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Banking digital transformation: 5 ways to enable future-ready payment experiences

Most banks embrace digital banking organically, often starting with ad-hoc projects driven by the business instead of being guided by a well-defined adoption strategy. However, over time, banks need to bring digital initiatives under a framework that unifies their different backend systems, employee workflows, and customer-facing experiences. 

Global businesses are seeking innovative solutions from their banks and fintech partners to make payments more instant, secure and transparent. The cross-border B2B payments market is expected to jump to a staggering $2,515 billion by 2030. It will be driven by global trade, borderless e-commerce, cross-border B2C payments, and more such emerging trends. The complete transaction value and merit of digital payments in the United States are estimated to reach $2,041.00 billion in 2023, and banking payment innovations will play a key role in catalyzing its growth.

However, whether any financial institution can reap the benefits of this trend will depend solely on its ability to leverage Open Banking APIs correctly. 

Is your bank’s modernization strategy equipped to handle change?

  • Every bank is exploring the best way to enhance payment experiences deployed through cloud banking operations
  • This requires specialized knowledge and expertise in integrating ‘plug-and-play’ Open Banking APIs in the right way
  • The right way implies coding and integrating new services that customers can access with faster processing times to make payments, transfer money, and receive payments. 
  • It also means architecting the most optimized IT infrastructure to enable new payment mechanisms with flawless clearing and settlement mechanisms

Enabling future-ready payment experiences also needs to cover customer payments and cross-border payments experiences. 

Powered by modular designs and extensible API integration expertise, you need to supplement legacy payment solutions with new payment methodologies.

Using our modernization capabilities and knowledge of next-gen integration frameworks, we can help you deliver transformative payment services. Also, our end-to-end ability to code, develop, test, and integrate new payment experiences can drastically reduce go-to-market time.

Here’s how we are driving banking digital transformation and enabling new-age payment experiences:

Connecting disparate systems within the bank’s legacy infrastructure

By transforming the legacy bank’s infrastructure management without impacting day-to-day operations, we enable new fintech services to directly connect with the bank systems. In addition, by connecting disparate systems across the bank’s ecosystem, we can make data exchange faster and automate manual processes. Automation-powered processing transforms how banks issue loans, cards, deposits, payments, etc. 

Boosting customer loyalty and experience with new payment-enabled services

Using our highly functional Open API integration layer, banks are enabling global connectivity to any external party. The Open API integration is helping them onboard new partners and new-age digital services that customers want. Our experts are enabling intelligent payment management across the entire payments lifecycle by identifying the right framework. We are improving transparency and driving customer loyalty by removing all barriers to end-to-end payment processing.  

Providing convenience driven by security to bank employees and customers

Our banking domain expertise standardizes how employees and customers use various applications to get through their payment processing needs. To do so, we make sharing complex and confidential data more secure across the banking ecosystem. In addition, the banks can now bring alive low-cost automatic smart routing of payments delivery to various channels based on API integration that understands business rules.

Automating payment workflows and saving resource cost

By automating payment processing workflows, banks are radically reducing their resourcing costs. Our banking clients can now automate manual processes that require multiple exchanges of hands in accessing reports, requesting status information, evaluating requests, and routing to other concerned departments. While automating workflows, the bank can make its workforce more productive and deliver new remote banking experiences to customers. At Sun Technologies, we have partnered with Workato to enhance our capabilities in integrating world-class solutions into our Banking customer’s technology ecosystem.

Enhancing visibility and transparency in cross-border payments

Financial institutions urgently need to help their valuable corporate customers with diversified settlement mechanisms and payment options. With our API integration expertise, they can do so without the burden of complex, technical overheads. Moreover, with our integration expertise, we help them partner with local banks to leverage local clearing rails and complete cross-border payments to enhance the beneficiary and sender experience. 

Why choose Sun Technologies as your digital banking transformation and automation integration partner?

By helping banks integrate API-based solutions, we are assisting banks in connecting systems, applications, and data sources so that payment transformation becomes smooth. With innovative modern methodologies (for example – Low Code / No code technologies), we are optimizing mortgage processes, payment methods, and financial management systems for some of the world’s top banking change makers. Sun Technologies’ digital banking CoE has emerged as a trusted partner for modernizing legacy payment systems across banks of all sizes. We are helping them implement payment solutions that help them to stay relevant to customers who expect remote, secure, and faster access to make and receive payments.

Sun Technologies has a highly skilled IT professional team with expertise in digital banking transformation projects. As some digital banking transformations might be complex, we help them by offering comprehensive risk evaluations and putting best practices into place to lower the possibility of failure with minimize risks. Moreover, the project ecosystem is a design of advanced infrastructure, software, and hardware implementations.

Sun Technologies has delivered payment solutions for leading banks to drive sustainability transformation:

• Up to 70% reduction in security risks

• Increase in customer satisfaction index to 80% 

• Increase in ease of accessibility by up to 40%

• Impacting 10K users through digital banking initiatives 

• Improvement of data privacy protection for all stakeholders by up to 99.99%

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