SunTec

The future of community banking, with their roots dating back to as early as the nineteenth century. Well, a community bank is a depository institution that is typically owned and administered by residents in the area. A bank of this nature typically addresses the concerns and caters to the requirements of local businesses and residents. They make loan decisions based on a thorough awareness of local needs, as bank workers are frequently from the same communities they serve. Community banks focus primarily on agricultural and small company loans and have a high level of consumer confidence as their service offerings are focussed. According to the Small Business Credit survey, 79 % of small firms engaged with community banks were content with their services, while compared to 67% for large banks and 49% for online lenders. Community banks have long been a vital part of the banking ecosystem , ensuring that local economies thrive. But are they ready for the era of technology-driven banki...

  Today, banks have a nod of approval on  integration of  third party applications and this has paved the way for them to expand their product portfolios and embark on a journey of change. Open banking has enabled banks to go beyond conventional banking and explore new avenues, leading to unprecedented innovation.     Fact is, ever since banking came into existence, customer data has remained with one entity – banks themselves. However, with the changing dynamics and open banking becoming the focus,  customers now have control over their  own  data . This has enabled third parties such as non-banking service providers to be part of the ecosystem to offer personalized, intuitive, and cost-effective offerings  that solve customer lifecycle needs . The adoption of banking-as-a-service is creating limitless possibilities and a plethora of customized offerings for the bank’s customers.      Understandably, interest in open banking m...