Axis Bank, partnered with SunTec to consolidate its disparate billing silos, and centralize and streamline the pricing and billing processes, as part of its commitment to deliver continuous value to customers. The solution will further help Axis Bank create personalized product packages or bundles and manage fee billing for Payment and Cash Management, while having a unified view of its customers.
"SunTec's solution allowed us to consolidate all our home grown billing-processes. This improved our efficiency in handling the very complex billing function. We deployed the solution in two separate phases for our current accounts, cash credit accounts and savings bank accounts. Going forward, we aim to leverage SunTec features like relationship based pricing and bill modelling. The implementation was remarkably quick," said Subhakanta Satpathy, Axis Bank.
SunTec's implementation project for Axis Bank was spread over two different stages. Stage-1 saw SunTec's solution being implemented for the bank's Current and Cash Credit Accounts, which were on a monthly billing cycle. The project began in March 2007 and was completed in July 2007. After this, SunTec's RBP solution was implemented for their Savings Bank Retail Accounts (Quarterly Billing) and the project was completed by December 2007.
"Axis Bank is our second banking services client in India, after ICICI Bank. We are proud to have two of the best banks in the country as our customers," said Rajesh Narasimhan, Vice President Sales - BFSI, APAC of SunTec.
"We are happy that SunTec could meet Axis Bank's expectations in the stipulated time," said Nanda Kumar, CEO, SunTec. "With an ever-growing customer base like that of Axis Bank, it gets more challenging by the day to deliver consistent and personalized customer experience across every interaction channel. We are proud that they banked on us to deliver on this count."
About Axis Bank
Axis Bank (formerly UTI Bank) was among the first of the new private banks to have begun operations in 1994, after the banking sector in India was thrown open to private players. The bank now owns a network of more than 600 branch offices and extension counters, and one of the largest ATM networks in the country. Today, it is the fifth largest Indian bank by market capitalization and has strengths in both retail and corporate banking.
SunTec is a fast-growing, customer-centric, Relationship-based Pricing and convergent billing solutions company that offers transaction value management solutions for communications, media, entertainment (CME), banking, financial services and insurance (BFSI), and utilities industries. SunTec's product suites and services, TBMS-T for CME, TBMS-F for BFSI, and TBMS-U for utilities, provide comprehensive solutions for measuring and monitoring transaction value, and enabling maximum control of profitability. SunTec is a SEI CMM Level 5 certified company and its client list includes Comcast (NASDAQ: CMCSA), Cable One, Batelco, BSNL and HFCL, ICICI Bank (BSE NSE: ICICI; NYSE: IBN), HSBC (LSE: HSBA; NYSE: HBC), ING Bank (NYSE: ING) and Lloyds TSB (LSE: LLOY).