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Mobile Internet Banking: Empowering Rural Banks Through Digital Innovation
Mobile Internet Banking: Empowering Rural Banks Through Digital Innovation 839 630 Exist Software Labs

Over the past years, the Philippine banking industry has witnessed rapid technological advancements. Research highlights that adopting technologies such as Mobile Internet Banking has significantly reduced operational costs for both banks and their customers (Baabdullah et al., 2019).

The push towards digital transformation has been particularly emphasized for rural banks, which play a vital role in delivering financial products and services to rural and agricultural communities.

During the Rural Bank Strengthening Program (RBSP) Technology and Innovation Forum held on May 31, 2024, at the Bangko Sentral ng Pilipinas (BSP) Head Office in Manila, BSP underscored the necessity of digital transformation for rural banks. This initiative aims to enhance rural banks’ operations, capabilities, and competitiveness, recognizing their crucial role in the financial ecosystem.

At Exist Software Labs Inc., we are committed to empowering rural banks to Go Digital, Go Inclusive, ensuring that every individual, or “EveryJUAN,” is included in the digital financial revolution. Our mission aligns with creating a more inclusive financial landscape where Mobile Internet Banking is accessible to all.

Empowering Rural Banks Through Digital Innovation

Our Mobile Internet Banking solutions provide the flexibility to customize mobile banking platforms to meet client needs without compromising security, scalability, or cloud-readiness. Using a universal set of integration connectors, MIB can seamlessly integrate with existing cornerstone banking systems, enabling rural banks to transition smoothly into digital finance and compete effectively in the modern banking landscape.

Mobile Banking, Made Easy!

Exist Software Labs Inc. offers comprehensive Mobile Internet Banking for Rural Banks Solutions with three distinct suites designed to cater to various banking needs:

Mobile Internet Banking – Lite 

Our cost-effective solution offers essential Mobile Internet Banking features at a budget-friendly price point. It’s ideal for rural banks looking to introduce digital services without significant upfront investment.

Mobile Internet Banking – Standard

This baseline solution provides all the necessary features for large-scale establishments, tailored to meet the standard demands of Mobile Internet Banking. MIB Standard is perfect for banks that require a robust, scalable platform.

Mobile Internet Banking – Enterprise

Our most advanced solution, MIB Enterprise, comes equipped with features that go beyond the standard requirements. It is perfectly matched for financial institutions with innovative and ambitious capabilities.

What’s In It for You?

Adopting Mobile Internet Banking offers several benefits:

  • Gain New Customers: Attract a broader customer base by offering convenient, accessible digital banking services.
  • Competitive Edge: Stay ahead in the competitive landscape with advanced digital solutions that meet evolving customer expectations.
  • Omnichannel Platform: Provide a seamless banking experience across various channels, ensuring customer satisfaction and retention.
  • Sizeable Platform: Scale digital banking operations efficiently with a platform designed for growth.
  • Banking Convenience: Enhance customer experience with easy-to-use mobile banking features.
  • Online Onboarding: Simplify customer acquisition with a streamlined online onboarding process, reducing the need for physical branch visits.

The future of rural banking lies in embracing digital transformation. With Exist Software Labs Inc.’s Mobile Internet Banking solutions, rural banks can revolutionize their operations, enhance service offerings, and ensure “EveryJUAN” is included in the digital financial ecosystem.

Together, let’s build a more inclusive, digital future for rural banking in the Philippines.

#ExistInDigitalBanking #ExistInInclusiveBanking

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    Innovative, Transcending,Inclusive: The Tomorrow Of Rural Bank In The Philippines
    Innovative, Transcending,Inclusive: The Tomorrow Of Rural Bank In The Philippines 839 630 Exist Software Labs

    In an era driven by innovation, the pursuit of fulfillment and immediacy has shifted towards digital presence. It’s not just about following trends; it’s about staying ahead and embracing forward-thinking, a game changer for Rural Banks in the country.

    In recent years, banking in the Philippines has undergone a transformative journey propelled by innovation and technology. This shift marks a significant evolution from traditional banking practices, bringing about numerous benefits and highlighting the importance of staying current in today’s digital age making it possible for more Filipinos to shift towards advancement and the opportunity of fast banking transaction compared in the past.

    The demands of consumers are intensifying, especially as the youth of yesterday become today’s market leaders. These tech-savvy individuals possess empowered purchasing power, and their innovative and forward-thinking nature defines them as modern consumers. Three-quarters of the population has internet access, and mobile penetration is nearly universal. The Philippines has one of the fastest population growth rates worldwide, and the bankable population is projected to rise from 65 million in 2022 to 85 million by 2030—a 30 percent increase. (Projection from World Bank as of December 2022).

    This movement has opened a big picture for Rural banks in the country, considering their reach and services offered compared to big banks available in their areas. Hence, it’s not a bottle neck but an upgrade point to consider in terms of services, and offerings they can offer to their clients.

     

    Key Points:

    Technological Advancements
    The integration of cutting-edge technology in banking has revolutionized how financial services are delivered. Mobile banking apps, digital payment systems, and AI-driven customer service are reshaping the customer experience, making financial services more accessible and efficient, prioritizing the banking opportunity even for those unbanked.

    Access to Financial Services
    Historically, rural areas have faced challenges in accessing basic financial services due to geographic isolation and infrastructure limitations. Innovations such as mobile banking have bridged this gap, allowing rural populations to participate more fully in the formal financial system and allowing them to serve the underserved population.

    Financial Inclusion
    Empowering rural communities through innovative banking solutions promotes financial inclusion, a key driver of economic growth and poverty reduction. By providing access to savings accounts, credit facilities, and insurance products, rural banks contribute to enhancing livelihoods and fostering local development. This also allows those who are in remote areas to access their bank real time especially those who receives remittances from their loved ones far from them.

    Cost Efficiency
    Digital banking reduces operational costs for rural banks by minimizing the need for physical infrastructure and personnel. This efficiency enables banks to offer competitive interest rates and lower fees, making financial services more affordable and attractive to rural customers. Aside from this, it also empowers customers to create an account, giving them the opportunity to open a bank account in the comfort of their homes or wherever they are.

    Adaptability and Resilience
    Staying abreast of technological advancements is crucial for rural banks to remain competitive and resilient in an increasingly digital marketplace. Embracing innovation allows banks to adapt to changing customer preferences and regulatory requirements swiftly. This is an advancement opportunity, allowing banks to be Empowered, Inclusive and adaptable to Incremental change.

     

    Benefits:

    Enhanced Accessibility: Rural populations gain convenient access to banking services without the need to travel long distances.

    Improved Efficiency: Digital platforms streamline banking operations, reducing paperwork and processing times. Greater

    Financial Literacy: Educational resources integrated into digital platforms help rural customers make informed financial decisions.

    Economic Growth: By facilitating savings, investment, and entrepreneurial activities, rural banking contributes to local economic development.

     

    Importance of Staying in the Now

    In today’s interconnected world, being digitally present isn’t merely a trend but a necessity for rural banking institutions. It signifies their commitment to innovation, customer-centricity, and sustainability. Staying in the now ensures that rural banks remain relevant and effective in meeting the evolving needs of their communities. It also positions them as leaders in driving financial inclusion and fostering economic empowerment across rural landscapes.

    In conclusion, the future of rural banking lies in its ability to innovate and transcend traditional boundaries. Embracing technological advancements not only enhances service delivery but also empowers rural populations, paving the way for a more inclusive and prosperous future.

     

    Join our movement where NOJuan is left behind.
    Go Digital, Go Inclusive: Every JUAN Included
    A Drive to Digital Financial Inclusion.

     

    #WeExist
    #ExistinDigitalBanking
    #ExistinInclusiveBanking

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    Paradigm of the Next-Gen Banking: The Era of Neobanks
    Paradigm of the Next-Gen Banking: The Era of Neobanks 839 630 Exist Software Labs

    A new player has emerged, poised to go above and beyond Traditional Banking models and redefine the way we manage our finances. Enter the Era of Neobanks – Digital-first, Customer-centric Financial Institutions that are set to lead the Paradigm of the Next-Gen Banking.

    Delving into the Neobank Phenomenon

    Neobanks, also known as Challenger Banks, are redefining the banking experience with their seamless digital platforms and innovative services. These agile newcomers leverage cutting-edge technology to provide customers with a range of financial solutions tailored to their needs, all accessible at the touch of a button.

    The Revolutionary Role of Neobanks

    In a world where convenience reigns supreme, Neobanks are quickly gaining traction for their user-friendly interfaces, personalized offerings, and competitive rates. By eliminating the overhead costs associated with brick-and-mortar branches, these digital liberators are able to pass on the savings to customers in the form of higher interest rates, lower fees, and enhanced rewards programs.

    Some of the Neobank Giants in the Philippines such as Tonik, GoTyme Bank, Maya Bank (and more) are democratizing access to financial services, catering to a diverse range of customers, including millennials, freelancers, and small businesses. With features such as instant account opening, real-time transaction tracking, and AI-powered financial advice, Neobanks is empowering individuals to take control of their finances like never before.

    One of the most significant contributions of Neobanks to the banking and financial industry is their role in promoting financial inclusion. By leveraging technology to reach underserved populations, including the unbanked and underbanked, Neobanks are bridging the gap and providing access to essential banking services to those previously excluded from the traditional banking system.

    Through partnerships with Fintech companies and innovative solutions such as mobile wallets and peer-to-peer lending platforms, Neobanks is expanding its reach and making financial services more accessible to marginalized communities worldwide. This inclusive approach not only benefits individuals but also stimulates economic growth and fosters social development.

    Banks’ Digital Storefront: Mobile Internet Banking (MIB)

    In the face of the rising popularity of Neobanks, traditional and commercial banks can leverage Mobile Internet Banking (MIB) to stay competitive. By focusing on innovation, convenience, and personalized experiences, Mobile Internet Banking can keep up with Neobanks by offering features such as:

    1. Seamless User Experience
    Streamlined interfaces and intuitive design for easy navigation and transactions.

    2. Advanced Security Measures
    Robust security protocols, including biometric authentication and encryption, to safeguard customer data.

    3. Personalized Financial Management
    AI-driven insights and budgeting tools to help customers manage their finances effectively.

    4. Quick and Convenient Services
    Instant fund transfers, bill payments, and account management functionalities, accessible anytime, anywhere.

    5. Integration with Fintech Solutions
    Partnerships with fintech companies to offer innovative services such as digital wallets, investment platforms, and peer-to-peer lending.

    6. Continuous Innovation
    Regular updates and enhancements to adapt to changing customer needs and technological advancements.

    By embracing these strategies, Mobile Internet Banking can keep pace with Neobanks and  reinforce the relationship between traditional banks and their customers, providing a seamless and secure banking experience tailored to modern lifestyles.

    Need a reliable Mobile Internet Banking (MIB) Solution that is Customizable, Scalable, Secure, and Cloud-Ready?

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    Takeaways

    The rise of Neobanks represents a seismic shift in the Banking and Financial Industry, with far-reaching implications for customers, businesses, and society as a whole. By harnessing the power of technology and prioritizing customer experience, Neobanks are redefining the way we think about banking and setting new standards for innovation and inclusivity.

    As we navigate the complexities of an increasingly digital world, embracing the Neobank revolution is not just a choice but a necessity for traditional banks and financial institutions looking to thrive in the digital age. Together, let us grasp the future of banking, where convenience, accessibility, and innovation converge to create a more inclusive and equitable financial ecosystem for all. Gone are the days of lengthy queues and cumbersome paperwork!

    Begin your Digital Banking Journey today!

    Learn more about our Digital Banking Solutions that are Secure, Scalable, Connected, Cloud-Ready, and Flexible!

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    The New Age of Banking: Voyaging through Digital Banking Asia Summit 2024
    The New Age of Banking: Voyaging through Digital Banking Asia Summit 2024 839 630 Exist Software Labs

    Pasay City, Philippines – Embarking on the New Age of Banking, Digital Banking Asia Summit 2024 emerged as a beacon of innovation and Asia’s flagship leadership summit for Bank CXOs and Fintech Disruptors. Held on March 13, 2024, at the esteemed Manila Marriott Hotel and co-presented by Escom, this landmark event brought together visionary leaders, industry experts, and trailblazers from across the Philippines. As Exist, Software Labs Inc. joined as one of its’ sponsors, supplementing the core vision of the event is incredibly certain, exploring the cutting-edge trends, challenges, and opportunities shaping the future of Banking and Financial landscape.

    The Digital Banking Revolution

    Discourse and Panel Discussions

    1. Charting the Digital Transformation Landscape: Banking CEOs’ Top Priorities in Asia
    Discussed by:

    • Sumit Kumar – Managing Director and Partner at BCG
    • Paolo Salcedo – Head, Virtual Banking at Maybank
    • Greg Krasnov – CEO & Founder at Tonik Bank
    • Nate Clarke – CEO at GoTyme
    • Sushreem Jadhav – BFSI Practice Lead at Collabera Digital Philippines
    • Colin Kum – APAC Market Director at Mambu

    2. Customer Feedback and Continuous Improvement: Using Voice of the Customer (VoC) to Drive Innovation
    Discussed by:

    • Vicky Salas – Partner at SGV (Moderator)
    • Dan Ramirez – Senior Vice President, Head of Transformation Office; Office of the Chief Operating Officer at ING Bank
    • Lion Gacad – Chief Experience Officer at Gotyme Bank
    • Mica Diaz de Rivera – UX Strategy and Design Head at Metrobank

    3. The Role of AI and Machine Learning in Shaping the Future of Finance
    Discussed by:

    • Gilbert Trinchera – Partner at KPMG
    • Sara Ann Venturina – Chief Data Officer at GCash
    • Kenneth Catugas – Head of IT at ING Bank
    • Esel Madrid – SVP and Head of Data Science & AI Center of Excellence at Security Bank
    • Durjoy Patranabish – Vice President, Business Development at Tiger Analytics
    • Vijesh Kishore – Chief Revenue Officer at SnapWork Technologies

    4. Cybersecurity in Financial Services: Protecting Data and Building Trust
    Discussed by:

    • Mark Anthony Almodovar – Risk Assurance, Cybersecurity and Privacy Executive Director at PwC
    • Marlon Sorongon – Chief Information Security Officer at Maybank Philippines
    • Carlos Tengkiat – Chief Information Security Officer at RCBC
    • Akbar Senior Motani – CEO at DPM
    • Ryan Pahignalo – Head of Compliance and Monitoring Services at Digido Finance Corp.
    • Hung Wong – Vice President, ICT Solution & Partnership at HGC Global Communications

    Can't wait to begin your Digital Banking Journey?

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    Explored Key Topics

    1. AI, Data & Automation
    The summit delved into the transformative power of artificial intelligence, data analytics, and automation in reshaping the banking landscape. Discussions centered on harnessing AI-driven insights to enhance customer experiences, optimize operational efficiency, and drive sustainable growth in the digital era.

    2. Transformation for Traditional Banks
    Amidst rapid digitization, traditional banks are navigating a paradigm shift towards agility, innovation, and customer-centricity. Sessions at the summit explored strategies for traditional banks to embrace digital transformation, foster innovation, and remain competitive in an evolving market landscape.

    3. Cyber Security, Fraud & Identity
    With the proliferation of cyber threats and financial fraud, safeguarding customer data and ensuring robust security measures are paramount. The summit addressed the latest advancements in cybersecurity, fraud detection, and identity verification technologies, highlighting the importance of proactive risk management and compliance.

    4. Open and Embedded Finance
    The rise of open banking and embedded finance presents unprecedented opportunities for collaboration and ecosystem integration. Industry leaders discussed the potential of open banking frameworks, API-driven innovation, and embedded finance models to drive financial inclusivity, accessibility, and innovation.

    5. Diversity & Financial Inclusion
    Promoting diversity, equity, and inclusion is essential for fostering a more inclusive financial ecosystem. Sessions at the summit explored strategies for advancing financial inclusion, empowering underserved communities, and leveraging diversity as a catalyst for innovation and growth.

    6. Fintech & Partnerships
    Collaboration between traditional financial institutions and fintech disruptors is reshaping the future of finance. The summit explored emerging fintech trends, partnership opportunities, and collaboration models driving innovation, agility, and customer-centricity in the digital age.

    7. Payments Innovation
    The payments landscape is undergoing rapid transformation, driven by digitalization, mobile technology, and changing consumer preferences. Discussions at the summit centered on payments innovation, digital wallets, real-time payments, and the future of frictionless transactions in the digital economy.

    8. Seamless Experiences
    In an era of heightened customer expectations, delivering seamless and personalized experiences is imperative for driving customer engagement and loyalty. The summit explored strategies for creating frictionless omni-channel experiences, leveraging data-driven insights, and delivering hyper-personalized services.

    9. ESG and Sustainability
    Embracing environmental, social, and governance (ESG) principles is no longer a choice but a strategic imperative for financial institutions. Sessions at the summit emphasized the role of sustainable finance, responsible investing, and ESG integration in driving long-term value creation and societal impact.

    Takeaways

    The Digital Banking Asia Summit 2024 served as a catalyst for innovation, collaboration, and thought leadership, setting the stage for a future where financial services are more inclusive, accessible, and sustainable. And with Exist Banking and Financial Services Solutions, you can effectively navigate these complexities of a rapidly evolving digital landscape, the insights, connections, and strategies forged at this summit that will undoubtedly shape the future trajectory of banking and financial services, not only in the Philippines, but across Asia Pacific region and beyond.

    Begin your Digital Banking Journey today!

    Learn more about our Digital Banking Solutions that is Secure, Scalable, Connected, Cloud Ready and Flexible.

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    2024 Vision: Embracing Trends Reshaping the Digital Banking Sphere
    2024 Vision: Embracing Trends Reshaping the Digital Banking Sphere 1300 972 Exist Software Labs

    In 2023, the digital banking sphere witnessed a dynamic evolution, marked by technological advancements and trends reshaping the norm, changing consumer behaviors, and industry-wide innovations. Financial institutions across the globe embraced digital transformation to enhance customer experiences, streamline operations, and stay competitive in the rapidly evolving market.

    As we are approaching 2024, the world of banking is undergoing a transformative journey fueled by both emerging and subsisting technological advancements. In this article, we’ll embark on an exploration through the cutting-edge trends reshaping the digital banking sphere this year, attainable through various Banking and Financial Solutions.

    Here are the 7 Digital Banking technologies you need to look out for this 2024.

    1. Open Banking

    We understand that staying ahead in the fast-evolving financial landscape is crucial for a business’s success. That’s why tackling the transformative world of Open Banking – a game-changer that goes beyond traditional financial services is a vital part of 2024. Open Banking is a system that allows third-party financial service providers to access and interact with a user’s financial information, with their consent. It’s a data-sharing framework that aims to enhance financial transparency, promote competition, and enable the development of innovative financial services.

    (See the infographic below)

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    2. Digital Fraud Prevention

    Since digital onboarding for consumers is now the norm in the majority of financial establishments to easily enroll their users remotely, and major threats like identity theft, financial scam, and fraud are always on the block, It is essential to find a reliable eKYC solution to effectively enforce both identity verification and fraud prevention.

    Jumio is an end-to-end eKYC Platform that helps banks to have automated identity proofing, eKYC, and Transaction Monitoring. From onboarding to monitoring, they build trust based on your terms.

    *Jumio is one of the technology partners of Exist Software Labs, Inc. (Learn More)

    3. Generative AI

    Artificial Intelligence is one of the predominant factors in technological advancement. This technology has significantly transformed the digital banking and financial industry by introducing innovative solutions, improving operational efficiency, and enhancing customer experiences. Specifically, the influence of FinTech and the application of Generative AI on Chatbots is expected to grow this year through banking technology, such as apps and other online money services, which could produce new revenue streams through customer service improvements, targeted marketing, enhanced analytics & decision making capabilities, and more.

    4. Blockchain Progression

    Blockchain technology refers to a decentralized and distributed ledger technology that revolutionizes the way financial transactions are recorded, verified, and executed. It operates on a peer-to-peer network of computers, where each participant (node) has a copy of the entire blockchain, ensuring transparency and security. Blockchain can potentially transform various aspects of the banking and financial industry, from traditional banking operations to enabling new financial products and services. Its adoption is driven by the pursuit of greater efficiency, security, and innovation within the financial ecosystem.

    5. Neobanking

    Neobanking refers to a type of digital banking model that operates exclusively online, without traditional physical branches. Neobanks are typically fintech startups or digital-only financial institutions that offer banking services entirely through mobile apps or web platforms. They leverage technology to streamline processes, enhance user experiences, and offer innovative financial products and services.

    As this technology continues to evolve, its impact on the broader banking sector is likely to grow, influencing the way people manage their finances worldwide, providing innovative and user-friendly solutions, enhancing accessibility, and driving positive changes in the financial services industry.

    6. Banking Process Automation

    Banking process automation is crucial for modernizing banking operations, improving efficiency, and providing a more agile and customer-centric banking experience. It allows financial institutions to stay competitive in a rapidly evolving digital landscape. It works by strategically implementing technology to handle repetitive tasks, streamline workflows, enhance accuracy, and improve overall operational efficiency within the banking industry. The goal is to leverage automation to deliver faster, more accurate, and cost-effective banking services while allowing the workforce to focus on higher-value tasks and strategic initiatives.

    7. Cloud Migrations

    Cloud migration is the process of transitioning digital assets, applications, data, and IT infrastructure from on-premises systems or legacy environments to cloud-based platforms. This strategic move is driven by the industry’s evolving technological landscape, regulatory requirements, and the desire to leverage the benefits offered by cloud computing.

    Cloud platforms offer scalability and high availability features, enabling banks to easily scale their operations up or down based on demand. This flexibility is crucial for handling fluctuating workloads and adapting to changing market conditions.

    Takeaways

    As we can see, so many technological innovations can be customized based on the bank’s and financial institutions’ offerings. They can utilize it to provide seamless, omnichannel, and powerful banking. However, this can only be possible by tapping into an IT solutions partner that can truly help you in your digital transformation this 2024. Exist Software Labs, Inc. is one of the technology innovators in the Philippines with over two (2) decades of experience in bringing the value of technology to humans.

    Begin your Digital Banking Journey today!

    Learn more about our Digital Banking Solutions that is Secure, Scalable, Connected, Cloud Ready and Flexible.

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    Bringing Innovation to Banking: A Journey Through Tech Fusion 2023
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    Bringing Innovation to Banking: A Journey Through Tech Fusion 2023
    Bringing Innovation to Banking: A Journey Through Tech Fusion 2023 1300 972 Exist Software Labs

    Makati City, Philippines – In a dynamic fusion of technology and banking, Tech Fusion 2023 ignited sparks of innovation and ushered in a new era of financial technology last September 21, 2023. Hosted at the Microsoft Philippines Office in Makati, this exclusive event brought together prominent figures from the banking industry, top executives, and decision-makers to explore the transformative power of DevOps, Cloud Migration, and API Management. In collaboration with Crayon and Microsoft, Exist Software Labs, Inc. unveiled a world of possibilities for the BFSI (Banking, Financial Services, and Insurance) sector.

    Charting a New Course

    Tech Fusion 2023 was not just an event; it was a voyage into the heart of digitalization in banking. The journey explored three main areas:

    1. DevOps Dynamics: Time-to-Market Accelerations with Confidence

    The first leg of the journey examined how DevOps practices can dramatically accelerate time-to-market for banking solutions while instilling confidence in the process. Attendees learned strategies to balance speed and quality, ensuring robust software delivery.

    1. New-Age Competition: Modern Infrastructure and Cloud-Native Architecture

    In the second phase, the discussion revolved around modernizing infrastructure and embracing cloud-native architecture. Experts elaborated on the pivotal role of microservices, containerization, and serverless computing in building scalable and resilient banking applications.

    1. API Quest: Navigating the Infinite Possibilities of Banking Innovation

    The final stretch explored the infinite possibilities of banking innovation through API Management. Attendees gained insights into how API technology simplifies banking transactions and integrates diverse applications into a unified platform, fostering financial inclusion and transparency.

    Exist Awarded as Crayon’s Partner for Banking Solutions in the Tech Fusion 

    The event commenced with a warm welcome from Willex Perez, Exist’s Co-founder & VP of Sales & Marketing. He expressed his enthusiasm for collaborating to enhance efficiency and satisfaction in banking through digitalization.

    The highlight of the day was the official launch of Exist’s Digital Banking Solutions, known as the Exist Banking and Financial Services (EBFS) Business Unit. Jemelyn Ambrosio, BFS Business Unit Head, unveiled the digital banking roadmap, which depicted the evolution from traditional to digitally mature banks.

    Following the presentation, Crayon Philippines recognized Exist Software Labs, Inc. as their primary partner in Banking Solutions in the Philippines. Carlos Sevilla, Crayon Philippines’ Channel Sales Director, presented this recognition to Exist.

    Embrace the Future: Begin Your Digital Banking Journey Today

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    Panel Discussion

    The heart of Tech Fusion 2023 beat within the panel discussions. Seasoned experts from diverse backgrounds shared their experiences and insights:

    • Randy Cabredo – Solutions Area Specialist for Azure, Microsoft
    • Chester Guerrero – Head of Production Security, Maya Philippines
    • Carlos Sevilla – Channel Sales Director, Crayon
    • Jonas Lim – Vice President of Technology, Exist Software Labs
    • Dennis De Vera – Director of Technical Services, Exist Software Labs

    These panelists wove together their experiences and domain expertise to create a rich tapestry of knowledge. They delved into innovations and real-world implementations, answering participant questions and unraveling the intricate world of digitalization. The Tech Fusion event illuminated the path to a future-ready digital banking landscape through DevOps, Cloud Migration, and API Management.

    While enjoying lunch, attendees seized the opportunity to network with technology experts and engage in enlightening conversations with fellow banking leaders. It was a moment to connect, share ideas, and envision a digitally transformed future for the BFSI sector.

    Crayon’s Digital Transformation Insights

    After the lunch break, Crayon’s Business Development Manager, Gab Villanueva, took the stage to share valuable insights on digital transformation. This added yet another layer of knowledge to the event, further enriching the participants’ understanding of how technology can drive financial institutions forward.

    A Fusion of Knowledge, Innovation, and Fun

    Tech Fusion 2023 was not just an event; it was an experience filled with knowledge, insights, fun, and new technologies. Banks across the Philippines can now leverage the wisdom shared during this event to embark on their own journeys of digital transformation, ultimately benefiting their customers and securing a competitive edge in the rapidly evolving BFSI landscape.

    As the sun set on Tech Fusion 2023, the banking industry in the Philippines looked forward to a future illuminated by innovation, collaboration, and the limitless potential of technology.

    Tech Fusion 2023: Shaping the Future of Banking, One Innovation at a Time

    Contact us today to learn more about Digital Banking

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    Banks that embrace predictive analytics and data-driven decision-making are forging a path towards becoming the "extraordinary" banks of the future.
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    Predictive Analytics & Data-Driven Decision: Building up the “Extraordinary” Banks of the Future
    Predictive Analytics & Data-Driven Decision: Building up the “Extraordinary” Banks of the Future 1300 972 Exist Software Labs

    In the fast-evolving landscape of digital banking, staying ahead of the competition and delivering exceptional customer experiences require more than just technology. Banks that embrace predictive analytics and data-driven decision-making are forging a path towards becoming the “extraordinary” banks of the future. As a technology company providing digital banking solutions, Exist Software Labs, Inc. is committed to empowering banks with the tools they need to harness the potential of data and achieve scalable success.

    What is Predictive Analytics, and why does it matter?

    Predictive analytics leverages historical data, machine learning algorithms, and statistical modeling to forecast future outcomes. For banks, this means harnessing vast amounts of customer data, transaction history, activity patterns, and market trends to make well-informed decisions. By adopting predictive analytics, banks can anticipate customer needs, identify potential risks, and personalize services, paving the way for smarter and more proactive banking experiences.

    The Role of Data Warehousing in Predictive Analytics in Banking

    Data warehousing acts as the backbone of predictive analytics initiatives. It involves the centralization and integration of data from various sources, enabling banks to access a holistic view of their operations and customer interactions. With a well-structured data warehouse in place, banks can efficiently extract, transform, and analyze data, fueling the predictive modeling process for informed decision-making.

    Create more impact through data-driven decisions

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    Embracing the Cloud for Scalability and Flexibility

    Cloud technology offers the scalability and flexibility necessary to support the vast amount of data required for predictive analytics. Banks can store and process data real-time, ensuring faster and more accurate predictions. Cloud-based solutions also enable seamless integration with existing banking systems, making it easier for banks to adapt to evolving customer needs and market trends.

    From Data Analytics to Data-Driven Decision-Making

    While data analytics provides valuable insights, the true value lies in translating these insights into actionable decisions. Banks must foster a data-driven culture, where decisions are based on evidence and data-backed reasoning

    How can banks transition from data analytics to data-driven decision-making?

    Banks can transition from data analytics to data-driven decision-making by fostering a data-driven culture within their organization. This involves investing in data literacy, promoting a mindset of evidence-based decision-making, and integrating data-driven insights into their strategic planning processes. By embracing data-driven decision-making, banks can unlock the full potential of their data, make informed choices, and achieve greater efficiency and competitiveness in the digital banking landscape.

    Conclusion

    Predictive analytics and data-driven decision-making are redefining the future of banking. By leveraging the power of data, banks can unlock unprecedented potential — delivering personalized experiences, minimizing risks, and gaining a competitive edge in the market. As a leading digital banking solutions provider, Exist Software Labs, Inc. is committed to empowering banks to participate in the data revolution and helping pave  the way for them to become “extraordinary” banks of the future.

    Contact Us Today to Learn More about Digital Banking!

    Start your Digital Banking journey that is secure, scalable, connected, cloud-ready & flexible.

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    On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft
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    On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft
    On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft 1300 972 Exist Software Labs

    As the digital banking revolution continues to gain momentum, banks and financial institutions are witnessing unprecedented growth in the use of mobile internet banking solutions. The Philippines, in particular, has seen a surge in the adoption of digital banking, especially among the tech-savvy Gen Z and millennial target market.

    The adoption of digital banking among Filipinos is soaring, reaching unprecedented levels. As per the BSP’s study, more than half of Filipino adults (56%) now own a bank account, with 36% of these accounts being digital. Additionally, electronic payments have seen a remarkable surge, with an assumption increase to 50% in 2023, a substantial increase from a mere 1% in 2013. The growing popularity of digital banking can be attributed to the increasing awareness of its advantages, including convenience, security, cost savings, and health and safety reasons, especially during the COVID-19 pandemic.

    While this rapid shift towards digital banking offers numerous benefits such as enhanced user experience, convenience, and automation, it also presents a pressing challenge: an alarming increase in fraudulence and identity theft.

    A study in 2021 by TransUnion, a global transformation company, said that a 31% increase was observed in digital fraud attempts against enterprises in the Philippines from March 2019 to March 2020, compared to pre-pandemic levels. The sectors with the highest number of suspected digital fraud attempts were telecommunications, logistics, and financial services. 

    The article also states that scammers are using fraudulent credit cards to purchase high-end phones and sell them back in the black market. Up to this day, numerous risks exist that banks should be aware of and manage, if not eliminate, by adapting banking solutions and  technologies designed to address these.

    As a technology company providing digital banking solutions for banks, Exist Software Labs, Inc. is well aware of the risks associated with this paradigm shift. In this blog, we delve into the complexities of fraud in banking and present actionable strategies that C-levels and CTOs can implement to safeguard their institutions and customers.

    1. The Rising Tide of Fraud in Digital Banking

    What are the key factors contributing to the surge in fraudulence and identity theft in digital banking?

    The rapid transition towards digital banking is attracting the attention of fraudsters seeking to exploit vulnerabilities in the system. Factors such as inadequate security measures, weak user authentication, and the growing sophistication of cybercriminals have contributed to this surge in fraudulence.

    2. The Imperative of Enhanced Security Measures

    How can banks fortify their digital banking platforms against fraud and identity theft?

    To dismantle fraudulence and protect customers’ identities, banks must prioritize security at every step. Implementing multi-factor authentication, biometric identification, and robust encryption protocols are some of the measures banks can adopt. Exist Software Labs’ digital banking solutions make use of cutting-edge security features to provide a shield against potential threats.

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    3. Leveraging AI and Machine Learning

    How can AI and machine learning technologies help combat fraud?

    AI-powered fraud detection systems can analyze vast amounts of data in real time, identifying suspicious patterns and transactions. By continually learning from new data, these systems can adapt to evolving fraud tactics. Exist Software Labs, Inc., integrates AI and machine learning algorithms into its digital banking solutions, providing an extra layer of protection for banks and their customers.

    4. Educating Customers and Raising Awareness

    How can banks empower their customers to protect themselves from fraud?

    Empowering customers through education is vital in the fight against fraudulence and identity theft. Banks should regularly communicate security best practices, raise awareness about common scams, and offer tips on safeguarding personal information. By fostering a sense of vigilance among their customer base, banks can create a collective defense against fraudsters.

    5. Collaboration within the Industry

    To combat fraud effectively, the entire banking industry must collaborate. Banks can share threat intelligence and best practices with each other, creating a united front against fraudsters. Additionally, forming partnerships with industry-leading digital banking solutions providers like Exist Software Labs, Inc., enables banks to access the latest security advancements and stay one step ahead of potential threats.

    As digital banking continues to redefine the financial landscape, the battle against fraudulence and identity theft is only intensifying. C-levels and CTOs must recognize the urgency of this issue and take proactive steps to safeguard their institutions and customers.

    Exist Software Labs, Inc., a leading digital banking solutions provider, understands the challenges faced by banks in this rapidly evolving landscape. By prioritizing security, leveraging cutting-edge technologies, and fostering a culture of awareness, banks can dismantle fraudulence and protect their customers, allowing them to embrace the full potential of mobile banking with confidence.

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    Bringing Innovation to Banking: A Journey Through Tech Fusion 2023
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    Accelerating Banking Digitalization: Insights and Innovations from the Humanized Banking CIO Roundtable 2023
    Accelerating Banking Digitalization: Insights and Innovations from the Humanized Banking CIO Roundtable 2023 1300 972 Exist Software Labs

    On June 22, 2023, banking leaders, technology experts, and decision-makers converged at the Grand Hyatt, BGC for a momentous event — CIO Roundtable Humanized Banking: Building Brand Loyalty Through Security and Seamless Banking. This exclusive gathering aimed to drive humanized experience of digitalization in the banking industry. Throughout the event, industry experts, including Exist Software Labs, Inc., shared their insights and experiences, emphasizing the role of innovative technologies like AI, YugabyteDB, and embedded finance in delivering exceptional customer experiences.

    Kick-off and Welcome Remarks:

    Jonas Lim, the Vice President for Engineering of Exist, set the stage for the roundtable with his thought-provoking welcome remarks. He delved into the significance of digitalization in the banking sector, highlighting the potential for technological advancements to revolutionize customer experiences and drive operational efficiency.

    Jonas Lim speaking about humanized banking roundtable

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    Engaging Insights and Use Cases from Top Banks:

    Representatives from leading banks in the Philippines took the stage, sharing their experiences, challenges, and success stories in adopting digital banking solutions. With a focus on security, infrastructure, AI, automation, and seamless customer experiences, these industry leaders highlighted the vital role that technology experts like Exist  play in enabling transformation.

    Sessions and Concluding Insights:

    The roundtable comprised four insightful sessions, each shedding light on different aspects of humanized banking. In each session, Exist Technology Directors Jejomar Dimayuga and Dennis De Vera and YugabyteDB Head of Sales, Dennis Sze, together with Jonas Lim, provided comprehensive summaries and key takeaways.

    Jejomar Dimayuga Exist Software Labs
    Dennis De Vera Exist Technology Director
    Dennis Sze from Yugabyte

    One session that stood out was Session 3, which revolved around enabling borderless digital customer engagements through data compliance. YugabyteDB, an open-source database, took center stage during this session, showcasing its capabilities in ensuring robust and scalable infrastructure to support seamless customer experiences and scalable databases. Dennis Sze’s expert explanations and insights further enriched the discussion.

    The CIO Roundtable witnessed a distinguished gathering of banking leaders, with representatives from renowned institutions such as:

    1. Robinsons Bank
    2. PBCOM
    3. CTBC
    4. Philippine National Bank
    5. BPI
    6. Maya Philippines, Inc.
    7. Standard Chartered Bank
    8. UnionBank of the Philippines
    9. CIMB Bank Philippines
    10. FWD Philippines
    11. Eastwest Bank
    12. Metrobank
    13. DICT
    Top PH Bank Leaders attended the Exist Software Labs CIO Roundtable

    Looking Ahead:

    The Humanized Banking CIO Roundtable served as a catalyst for accelerating digital transformation within the banking industry. By embracing cutting-edge technologies like embedded finance, AI, database modernization and many more digital banking solutions from Exist and Yugabyte, banks can become well-positioned to deliver personalized experiences, enhance security measures, and drive rational efficiency.

    Exist Software Labs, Inc., as a leading digital banking solutions provider, remains committed to enabling the industry’s evolution towards humanized banking. Through its expertise in Mobile Internet Banking, Accounts Onboarding, Loans Management System, APIM, and Corporate Internet Banking, Exist empowers banks to navigate the ever-changing landscape while fostering long-term customer loyalty and satisfaction.

    As the event concluded, the participants left with valuable insights and a renewed commitment to harnessing technology to deliver exceptional banking experiences. The Humanized Banking CIO Roundtable marked a significant milestone in the journey towards secure, seamless, and customer-centric banking, and the collaborative efforts of all involved promise a brighter future for the industry.

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    Philippine Banks are Slow in Adopting Digital Finance: Mckinsey, Java Developer Philippines
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    Mckinsey & Co: Philippine Banks are Slow in Adopting Digital Finance
    Mckinsey & Co: Philippine Banks are Slow in Adopting Digital Finance 1300 972 Exist Software Labs

    Philippine banks are struggling to keep up with the fast-paced digital finance revolution, as traditional banking practices and underinvestment in digital offerings are causing them to miss out on vast untapped customer bases.

    A recent report by McKinsey & Co. (a global management consulting firm), highlights that Philippine banks are devoting less than 10 percent of their revenues to information technology, compared to an average of 15 percent in the Asia Pacific region.

    Similarly, the digital channels of Philippine banks account for just 5 to 15 percent of their revenues, well below the 25 percent average for their peers in emerging Asian markets.

    McKinsey’s Report Emphasizes the Digital Importance to Philippine Banks

    McKinsey’s report emphasizes the need for incumbent banks to adapt to the changing landscape quickly or risk losing their market share to digital financial service providers. While the competition in digital financial services is intensifying, McKinsey also noted that dominant players have yet to emerge outside the mobile payments subsector.

    However, McKinsey also points out that fintech firms in the Philippines performed especially well during the COVID-19 pandemic, creating more shareholder value than the entire banking sector. As McKinsey’s report suggests, the Philippines presents highly attractive opportunities for expansion in the fintech sector. However, the way foreign firms and existing Filipino conglomerates choose to enter the market will have a significant impact on their growth and competitiveness.

    Amid mounting demand for financial services, the banking revenue is expected to triple by 2030, and the country’s banking penetration rate is just 56 percent, significantly lower than emerging markets standards.

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    Exist Software Labs, Inc. is at the forefront of this transformation and believes that the country’s shift to digital banking is inevitable, and banks that fail to adapt to the changing landscape will lose their market share to digital financial service providers.

    Banks need to capitalize on the vast greenfield opportunities presented in the Philippines’ digital finance market and offer their customers secure, efficient, and innovative banking services. By partnering with Exist Software Labs, Inc., banks can enhance their digital offerings and transform their traditional processes to provide efficient, secure, and innovative banking services.

    Having over 2 decades of experience in Java software development, Exist offers scalable and robust digital banking solutions to help banks transition to digital finance.  

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