Bancolombia Selects Enterprise-Wide Pricing System bySunTec

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Bancolombia Selects Enterprise-Wide Pricing System bySunTec

CFO Tech Outlook | Friday, December 18, 2020

SunTec Business Solutions Collaborated with TCS to launch an enterprise-wide pricing system for Bancolombia on a SaaS model.

FREMONT, CA: SunTec Business Solutions, the world's number one relationship-based pricing and billing software company, has joined forces with TCS for launch in Latin America (LATAM). It is the deployment of its enterprise-wide pricing system for Bancolombia on a SaaS model. By asset size and with a presence in Colombia, Panama, El Salvador, Puerto Rico, the Cayman Islands, Peru, and Guatemala, Bancolombia is the largest bank in Colombia.

SunTec will use its flagship Xelerate platform to introduce the cloud-ready pricing solution that is expected to address Bancolombia's needs, along with TCS as a key ally to run and operate the bank's application on a protected AWS public cloud. 

Bancolombia selected SunTec for its strategic pricing program after a thorough assessment. Pricing is a crucial factor that lets banks strengthen relationships with customers and improve operating performance. The bank sought to customize customer experience, encourage digital transformation, facilitate self-service, and increase revenue sources by packaging/bundling, making it necessary to move from a product-centric to an efficient, customer-first model. The centralized pricing solution will be implemented to distribute expenditure and risk while extending its core system.

Mar­a Cristina Arrast­a Uribe, Business VP at Bancolombia, said, "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 SunTecs 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."

Nanda Kumar K, Founder and CEO at SunTec Business Solutions said, "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 cyber security 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 SunTecs 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."

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