SunTec

  Modern customers want firms to give a seamless contextual experience or personalization in a quick and consistent manner, from Netflix's streaming suggestions to Amazon's suggested purchasing lists. According to research, 90% of customers find personalization appealing, and 80% are more inclined to connect with a firm that provides tailored experiences. Customer data analysis is increasingly being used by brands across industries to better understand customer behavior and provide a tailored experience that is critical for engagement and loyalty. The banking industry is no different. The advent of technological behemoths into the industry has altered the game's rules. Nova Credit, for example, utilizes social signals and percentile grading among comparable borrower groups for calculating credit scores. Affirm, a fintech business simplifies the purchasing cycle by allowing impulse buy mechanisms, delayed payment models, and single-click purchase choices on e-commerce platfo...

  Even before the pandemic, the banking industry was fast transforming. Customers sought a new kind of banking experience, and Fintechs were ready to take up with their tech-driven innovative services. Despite conventional banks' high levels of trust, clients, particularly the younger generation, were more prepared to test new and innovative financial services that provided them with more choice, control, and hyper-personalized services. Banking altered much more as the virus spread throughout the world. Customer behavior altered when bad loans rose, loan applications decreased, and customer behavior changed. Online banking grew commonplace as social separation became the norm, and early research shows that this tendency may be here to stay.   Traditional banks must alter their strategies and operating models to continue recruiting and maintaining clients in this environment. A new banking strategy must be built on customer-centric relationship-based models, which include know...

  “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...

  Banking has gone through a paradigm shift and is no longer the same as it was even two decades ago. Even before the   pandemic changed the way the world operated, 49% of banking consumers showed keen interest in Internet banking and 47% preferred mobile banking. 1 The outbreak of Covid 19 virus and the subsequent restrictions has only strengthened the consumer’s belief in digital banking, leading to 57 % of them preferring Internet banking and 55% opting to bank on mobile applications. With this, the entire concept of banking is changing as physical branches are now being replaced with applications. This technological change has opened new doors for consumers to gain control of their transactions. Banks need to re-evaluate their business models. The only way to tackle the changing environment is by putting customer behaviour at the heart of everything they do.   Transformation of Banking   The banking business model has lacked both, customer inv...