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...

  “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...

  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...