To meet the challenges of increasing competition, stringent regulations, and other macro-economic factors impacting the sector, banks must transform to put the customer at the very core of everything. At the same time, banks must serve larger customer bases at lower costs to open new revenue streams and increase consumption of banking services through non-banking channels.
As customer-centric strategies rule the roost, the business of banking is moving out of the exclusive realm of banks and into a comprehensive ecosystem designed to meet customer requirements and help banks grow revenues. Technology, of course, is the key driver of such integrated banking ecosystems and plays a critical role in enabling providers, enablers, and distributors of new banking models.
Banking-as-a-Service (BaaS) helps bring personalized, customer-centric offerings to market faster. Banks can expand footprint and connect with new demographics to solve broader lifecycle needs and evolve into the ‘everyday bank and customer owner’ by collaborating with a host of partners.
BaaS offers some significant benefits by way of reduced time and cost of offering new, innovative solutions using the partner ecosystem. From better monetization opportunities to creating additional revenue streams, BaaS can help enhance customer loyalty. The model allows banks to focus on their strengths and bolster their weaknesses for future growth.
As BaaS matures and evolves further, there is a need for robust technology platforms that can work with:
SunTec Xelerate seamlessly manages foundational factors for BaaS Models:
Leverage multiple monetization models:
Centralize products and services and enable relationship banking
Effectively engage with internal and partner applications without disrupting core systems
Drive customer engagement with innovative, personalized need-based offerings, orchestrating end-to-end experiences
Respond to the next big thing quickly, without disruption