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Leading Financial Industry Analyst cites Relationship-based Pricing as Key Competitive Advantage Factor for Banks

SunTec’s latest webcast featuring Gartner, outlines Relationship-based Pricing strategies for banks to succeed in today’s competitive environment

SunTec Business Solutions, the leading provider of relationship-based pricing and centralized billing solutions, presents expert insight from Gartner at that recommends how financial firms can use Relationship-based Pricing (RBP) to gain competitive advantage in today’s fiercely competitive environment.

With extensive experience in the financial arena, Susan Landry, a Managing Vice President at Gartner, oversees research and analysis efforts in the banking domain. In her webcast report, Landry explains how pricing is expected to have growing importance as a market differentiator and an even stronger correlation to profits for financial institutions over the next decade.

“Banks are facing three challenges in today’s market, which include consolidation, globalization and stiffening competition,” said Landry. “It’s this last issue, competition, where we see pricing take on a larger importance and legacy systems become particularly troublesome. By 2009, banks must have an architecture in place that supports price planning and execution, integrated pricing with sales and services, and provides pricing execution with statements,” added Landry.

Working with some of the largest retail, corporate and investment banking institutions across the globe, SunTec is the leading vendor empowering them with billing and pricing solutions that provides significant competitive advantage. SunTec’s TBMS-F provides a unified view of each customer and easily retrofits into existing IT infrastructure to automate the personalized offer process and provide every customer with services and pricing based on their total relationship with the bank.

“The significance of Relationship-based Pricing has been again underlined by Gartner,” said Nanda Kumar, President and CEO, SunTec Business Solutions. “SunTec was the first company to recognize the business transformational capabilities of Relationship-based Pricing for the financial services industry. We pioneered RBP and developed our flagship product Transaction Business Management System for Finance (TBMS-F) in 2000. TBMS-F is designed to address the Relationship-based pricing and centralized billing requirements of banks. Our work promoting this concept as the answer to a significant need of financial institutions continues, and is supported again and again by industry experts and our customers,” Kumar added.