Indian private bank Yes Bank is using software from SunTec for revenue management and business assurance in its retail banking division.
Yes Bank, which is one of India’s largest private banks, will harness the software when creating new products and managing revenue streams.
After conducting a thorough evaluation process, the bank was attracted to features in SunTec’s Xelerate software that enable it to enhance customer experience.
"Partnering with SunTec gives us the ability to quickly develop new products and improve our existing offerings,” said senior group president for branch and retail banking at Yes Bank Pralay Mondal. “We are looking forward to working with SunTec to put our customer-centric business strategies into action.”
More on Indian banks:
SunTec also works with finance firms including Visa Europe, HSBC, ING, Mashreq, Standard Bank and American Express.
“The Indian retail banking sector is full of exciting opportunities, and we look forward to helping Yes Bank take advantage of them,” said SunTec CEO Nanda Kumar.
There is pressure on Indian banks to become more competitive and win more customers. In 2013, The Reserve Bank of India – which regulates the Indian financial sector – announced guidelines for new companies to enter the banking sector, which is leading to greater competition.
This, alongside the increasing penetration of broadband and the growth in smartphone use in India, is driving the development of IT-based services for consumers at banks.
According to Gartner, Indian banking and securities companies will spend 470bn INR on IT products and services in 2014, an increase of more than 10% from 2013. In 2012, 369bn INR was spent on IT.