Banking-as-a-Service
Deliver lifecycle experiences through the ecosystem and not mere products and services
Technology has irrevocably changed customer expectations and how their needs are met. Traditionally, services have solved specific functional needs; food for example, was a process of purchase and preparation at the very least, or going out to eat, involving distance, time, travel and expense. Food delivery services however, transformed both solutions and behavior with their horizontal approach – meeting the functional need of food delivery, and meeting multiple emotional needs including matching meal to mood, convenience and more free time.
Alibaba and Amazon use the same horizontal approach in the B2B space, where curated ecosystems from different organizations, with different offerings, meet multiple client needs and offer them more than a channel to sell their products.
In both cases, customers have become accustomed and are increasingly loyal to service providers who solve their broader spectrum of needs. Therefore, services today, including banks need to make a choice; solving functional needs by utilizing vertical expertise, or transforming to adopt a more platform-based approach which makes them customer owners, able to solve broader lifecycle needs. This choice will determine whether banks become utilities or evolve to the ‘everyday bank and customer owner’ by collaborating with a host of partners and creating broader ecosystems.
Why Banking-as-a-Service?
True customer-centricity dictates that banks adapt to changed and changing customer expectations both retail and corporate. Customers have become accustomed to receiving multiple services through one window. While there are numerous challenges in the form of changing competition and technology, studies show that banks have retained the most important asset of all – customer trust. The opportunities for banks lie in the fact that customers still turn to or consider them to solve some of their most important lifecycle needs – big purchases, education, savings planning in the personal space, and similarly for corporate customers, to start a new business, expand or manage global operations.
Banks are increasingly realizing that the future lies in being customer owners and have started building ecosystems or engaging in ecosystems necessary to provide holistic value to the customer. While the customer is firmly in the center, collaboration with other partners within such ecosystems is crucial to ensure agility and sustained growth. Be it banks, fintechs or big techs, the future clearly lies in systems of collaboration since each has its own strengths and weaknesses. The benefits of such partnerships are in the endless potential to co-innovate and create solutions which solve specific customer lifecycle needs.
How Does Our Banking-as-a-Service Solution Help Banks?
SunTec Xelerate is an enterprise-wide, agile, scalable and secure digital layer which can integrate seamlessly with core systems, consolidating valuable customer and product data necessary for co-innovation. It engages with the different internal customer-facing systems, and external partner systems and channels in real-time to enable banks to become the customer owner and a platform player. Our API-based systems talk to and work across multiple systems without any disruption to core systems. Xelerate acts as the ideal partner management system, seamlessly managing ecosystem partners based on parameters like products, partners and pricing among others, automating a lot of them, along with tracking and analysis capabilities.
Co-innovate
Use the centralized solution to effectively collaborate with and extend innovative offerings with partners, and precisely meet customer lifecycle needs
Drive Revenue
Create new business models and monetize internal and external ecosystems to open-up new sources of revenue
Stay Relevant
Offer wider choice to customers by offering partner products and services as standalone or bundled offerings
Simplify and Optimize
Easily manage partners and partnerships and use analytics and insights to optimize offerings
Speed Up and Save
Easy integration and interoperability means accelerated time-to-market and reduced costs of creating and launching new offerings with partners
Configure Easily
Use easy-to-use drag and drop capabilities to rapidly create hyper personalized offerings, which include partner products and services
Automate
Facilitate rapid adoption of offerings and automatic enrollment and solution recommendations to the appropriate customer segments
Key Capabilities and Benefits
Enterprise-wide Innovation Layer
Utilize a centralized ecosystem management layer to design and launch innovative, personalized need-based offerings, orchestrating end-to-end experiences and trusted exchanges across the value chain consisting of internal and partner teams.
API-based Banking
Keep up with open banking and augment the ability to effectively engage with internal and partner applications without disrupting core systems and processes.
Partner Management
Manage partners, partner groups and hierarchies based on various parameters, define commitments and automate its tracking, and launch campaigns to drive and incentivize profitable partner behavior.
Pricing and Incentive Models
Create and implement innovative monetization, pricing, commission and incentive models, and manage and track their performance to adapt as necessary, ensuring effectiveness and profitability.
Analysis and Insights
Evaluate and track revenue, cost and profitability by partners, products and services among others and monitor overall performance to inform decisions and take any corrective actions.