Key Points:
- Banks are at a pivotal point of change and must choose between being commoditised by fintech players or embracing a strategy of co-opetition by integrating fintech offerings
- The Bank of 20XX is a new type of bank that takes a customer-first approach and focuses on an exchange of value in the supply chain
- SunTec Business Solutions helps banks create a supermarket for all of a customer’s needs by offering personalized services and transforming satisfaction into profit
- Overcoming legacy systems, adopting cutting-edge technologies like AI, and fostering a data-driven culture are key to success in the new banking model
- Building loyalty and preventing customer churn are critical goals for banks, and they can be achieved by offering products and services that meet customer needs
As banks face the challenges of technological innovation and changing customer expectations, they must decide on their strategic approach to navigate the future. Madhur Jain and Amit Dua of SunTec Business Solutions discuss the concept of “The Bank of 20XX,” a new type of bank that takes a customer-first approach and focuses on delivering value throughout the supply chain.
The Bank of 20XX recognizes that the traditional banking model, centered around products and internal processes, is no longer sufficient. Instead, the focus is on developing deep customer relationships and becoming a “lifestyle partner” that
