In an exclusive interview with ‘The Fintech Magazine’, Madhur Jain and Amit Dua of SunTec Business Solutions discuss the changing landscape of banking and the need for banks to adopt a customer-centric approach to remain competitive. They explain that banks have a choice between being commoditised by fintech players or embracing a strategy of co-opetition by integrating fintech offerings and focusing on customer experience. They emphasize the importance of understanding customer expectations at each stage of the customer lifecycle and leveraging technology to deliver personalized and value-driven services. SunTec Business Solutions offers relationship-based pricing and billing solutions to help banks achieve this.
The article also highlights the shift towards banking-as-a-service (BaaS) and the growing competition posed by non-banking businesses. It suggests that BaaS could eventually replace traditional banking as customers look for alternative financial products and services from non-financial brands. The article features examples of banks, such as HSBC and Bank of America, that are already adopting a customer-centric approach and exploring new revenue streams through partnerships with fintech providers. The importance of using cutting-edge technologies, such as AI, and fostering a data-driven culture to drive value and meet customer needs is also emphasized.
Overall, the article underscores the need for banks to adapt to the changing landscape of finance by prioritizing customer experience, embracing technology, and exploring new business models.
