SunTec™ Digital Core

Digital transformation is much beyond just providing customers with attractive digital interfaces. A responsive and intelligent core is of prime importance for any digital interface to be useful for the customer and profit-making for the bank.

 

 

Banks today, in spite of having made significant investments towards a digital future, have not been able to reap the benefits of it. About 60% of banks cite lack of agility to support digital propositions and journeys, and the risks associated with decommissioning legacy as primary reasons for the failures.


SunTec Digital Core enables banks like yours to defy the Potemkin effect** of Digital Transformation and go from being just a digitised bank to a truly digitalised bank. The solution achieves this without a major overhaul of your bank’s existing core.

**as stated in “Aligning Financial Services Innovation With Investment”, June 2017, Forrester

 

Here’s how

Simplifying your Core

SunTec Digital Core acts as a central digital layer between the core back office systems, the customer touchpoints and the external partner ecosystem of your bank. It allows your bank to gradually phase out complexities of legacy core systems with inbuilt intelligence to drive and dynamically orchestrate complex business logic, workflows and processes across the multiple systems.

SunTec Digital Core enables your bank to focus on the customer-facing capabilities of the bank by decoupling the systems of engagement from systems of record, hence bringing in business agility and personalisation.

It enables personalised interactions at all digital touch points by bringing inbuilt intelligence into the systems of engagement of the bank.

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Ability to treat every customer as unique – Segment of One

The disparate large number of legacy back office core systems in traditional banks can considerably increase the time to launch new products. These systems were not designed to support dynamic real-time innovation. Most of the underlying business logic, being hard-coded, and information being disparate across multiple LoBs, limits banks from catering to the changing and unique requirements of customers. Therefore, banks end up pushing standard products irrespective of whether they resolve the requirement of the customer.
SunTec Digital Core, with its dynamic product variation capabilities, can enable your bank to overcome the challenges with catering to every customer as unique.

The ability to centralise products/services information, and pricing details across LoBs, coupled with underlying analytical capabilities, allows your bank to dynamically segment every customer in real-time and create personalised products, from standard base products at the core, thereby catering to the exact requirements and unique value of every customer.

Therefore, it allows your bank to truly move from being product-driven to customer-driven.

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Ability to drive customer engagement value

The legacy back office systems in banks are unable to demonstrate the intelligence required to seamlessly work with the new-age customer-facing applications that banks have invested in as part of their digital transformation initiatives. According to Forrester’s The US Customer Experience Index, 2018, a multichannel bank leaves USD 124 million on the table for every 1-point decline in its CX Index score.

SunTec™ Digital Core brings out the intelligence and agility required to personalise experiences by analysing multiple factors like past interactions across touchpoints, social listening, and so on.

The core system while still acting as the custodian of secure customer data, does not have to multi-task between backend batch operations and driving real-time customer-facing business logic for the bank. Bringing in SunTec Digital Core as the middle layer provides the customer-facing applications become responsive to deliver real-time omnichannel experiences and convenience for the customers, by extracting the business logic away from data core to the middle layer. Thereby,  it automatically drives up the customer experience index and engagement value.

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Ability to leverage partner ecosystems and drive ownership of the customer value chain

The new-age customers demand end-to-end transformational experiences. To achieve this organisations need to go beyond the functional and appeal to the emotional needs of the customer. Banks, being at the center of all financial transactions, are by design at a beneficial position to be able to own the customer value chain and drive engagement value. The successful banks of future will be ones who preempt customer expectations, irrespective of industry, and offer experiences making themselves one-stop-solution providers for all customer requirements, ranging from financial, lifestyle, business, daily essentials, and so on.

SunTec™ Digital Core can enable your bank to drive customer engagement and maximise revenue by becoming true value aggregators with the ability to manage, monitor and monetise collaborative partner ecosystems.

Partner collaboration and co-innovation provides the bank with the agility to create need-based end-to-end product packages that cater to the entire value chain of the customer, in real-time. SunTec Digital Core further drives revenue for your bank with comprehensive partner management capabilities that makes collaboration and innovative revenue share agreements with multiple partners seamless.

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To see how you can become a digitally transformed bank, get in touch with us now

Testimonials

300 million
end customers

15 billion
successful transactions

45 countries
and growing