Open Banking

Open Banking has created new avenues for innovation and growth in the digital banking world. Banks are leveraging this opportunity and looking at newer and smarter business models that can move them towards market leadership.

Maximize customer wallet share and revenue by innovating rapidly on your business models, and expand your product & service offerings to deliver true customer value through collaborative partner ecosystems.

SunTec, with its flagship product Xelerate®, can enable your bank to embrace the Open Banking economy and transform from being a mere utility provider to a true value aggregator. The Open Banking solution enables you to achieve this through end-to-end management, monitoring, and monetization capabilities across the value chain.

Here’s how

Increase customer wallet share with dynamically created contextual offers in the collaborative Open Banking ecosystem

Opening up access to customer data through secure APIs provides an added advantage of getting to know the customer even better, with more granular-level insights. Banks who leverage these insights the best will be winners.

• Xelerate® makes it possible to leverage customer insights to facilitate dynamic and contextual offer creation for customers.

• Centralized product catalogue across business lines and partner network enables easy cross-sell and up-sell of products through co-innovation

• The inbuilt pricing engine allows for application of complex pricing models on customer offers that involve products from across the partner ecosystem

Bring in transparency and efficiency in your revenue ecosystem, with comprehensive partner management capabilities

A successful Open Bank would be one who creates a conducive ecosystem for various players to co-create solutions with the bank, thereby facilitating reaching out to a larger customer base. But with the networks getting denser, partner management with associated revenue management, and settlement becomes crucial and is a herculean task.

• Xelerate® provides the flexibility to form partnerships in the Open Banking value ecosystem. The end-to-end partner management capabilities take care of partner price tariff and contract management, with revenue sharing computation and settlement.

• The comprehensive pricing framework brings in the flexibility to innovate on revenue monetization and partner incentive models in the ecosystem.

• A robust billing engine facilitates de-cluttering, consolidation, presentment, and reconciliation of invoices.

Ensure effective revenue monitoring and reduced leakages with real-time insights backed by analytics

While banks experiment with newer business models, it becomes imperative to periodically assess them, both in terms of attractiveness and profitability. Revenue monitoring will no longer be confined to within the bank, and will involve more complexities like tracking revenue shares with multiple partners in the Open Banking network.

• Xelerate® ensures effective service & revenue monitoring and provides useful insights for the relevant stakeholders and decision-makers through analytics-driven dashboards.

• The dashboards can be easily customized to suit specific areas of business interests for the bank. The bank can track various aspects like partner and product performance, profit-making partnerships, profit-making revenue models, and many more, thereby enabling real-time decisions to ensure organization profitability

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To see how you can leverage open banking, get in touch with us now

Experts Speak

  • Open banking solution

300 million
end customers

15 billion
successful transactions

43 countries
and growing