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The Future of Banking is All About Modernization

Banks are poised to redefine the industry’s digital future. Their objectives are clear: achieve revenue growth, enhance profitability, and deliver unparalleled customer experiences. To accomplish these goals, they will need to chart a course driven by hyper-automation, deep personalization, connected systems, democratized data-sharing, sustainability, and open banking. Key to this digital transformation journey is core modernization, the adoption of contemporary technologies like AI, and a renewed commitment to customer-centricity.
While the goals are common, the digital transformation journey for each bank will be unique. They will need the proven experience of a modernization leader who can not only understand each organization’s distinct goals, challenges and digital banking readiness but also align the modernization process to the complex regulatory and compliance requirements of different regions.
With deep expertise in delivering modernization solutions to the banking industry in diverse geographies, SunTec can expertly guide the digital transformation journey with minimum disruption to the core banking systems and operations.
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4 Key Priorities for Modernization in Banking

Core Modernization

The modernization of core banking systems is the linchpin of the transformation strategy. The challenges posed by new-age digital banks demand a robust response that goes beyond incremental steps like placing superficial digital facades over outdated and aging systems. Today, the modernization of core banking systems is a strategic imperative to drive outstanding customer experience, unleash new revenue opportunities and stay competitive.

Accelerate Your Digital Transformation Journey with Minimal Disruption

SunTec’s innovative middle-layer technology offers an agile,
cost-effective solution to modernize banking functions. Importantly, it doesn’t necessitate replacing legacy systems. Instead, the approach involves hollowing out customer engagement functions from the core system and managing them as a horizontal cross-enterprise layer.
This empowers financial institutions to swiftly adopt new technologies, offer tailored products, and elevate customer experience. The ultimate goal is to shift from a product-focused to a customer-centric organization.
SunTec’s innovative middle-layer technology offers an agile, cost-effective solution to modernize banking functions. Importantly, it doesn’t necessitate replacing legacy systems. Instead, the approach involves hollowing out customer engagement functions from the core system and managing them as a horizontal cross-enterprise layer. This empowers financial institutions to swiftly adopt new technologies, offer tailored products, and elevate customer experience. The ultimate goal is to shift from a product-focused to a customer-centric organization.

Revolutionizing Cash Management

Banks are facing intense challenges from innovative non-bank rivals, especially in cash management and payments. Integrating APIs with third-party ecosystems is vital to expand services and meet
complex regulatory requirements like KYC, anti-money laundering, and anti-terrorism financing. To address diverse customer payment and cash management needs, banks must facilitate easy fund consolidation and digital disbursements for suppliers, service providers, and employees. Compliance with regulations across jurisdictions is essential, including managing recurring payments and authorized refunds for all customers.
Banks are facing intense challenges from innovative non-bank rivals, especially in cash management and payments. Integrating APIs with third-party ecosystems is vital to expand services and meet complex regulatory requirements like KYC, anti-money laundering, and anti-terrorism financing. To address diverse customer payment and cash management needs, banks must facilitate easy fund consolidation and digital disbursements for suppliers, service providers, and employees. Compliance with regulations across jurisdictions is essential, including managing recurring payments and authorized refunds for all customers.

Automate Your Offer-to-Bill Lifecycle and Drive Outstanding Customer Experience

By providing strategic revenue management solutions to banks, SunTec simplifies the offer-to-bill lifecycle. This aids in the transition to a customer-centric model, allowing for the fine customization of services to meet each customer’s unique requirements with exceptional precision. This not only ensures strict regulatory compliance but also fosters trust through the implementation of robust, scalable payment and cash management solutions.

A key domain where modernization yields substantial benefits is the offer-to-bill process. Explore how SunTec simplifies and automates this transformation.

Read our eBook to uncover deeper insights into Payments & Cash Management and transform your offer-to-bill lifecycle.

Embracing the Open Banking Movement

The Open Banking movement has reshaped the global financial landscape, fostering financial inclusion, innovation, and economic growth. By mandating banks to share customer data with authorized third-party providers through standardized APIs, it enables new entrants to offer innovative financial services. This shift is enabling banks to collaborate with fintechs and deliver a whole new level of personalization and convenience for customers.

Unlock Growth Opportunities with Open Banking

SunTec is facilitating the Open Banking movement with a seamless transition, offering banks the tools they need to effortlessly integrate and monetize their API offerings. Whether banks opt to provide APIs as a service or orchestrate a comprehensive ecosystem of financial services, this solution empowers the deployment of advanced monetization strategies, all while ensuring compliance and elevating the customer experience within the open banking sphere.

Commitment to Sustainable Banking

The financial sector ecosystem involving partners, customers, regulators and investors is driving the global environmental, social and governance (ESG) agenda. The mobilization of capital to promote green banking and sustainable finance is emerging as a top agenda for banks in meeting the United Nations Sustainable Development Goals (SDG). Reputation, revenue growth, and customer loyalty are directly influenced by the bank’s ESG agenda. In the race to fulfil their sustainability agenda, banks will need to consider multiple aspects. These include assessing the impact of loans and investments, meeting compliance and audit requirements through reporting, and investing in technology to monitor ESG commitments.

Accelerate Your Sustainability Agenda with a Technology-Led Approach

SunTec’s ESG Solution is designed to elevate the bank’s sustainable agenda. SunTec’s technology enables efficient ESG integration, enhances transparency in reporting, and empowers the creation of eco-conscious/GREEN banking products, aligning operations with the evolving ethos of responsible banking.

SunTec’s ESG Solution is designed to elevate the bank’s sustainable agenda. Our technology enables efficient ESG integration, enhances transparency in reporting, and empowers the creation of eco-conscious/GREEN banking products, aligning operations with the evolving ethos of responsible banking.

The future of banking is intrinsically tied to modernization, sustainability, and a customer-first approach. SunTec, with its expertise and innovative solutions, is well-positioned to help banks navigate this dynamic landscape and emerge as leaders in the digital banking era.

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