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SunTec Business Solutions has launched in London the Xelerate Digital Core, a 'low-risk approach for banks to accelerate digital transformation without having to replace their functionally stable legacy core systems.' Xelerate seeks to simplify the process by 'hollowing out customer engagement functions’ from the core system and managing it as a horizontal cross-enterprise layer. These include product innovation capabilities, sophisticated customer data management, partner ecosystem and revenue management and pricing.
DIGITAL TRANSFORMATION
With this approach, banks can quickly adopt new technologies, add more functionality and capabilities, offer customised products and enhance the customer experience. The goal is to transition from a product-based to an agile, customer-first organisation, according to K Nanda Kumar, CEO, SunTec.
This aligns with Forrester Vice-President and Principal Analyst Jost Hoppermann’s analysis on what banks need to do to succeed with digital transformation. Nanda Kumar quoted Hoppermann as observing in 'The State Of Digital Banking Transformation, 2019' report that "the digital banking transformation imperative has never been as relevant as today." "Banks urgently need to move to a state-of-the-art application landscape. Without one, they will find it hard to do more than merely survive the next decade."
AGILITY AND FLEXIBILITY
SunTec's emphasis is on the simplicity of how this can be done, Nanda Kumar said. "Our goal is help banks to de-link their digital transformation aspirations from the state of their legacy systems."
Xelerate equips banks with the agility and flexibility required to make their digital transformation plans a success. It allows banks to bring together different facets of technologies to create new customer experience. "Our approach is simple – minimise risk, leverage existing infrastructure and equip banks to own the customer experience. Agility is the driving force of all digital transformation journeys and Xelerate has been built to deliver on all the above parameters”.
SunTec has teamed up with Capgemini to bring personalised customer engagement solutions to global financial services clients with Xelerate Digital Core.
KEY IMPERATIVE
Anirban Bose, CEO, Capgemini's Financial Services, "SunTec is an important part of the partner ecosystem as we seek to offer the most powerful and relevant offerings to meet the needs of our global client base." Xelerate can be wrapped around legacy or modern infrastructures and enables banks to create customised lifestyle-based propositions, a key imperative for many banking clients as they seek to digitally transform.
Colin Dinn, CTO of Siam Commercial Bank, explained how SunTec is helping it to achieve its goals. "We asked ourselves how do we stay relevant to our customer? We saw digital transformation as an imperative." The focus was to dissociate the customer experience from the system of records. SunTec Xelerate has helped the bank to move from a manufacturing architecture to an assembly architecture. "We now have a mechanism that can bring new capability, blend it with our existing capability and then enhance it to our customer. What this means is that we can innovate faster and move a lot quicker."
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