SunTec, the leader in revenue management and customer experience orchestration, announced the launch of Xelerate® Digital Core – an extremely low risk approach for banks to accelerate their Digital transformation journey, without having to replace their functionally stable legacy core systems.
Xelerate® simplifies the process by ‘hollowing out customer engagement functions’ from the core system and managing it as a horizontal cross-enterprise layer. These include product innovation capabilities, sophisticated customer data management, partner ecosystem and revenue management and pricing. With this approach, banks can quickly adopt new technologies, add more functionality and capabilities, offer customized products and enhance the customer experience. The goal is to transition from a product-based to an agile, customer-first organization.
This aligns with Forrester Vice President and Principal Analyst, Jost Hoppermann’s analysis on what banks need to do to succeed with Digital Transformation. In “The State Of Digital Banking Transformation, 2019” report, Jost advises “the digital banking transformation imperative has never been as relevant as today. Banks urgently need to move to a state-of-the-art application landscape. Without one, they will find it hard to do more than merely survive the next decade.”
Emphasizing on the simplicity of how this can be done, Nanda Kumar, CEO of SunTec, said “Our goal is help banks to de-link their digital transformation aspirations from the state of their legacy systems. Xelerate® equips banks with the agility and flexibility required to make their Digital Transformation plans a success. It allows banks to bring together different facets of technologies to create new customer experience”. Talking about the construct of Xelerate®, he explained “Our approach is simple – minimize risk, leverage existing infrastructure and equip banks to own the customer experience. Agility is the driving force of all digital transformation journeys and Xelerate® has been built to deliver on all the above parameters”.
SunTec has teamed up with Capgemini to bring personalized customer engagement solutions to global financial services clients with Xelerate® Digital Core. Anirban Bose, CEO of Capgemini’s Financial Services said, “SunTec is an important part of our evolving partner ecosystem as we seek to offer the most powerful and relevant offerings to meet the needs of our global client base. Xelerate® can be wrapped around legacy or modern infrastructures and enables banks to create customized lifestyle-based propositions, which is a key imperative for many of our banking clients as they seek to digitally transform”.
Colin Dinn, CTO of Siam Commercial Bank shared how SunTec is helping to achieve the bank’s goals. He explained “We asked ourselves how do we stay relevant to our customer? We saw Digital Transformation as an imperative that we had to follow very quickly. Our focus was to dissociate the customer experience from the system of records. SunTec Xelerate® has helped us move from a manufacturing architecture to an assembly architecture. We now have a mechanism that can bring new capability, blend it with our existing capability and then enhance it to our customer. What this means is that we can innovate faster and move a lot quicker”.