Reported by: banking|Updated: January 15, 2021
Relationship-based pricing and billing company SunTec has come out with a study that shows 6 key trends for the global banking and financial sector in 2021. The company has identified the trends its conversations with its banking and financial services customers located around the world. Nanda Kumar, Founder and CEO of SunTec Business Solutions, said 2021 is going to be a very busy and transformative year for the banking and financial services industry around the world and banks will have to reinvent their business and revenue models on account of the recent disruption caused by the pandemic. A fallout has also been falling interest rates – in some countries going into negative – and tightening of the regulatory framework. The key trends identified by SunTec are: Asia will lead global recovery from the pandemic; banks will be forced to find alternate revenue sources; business models will see a significant change; remote collaboration will determine successful workplaces; partnerships will determine the future of banks; and fintechs, small banks and neo-banks will grow their foothold while also facing stiffer competition. Nanda Kumar said banks in India will have their tasks cut out in dealing with a rapidly evolving regulatory environment on top of ever-increasing competition. “We believe that they can position themselves well for success by ensuring an unwavering focus on value creation for customers, and on developing the ecosystem through partnerships, collaboration or even M&As,” he added.