Money & Banking

Kerala-based SunTec joins Banking Industry Architecture Network

Our Bureau Thiruvananthapuram | Updated on March 11, 2020

To work towards a simpler core architecture

Thiruvananthapuram-based SunTec, a leader in relationship-based pricing and billing software solutions, has joined the Banking Industry Architecture Network (BIAN), a non-profit standards organisation that helps banks combine their industry expertise to define a banking technology framework to standardise and simplify core banking architecture.

In a relationship-based pricing and billing framework, pricing is determined based on a customer’s overall purchases and circumstances, rather than being delivered on a product-by-product basis. The SunTec-BIAN partnership is expected to provide both the parties an edge to leverage each other’s strength to address the key pain points faced by banks, and help them align with BIAN standards to meet business goals successfully, a spokesman for SunTec said.

Customer experience orchestration

SunTec helps clients increase the lifetime value of their customer relationships through effective revenue management and real-time customer experience orchestration (process of bringing the customer’s experience with a brand to his life). With 100+ clients in 45+ countries, SunTec partners leading organisations across banking, financial services, insurance, telecom and travel industries. Headquartered in India, it has operations in the US, the UK, Germany, the UAE, Singapore and Australia.

SunTec will now collaborate with BIAN member organisations and help them define and build a customer-centric digital banking architecture by leveraging Xelerate, its micro-services-based and award-winning product, the spokesman said. Xelerate helps banks to build a digital core, including setting up a system-of-engagement with enhanced product innovation capabilities, enterprise pricing, revenue management and partner ecosystem management for open banking (allowing access and control of consumer banking and financial accounts through third-party applications).

Universal banking standard

Coherent with BIAN’s vision of creating a universal standard for banking, the partnership with SunTec would also help banks address issues related to interoperability and enable them to quickly adopt new technologies, add more functionalities and capabilities, offer customised products and enhance the customer experience to transition from a product-based to an agile, customer-first organisation.

K Nanda Kumar, CEO, SunTec, said here that it’s a proud moment for SunTec to join BIAN and build its participation with member organisations to help them drive their digital transformation aspirations. “Over the last 30 years, SunTec has grown to become a trusted partner for leading banking and financial services organisations across the globe,” he said.

“We innovate across the banking value chain to drive customer experience by leveraging international standards. We intend to actively contribute to the BIAN network by helping define standards that can equip banks with the agility and flexibility required to make their digital transformation plans a success while minimising risk and leveraging the existing infrastructure.”

Customer engagement strategy

Hans Tesselaar, Executive Director, BIAN, said that it was happy to bring on board SunTec as a key partner to power its drive towards a universal standard in banking. “With SunTec’s vast experience working with leading banks across the globe, it brings in very valuable insights into customer-centricity and customer engagement strategies in today’s digital driven economy. This would be of immense use for BIAN members to define a standard for banking that is centred on the banking customer user journey.”

Agility is the driving force of all digital transformation journeys, the SunTec spokesman said, adding that it helps banks deliver the best digital experience to customers. With this partnership, SunTec will be able to work closer with BIAN and create a standard to help banks overcome current business challenges around legacy modernisation and work in a smarter way to provide innovative services by putting the customer at the centre and building solutions which are open, intelligent and connected.

Published on March 11, 2020

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