Last June 16, 2022, Exist Software Labs, Inc. in partnership with YugabyteDB and DAON, held an online panel discussion entitled, “Fast Track: Digital Banking Trends in the Post-Pandemic Era”. The discussion talked mainly about the bank’s digitalization, digital security, & the preparedness of Philippine banking and financial industry technical infrastructure in scaling and technology flexibility to match the digital innovations.
Michael Lim, President & CEO of Exist welcomed the attendees of the discussion and provided them an overview of the objectives, the topics to be covered, and industry updates.
Post-Pandemic Digital Banking Innovations
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- What are the new innovations that the public can expect from Digital Banking?
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- A lot of consumers shifted from traditional to digital Banking but here in the Philippines, a big part of the population is still unbanked. How do you plan to reach the unbanked & underbanked?
- Readiness of Philippine Financial Infrastructure
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- Are Philippine Banks’ infrastructures scalable and flexible enough to match their digital innovations?
- Security in Digital Financial Platforms
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- During the pandemic era a rise in Digital Fraudsters, Hackers, and Phishing was observed, how does the BFSI sector address this concern?
Given that we have panelists that are industry leaders, participants of the event engaged to a great extent that made the discussion more interesting.
“In Exist, when building a software, security is part of it, especially when we are building banking application. The good news is, there are a lot of ways to do security, a lot of ways to predict threats around the infrastructure. Those are the things as an organization we provide and help our partners with.”
“We also worked with the regulators because the regulators become aggressive in allowing banks to open accounts with minimum documentation. Unbanked customers with no government IDs can open basic deposit account and customers can choose to bank without really having to present all these documentary requirements in the past.”
“We see the whole digital is nothing but about data – It starts with data & ends with the data”
“They said, “Data is the new oil” but it will not be of value if you will not be using it at the right time, at the right place, and at the right opportunity.”
“The whole idea is, it’s not about just moving to an infrastructure that provides scale and flexibility, but it’s about how do you utilize the data effectively to differentiate and provide personalized services is one of the key aspects and that is where the banks can actually be able to innovate much faster.”
While these attacks (hacking) are going up, username and password are just a first line of defense and what we, as a vendor suggest to our customers is to look for a multi-factor transaction journeys…It could be biometrics, use their fingerprints, use a voice for second factor authentication, or even sending notification on apps.”
“Banks would probably decrease but banking will always be there. There will still be physical branches but I think more and more banking app will be hidden behind other shopping or even travel apps.”
