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SunTec Business Solutions & TCS partner to implement enterprise pricing solution for Bancolombia

By Pavithra R

December 14, 2020

  • Colombia
  • Suntec
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SunTec Business Solutions, the relationship-based pricing and billing company, has partnered with TCS, to deploy its enterprise wide pricing solution,SunTec Xelerat on a SaaS model for Bancolombia.

Bancolombia is the largest bank in Colombia in terms of asset size and with presence across Colombia, as well as El Salvador, Puerto Rico, the Cayman Islands, Panama, Peru, and Guatemala. The cloud-ready, pricing solution is expected to solve Bancolombia’s requirements using its Xelerate platform, along with TCS as a strategic partner to run and manage the application for the bank on AWS public cloud. The centralized pricing solution is to be deployed in a phased approach to spread out investment and risk while augmenting their core system.

“Pricing is a strategic initiative across the bank. In these disruptive times, we were seeking a comprehensive customer-centric pricing solution to retain our rapidly growing customer base. With SunTec’s deep product and industry expertise in helping banks and financial services firms transform their product experience and innovation capabilities, we too look forward to enhancing client trust and loyalty. Further, we will depend on TCS’ contextual knowledge of our banking operations and understanding of the IT landscape that comes from implementing and managing multiple banking applications in LATAM and globally,” said María Cristina Arrastía Uribe, Business VP at Bancolombia.

Bancolombia has selected SunTec after an extensive evaluation for their strategic pricing program. Pricing is a critical aspect that helps banks enhance customer relationships and improve operational efficiency. The bank was looking to enable digital transformation, personalize the customer experience, facilitate self-serve and expand revenue streams through packaging/bundling, which triggered the imperative need to move from a product-centric to an agile, customer-first model. 

“We are delighted to commence the deployment of our flagship relationship-based pricing solution for Bancolombia to help the bank in their journey to a customer-centric engagement. We understand that banking and financial services firms are increasingly challenged by rapidly changing customer expectations, increasing competition, regulatory compliance, and cybersecurity risks. Once our solution is launched, Bancolombia will be able to enhance their customer and product experience by rapidly designing and launching products and bundles, innovative pricing models and reward customers based on their positive financial behavior. Bancolombia will now have a single source of truth for pricing thanks to SunTec’s pricing solution. The bank will further benefit from the cloud-first approach as it offers agility, flexibility, and cost-efficiency. This is a significant victory for us as it will give a boost to our expansion in the LATAM market,” said Nanda Kumar K, Founder & CEO at SunTec Business Solutions.

Established since 1990, SunTec Business Solutions helps clients increase the lifetime value of their customer relationships through effective revenue management and real-time customer experience orchestration with cloud-native, cloud-agnostic products. According to company data, the firm has more than 130 customers across 45+ countries.

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