SunTec will help financial institutions to seize the Open Banking opportunities created by the second Payment Services Directive (PSD2)

SunTec, a leading provider of customer experience orchestration and revenue management solutions to industry sectors including financial services and digital communication services sectors announced its ambitions for 2018, after a strong business performance in 2017.

The past year was unprecedented for SunTec as the organization was able to leverage the significant trends and disruptions that happened in some of the key markets. SunTec saw industry-leading customer growth figures by 62 percent year-on-year, and headcount growth by 17 percent. The exciting year was also marked by a key partnership with Microsoft Azure, the launch of its Open Banking Platform and its Open Food platform.

Over the last 10 months, SunTec won contracts for 23 new customers such as Amex Global Travel in the US to support their global billing needs, IndusInd Bank, AU Bank and RBL Bank in India to enable them with GST compliance and including customers in the GCC region, such as Al Hilal Bank, Sharjah Islamic Bank, United National Bank, Finance House, after the launch of its new VAT regulation.

Year 2018 promises to be an exciting year as disruptions like marketspace and open ecosystem pervades global financial services, telecoms or retail organizations. Organizations will need to be “Digitally Open”, as they move towards each other with the objective to derive value for every customer through open platforms and, if needed, own the whole end to end customer experience. Organisations are increasingly opting to collaborate with competitors or partners to provide the optimal service to the end user and other stakeholders in the ecosystem.

SunTec will help financial institutions to seize the Open Banking opportunities created by the second Payment Services Directive (PSD2). The implementation of the Open Banking will provide banks with an opportunity to own the entire customer journey by creating their own marketspace. To increase their chances of creating a successful marketplace, SunTec provides banks with a complete view of profitable partners and the value they would provide in tandem to customers. At a time when more personalised deals will retain loyalty, banks will invest more in analytics to gain a granular understanding of their customers’ behaviour.

Nanda Kumar, founder and CEO of SunTec, reflects on the year ahead and the importance of customer experience: “2018 will be the year of the enterprise ecosystem economy, because organisations now believe the way to truly thrive is to be digitally open and giving preference to collaboration over competition. As a result, SunTec is venturing into new industries such as logistics, healthcare, travel and evolving our technology to incorporate advanced data analytics into our products. However our belief that the customer should be at the centre still remains unchanged.”