Service Industries will Collide and Converge in 2016

SunTec foresees service sector upheaval and the advent of the Middle Office

London, 28th April, 2016: SunTec, a leading provider of revenue management and business assurance solutions, today predicted the beginning of profound changes in 2016.

“Over the next 12 months, the service sector of the economy is going to see radical upheaval as the lines between once distinct industries, such as telecoms, finance, utilities, insurance and public administration, continue to blur,” said Nanda Kumar, President and CEO of SunTec Business Solutions. “As connectivity permeates into every corner of the economy, players in the service industries are increasingly going to enter into partnerships with each other to deliver the sophisticated Internet of Things and smart city solutions that their customers will demand.”

In 2016, the Internet of Things is going to complete its evolution into a two-way phenomenon, enabling the best service providers and their partners to responding precisely and proactively to the behavior and needs of their customers. To keep pace with these front-runners, service providers are going to need be able to quickly analyze and act on real-time data from many different sources. Whereas service companies used to divide their operations between the Front Office (sales and customer care) and the Back Office (everything else needed to manage the business), they now need a Middle Office that can mediate between the multiple channels, partners and internal back offices, and enable all of these to flex and evolve.

“Implementation of an effective Middle Office will have profound implications for leading service providers, akin to switching from 2D to 3D, or monochrome to technicolour,” added Nanda Kumar. “They will be able to pinpoint customers’ requirements and spin on a sixpence, pulling in partners from adjacent industires and their assets, as required.”

As a cross-industry player with major customers spanning the financial services, telecoms and utilities industries, SunTec has developed the kind of flexible and responsive Middle Office solutions that service companies now need. Already widely-used by leading financial service companies, its Xelerate Digital Services suite is increasingly being adopted by communication service providers (CSPs) and utilities. An industry-agnostic platform, Xelerate is well suited to enabling all kinds of service companies to fully harness the potential of digital technologies to build deeper, stronger relationships with customers.

About SunTec

SunTec Business Solutions is the leading provider of revenue management and business assurance solutions to financial services and digital and communications services industries. With deployments in 58 countries, an end-to-end revenue management solution and an award-winning product suite, SunTec is a trusted partner of the world’s leading service providers. SunTec has its headquarters in India and offices in USA, UK, Germany, UAE and Singapore.

SunTec’s Xelerate™ product suite empowers the clients to create real-time personalised offerings to improve profitability and customer experience while optimising customer lifetime value. The product suite enables service providers to develop, launch and monetise innovative offerings quickly. Xelerate has helped create products and services for over 300 million end-customers today.

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