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SunTec Banking-as-a-Service Solution

Deliver lifecycle experiences through an ecosystem of partners

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.

Why Banking-as-a-Service?

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:

  • Providers: who give access to core elements of the banking product and operations stack
  • Enablers: who unify the disparate elements into usable solutions
  • Distributors: who take the solution to the customers via proprietary customer channels

How Does SunTec Enable Banking-as-a-Service?

Legacy banking cores cannot scale up to deliver the agility and compute power required to operate BaaS models. An agile middle layer solution that can sit over the core is the answer for banks intending to deploy BaaS strategies.  SunTec Xelerate is an enterprise-wide, agile, scalable and secure digital layer which integrates seamlessly with core systems, consolidating customer and product data for co-innovation. Its API based infrastructure can handle every level in the growing spectrum of Business Model complexity.

SunTec Xelerate enables banks to explore BaaS models by providing a single unified data store and single store of value. It breaks down silos to connect disparate systems and deliver real-time insights that facilitate better decision-making. It allows banks to improve bundling strategies as well as facilitates bundling, unbundling, and re-bundling of a full ecosystem of products. With SunTec, banks can deliver a hyper-personalized banking experience with a focus on customer acquisition and interaction. Get the flexibility needed to customize the customer experience by removing silos. Further, as the lines between B2C and B2B banking blur, SunTec Xelerate can help manage multiple aspects of all ecosystems seamlessly.

Key Capabilities

SunTec Xelerate seamlessly manages foundational factors for BaaS Models:

Manage

  • Pre-defined product packages and offers for customers
  • Price governance across the marketplace using SLAs
  • End-to-end partner management
  • Partner contracts, with revenue sharing computation and settlement
  • Innovation with disruptive pricing models

Monetize

Leverage multiple monetization models:

  • Freemium
  • Pay as you go
  • Slab / tier-based
  • Fixed quota
  • Ecosystem model
  • Subscription model
  • Factors of medium, date/time, channel, payload etc.

Monitor

  • Customer and partner consumption patterns – volume, value, channel, partner, committed products
  • On-us and Off-us tracking
  • Revenue leakage and non-compliance of receivables from third-party providers (TPPs)
  • End-to-end invoicing and settlement process

Business Benefits

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

Rounding up the pulse of the industry as we go along.

Products That Enable this Solution

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