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...

  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...

  In the last few decades, we have seen a plethora of technology giants offering solutions and services that have changed our lives in myriad ways. Technology has enabled us to get everything as per our convenience, right from cabs to movies and food to salon service, with the simple touch of a button. BigTechs (such as Facebook, Google, Apple, Alibaba, and Amazon) have joined the banking scene after overcoming regulatory difficulties, and banks now face increased pressure to meet customer expectations and deliver services as seamlessly as possible.   What’s more, the digital surge brought on by the pandemic has spurred the transformation in the financial services industry. BigTechs are delivering a better value proposition in many areas and garnering a high level of trust with consumers, thanks to their digital expertise, access to customer data and presence in the customer’s life events. The result? Earning customer loyalty has become more difficult than ever for banks. In f...