has become a cliché in recent years - yet clichés exist for a reason. Banks need agility in general, and competitive agility in particular, to survive. But how can a bank stay nimble with decades-old legacy systems when fresher fintech businesses have flexible technology that allows them to make any essential adjustment in days? Let's talk about the 'why' before we go into the 'how. Most corporate banks are of the opinion that since their customers are corporations, they are equally burdened with legacy systems and therefore cannot react as...

  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...

  The credit card industry is an interesting space to be in right now. Consider this – Chase has partnered with select airlines to create co-branded credit cards that offer new members a unique welcome bonus against their next international flight. In India, the country’s leading PSU bank SBI has partnered with lifestyle brand Fabindia to offer a co-branded, contactless credit card for premium customers. And ICICI, another leading Indian private bank has joined hands with Amazon Pay to launch a contactless card that has already on boarded two million customers. The banking and financial services sector is witnessing an incredible pace of change and the credit card segment is no exception. As more customers move away from cash and innovative digital payment models emerge, the credit card industry must reinvent itself to retain their edge in the market. The concept of using valueless instruments for buying and selling can be traced back to the earliest human civilizations. Since then...

  The strategy of offering discounts on pricing is as old as the history of formal business. After all, what is more attractive for a customer than a part of the price being shaved off, resulting in saved money. Even in the modern digital era where customer expectations have changed considerably, financial concessions are still effective. But as banks gear up to contend with increased competition for share of wallet, can they improve the discounting approach to be more effective? Discounts in the Digital Era Banking is no longer the stable, staid business it used to be. The emergence of  fintechs  and digital natives have changed the sector forever by offering innovative and highly personalized on demand banking. Traditional banks, once secure in the knowledge that they were the only options for customers’ financial needs, must now focus on winning and retaining customers in a highly competitive market.  Winning new customers is easier said than done. It is time cons...