BFSI

Fast Track: Digital Banking Trends in the Post-Pandemic Era

Fast Track: Digital Banking Trends in the Post-Pandemic Era 650 486 Exist Software Labs

Staying updated in innovations and technology makes the financial institutions stay on top. Exist Software Labs, Inc. will be hosting an event about digital banking trends in the post-pandemic era that will surely help the banking & other financial institutions across our country in shaping a future-ready digitalization.

OBJECTIVES:

  1. Help the BFSI sector identify a clear roadmap for digital transformation.
  2. Give insights on the newest digital banking trends.
  3. Address infrastructure and security concerns in Online Financial Applications.

WHO SHOULD ATTEND?

This webinar is specifically designed for digital banking executives, decision makers, IT leaders, information security experts and business end users in the Banking and Financial Services sector in the Philippines.

This event will be held on June 16, 2022 at 2:00PM (PHT) via Airmeet Platform. We only have limited slots available so sign up as soon as possible. We also advise you to block your schedule on your calendar to make sure your attendance on the event.

PROGRAM:


2:00-2:05 – Welcome Remarks

2:05-2:25 – Post-Pandemic Digital Banking Innovations

  • What are the new innovations that the public can expect from Digital Banking?
  • 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?

2:25-2:35 – Q&A
2:35-2:55 – Readiness of Philippine Financial Infrastructure

  • Are Philippine Banks’ infrastructures scalable and flexible enough to match their digital innovations?

2:55-3:05 – Q&A
3:05-3:25 – Security in Digital Financial Platforms

  • During the pandemic era a rise in Digital Fraudsters, Hackers, and Phishing was observed, how does the BFSI sector address this concern?

3:25-3:35 – Q&A
3:35-3:40-  Closing Remarks
3:40-3:45 – End of Discussion

Two (2) Ways to Know that your Mobile Banking is Safe

Two (2) Ways to Know that your Mobile Banking is Safe

Two (2) Ways to Know that your Mobile Banking is Safe 650 486 Exist Software Labs

Today, mobile banking is part of our daily lives today but, is it safe and secure to handle our online transactions? Users like the convenience of mobile banking as it gives them benefits that they can also have in physical branches. To name a few, they can use their smartphones to check their account balance, transfer money, pay their bills, shop online, etc. 

However,  Several Philippine Banks were hacked last year. It created fear not only for the users but for the financial institutions as well. It became the focus of the media for quite some time. Luckily,  the perpetrators were arrested. Financial Institutions’ online security was strengthened and users became more vigilant. There are two ways to know if Mobile Banking is safe.

1. END-USER’S SECURITY FEATURE

These features are essential to the end-users when it comes to mobile banking. It will give them multiple options to secure their accounts while enjoying the convenience of online banking.

  • ONE TIME PASSWORDS (OTP)

One Time Password (OTP) is a secure code sent real-time to your mobile number when performing a transaction. For every transaction, it generates a different security code. 

  • BIOMETRICS AUTHENTICATION

Biometric authentication is a security method that depends on the unique biological characteristics of the user to verify the identity of the person. Biometric login gives extra security to the user because it’s impossible to hack, steal, copy or share. In comparison with OTPs, Biometrics are not number-based. 

  • CHANGING PASSWORDS REGULARLY

Protecting user’s bank accounts begins with changing passwords. As cybercrimes increase, password formats changed over the years like adding symbols & numbers (eg. Alphanumeric with special characters). Although some mobile apps require changing passwords frequently, we should change when:

  1. There’s a suspected unauthorized access
  2. The virus entered your device/s
  3. Logged in to other device/s

More than these three end-users’ security features, mobile banking users should also be aware of scammers who are using fake emails to hack their accounts. Users needs to be aware and cautious to avoid incidents like these from happening.  Moreover, we can say that mobile banking’s safety features assure us that our data, money, and  identity are secure

2. INTERNAL SECURITY FEATURES

These internal security features are part of the system when building a digital bank. Implementation of these security features is essential to provide high protection for the users against hackers, scammers, and identity fraudsters.

  • SECURE SOCKETS LAYER (SSL)

Secure Socket Layer or SSL is a security system implemented to a website or mobile application that integrates protection, privacy, and coherence. SSL encrypts the data transmitted across the web of a platform. In banking, SSL initiates an authentication process between two systems to make sure that both systems are legitimate.

SSL was created to protect user privacy by doing encryption that the user operates inside a platform. It ensures that the data inputted in the web or app will not be exposed and safe. Meaning, it is only visible and available to a platform the user operates.

  • ROBUST AUDITING MECHANISM

Aside from business process audits, a robust auditing mechanism is placed both in the system level transactions and system user activities to ensure data integrity and faster resolution of concerns. Multiple software frameworks and technical architecture are in place to ensure data traceability and immutability of audit logs.  Modern implementation also allows banks and financial institutions to take advantage of these  logs for real time monitoring and implement processes such as real time fraud detection. 

  • OWASP COMPLIANCE

OWASP (Open Web Application Security Project) compliance makes sure that web applications are not vulnerable to security breaches like phishing, malwares & hacking. Moreover, OWASP updated Top 10 security risks last year. The top 10 list provides guidance and education to developers, designers, architects and business leaders concerning web security risks to avoid.

There are more security systems integrated in a digital bank to protect our data, identity, and money. SSL, Robust Auditing Mechanism & OWASP are only three of the other security requirements. Banks & financial institutions that plan to upgrade their system and are transitioning to digitalization must be aware and knowledgeable on the requirements needed.

At Exist, we believe that superior digital experiences are essential in staying relevant. Our software expertise establishes and empowers banks to rapidly grow their business.

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core. Go where the possibilities are boundless!

Two (2) Ways to Know that your Mobile Banking is Safe

Will Mobile Banking Ever Rule the World?

Will Mobile Banking Ever Rule the World? 650 486 Exist Software Labs

In today’s current trends, digital platforms are the most preferred and most used due to the convenience and faster process it offers with just a click of a button. As far as digital platforms are concerned, banks and financial institutions are also shifting their focus in capitalizing on adopting new technologies like mobile banking to modernize their systems into digitalization. In our era, having a mobile phone is essential since this is the primary gadget that people are using in contacting their friends.

But the story does not end there. When the pandemic started, businesses embraced the changes and opened their minds to digital transformation. From brick-and-mortar to e-commerce, restaurants to food deliveries, and physical banks to mobile banking. Why? Because it allows the users to perform their needs and get what they want in just a few clicks. 

Primarily, customer behavior is one of the significant factors why the majority of the Banking, Financial Services & Insurance (BFSI) industries are positioning themselves where their customers are present – the internet. Hence, financial institutions are creating digital roadmap and strategies to better understand the behavior of their customers as they create their digital platforms.

AVAILABILITY FOR EVERYONE (MOBILE BANKING)

Thinking about the advantages that mobile banking can offer to people, it’s about enrolling in a bank account online. In the 2019 Financial Inclusion survey, 51.2 Million Filipino adults are still unbanked. That is 71% of the total adult population! Having said that, with the long queues in the physical branches of the banks, it is very difficult to cater fifty million people to enroll them in a bank account. The good news is, fintech companies and digital-only banks are providing account onboarding in their mobile banking app for the people who want to open a bank account.

Moreover, Filipinos are now using digital wallets as part of their day-to-day transactions. This can also be observed by the banks that want to capitalize on digital banking. The point is, if financial institutions can be present where their customers are, there is no reason to be afraid.

DIGITAL ROADMAP

To strengthen their online banking, the banks’ goal is to create a highly personalized customer experience with their users. For that to happen, there should be a digital roadmap that can be presented in order to visualize the progress of their desired outcome in their banks. Digital transformation is not an overnight process, it comes with adopting new technologies that will emerge systems and integration with other institutions and third-party applications to have inter-connectivity.

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core. Go where the possibilities are boundless!

Exist Partnered with Comarch to strengthen its Digital Insurance Offering

Exist Partnered with Comarch to Strengthen its Digital Insurance Offering

Exist Partnered with Comarch to Strengthen its Digital Insurance Offering 800 507 Exist Software Labs

Nowadays, digitalization is spreading quicker than ever. It touches all aspects of our lives: managing your finances, driving an automobile, creating your morning coffee, among others. It additionally happened to the insurance business at a scale never seen before. Acquiring insurance is sort of a relationship. And like any quiet relationship, the key part is TRUST.

To strengthen its Digital Insurance Offering, Exist Software Labs, Inc. has partnered with Comarch. Exist is a global technology innovator providing enterprise solutions that also specializes in Digital Banking Solutions. With more than 20 years of expertise in top-of-the-game technologies like Java and Open Source, Exist built more than a trust but convenience to a lot of Filipinos in terms of seamless processes in many platforms.

Comarch Digital Insurance has a deep understanding of the insurance business. Their product ensures consistent client expertise across devices and sales channels. Each agent and manager is equipped with the right tools to set up their task. Due to alerts and reminders, their work gets easier and simpler. Sales goals are often well-monitored in real-time by agents and managers so the overall performance and sales results are perpetually improved. Versatile content could be a nice support for agents willing to boost their skills and skilled ability.

This will empower lots of Banks and Financial Institutions who want to scale their programs and make them simpler, analytical, and digital. With our answer, the content is often simply created, altered, and expanded. What makes the Comarch Digital Insurance & Exist Partnership powerful is that with the power of Big Data & Analytics, desired analysis and offerings would be easier. The client has access to a good variety of products, additionally within the direct channel.

Comarch & Exist permit the agent to enter data, present and customize predefined variants, prepare the ultimate supply and issue the policy. With the right use of data, the agent can monitor the client’s information. The 360-degree client view permits the agent to access all necessary data and communication history. The agent will effectively handle insurance sales and repair processes.

This answer allows policy observation and after-sales operation claim registration. The feature supports sales individuals whereas clients are given a dedicated portal to win their loyalty. Insurance can be available to everyone with just a tap.

Exist Software Labs, Inc. is one of the partners of Comarch in offering Digital Insurance in the BFSI industry.

Exist Software Labs, Inc. is one of the partners of Comarch in offering Digital Insurance in the BFSI industry.

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Exist fosters a future-ready digital banking technology that equips its banking and fintech partners with the agility to adapt to ever-changing market demands.

Why are Traditional Banks afraid of the Truth?

Why are Traditional Banks afraid of the Truth?

Why are Traditional Banks afraid of the Truth? 768 487 Exist Software Labs

Have you noticed that more and more businesses are accepting online payments using bank transfers, mobile payments thru phone numbers, or via QR Code?

That is because the new trend of banking is mobile and internet banking. Banks are now accelerating and scaling their assets in capitalizing on digitization. But there are some traditional banks that still don’t want the idea of digital transformation. For them, Digital Banking is still unstable. However, Bangko Sentral ng Pilipinas is encouraging traditional banks to enable digital banking and explore innovative ways to reach customer expectations and have seamless transactions.

Before the pandemic, it was usual for customers to go to the bank to deposit their savings, apply for a loan, or pay their insurance. But in the new normal, a lot of customers shifted to do it online. It’s easier, convenient, and effortless. Digital Banking paved the way for customers and banks to get connected closely. And it shocks the traditional banks to face the truth that online banking dominates the competition.

But before that, let’s see what Digital Banking is.

DIGITAL BANKING

Digital Banking is doing everything that a traditional bank can do — Online. More than that, there are many features that digital banks can offer more than normal banks can like shopping, promos, micro-personal offerings, and more! It bridges the customers and other institutions by getting their essential needs and their normal purchases.

To understand more why traditional banks are afraid of the truth, let’s get to the point here.

The truth is:

1. DIGITAL BANKING IS FOR EVERYONE

The rise of technology taught us that having a mobile phone is important. Why? Not only does everyone now have a smartphone, but also the benefits that smartphones give the user such as communication, entertainment, etc. are within easy reach. Now, mobile internet banking is one of the most essential things that a person must have. Everyone can now enroll online even in their busiest time; it’s because they don’t need to go to a physical branch. Before, we thought that having a savings account is expensive but now, some banks offer an account for free or for a small balance! It is not exclusive nowadays, it is now for everyone!

2. EVERYTHING THAT LEADS TO FINANCIAL TRANSACTIONS IS INSIDE AN ONLINE BANK

As long as there are transactions, your online bank will be relevant. With the power of technology, you can pay and purchase online at a click of a button. You can shop, do groceries, pay bills, and send money to your loved ones all in one place! Because of this, digital banks are helping their customers manage their financial lives at their own convenience.

3. CUSTOMERS WANT A REAL-TIME BANKING EXPERIENCE

How easy is it to manage your finances using a mobile bank? EFFORTLESS. We don’t have to go to an Automated Teller Machine (ATM) to check our balance. Customers want a real-time banking experience because they want to manage their money anytime, anywhere, whenever they want. Imagine you are hungry and you want to go to a drive-thru to get your food as fast as possible when in fact, you can just get your food at a click of a button via food delivery app. It is also the same with sending money to your account. You are getting it instantly and comfortably.

4. DIGITAL BANKING IS POWERFUL

The points above prove why traditional banks are afraid of the truth. Digital banking is powerful because of the technology implementations inside of the application like Big Data, eKYC, Cloud & Etc. These technologies enable the bank to monitor their customers, do real-time reporting, offer personalized promos, and engage clients in a more personalized way. This is a win-win situation on both ends. Customers can do banking, Banks with digital banking satisfy their customers!

FINAL THOUGHTS:

Digital banks and banks that also present digitally have a huge advantage over traditional banks. They are advanced in creating promos and monitor what to improve because of data analytics, being flexible in fixing errors, and trying new features if their customers leave reviews on their applications. 

Traditional Banks must think outside the box in taking a step forward to shift their practices in banking. This season is the right time to unlearn other knowledge and accept the fast-paced changes in the environment. In order to compete, traditional banks need to be part of digital transformation and create innovative & competitive advantages. Technology has a lot of things to offer that both banks and customers can benefit from.

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core. Go where the possibilities are boundless!

Robinsons Bank Took a Big Step in Advancing their Mobile Banking System

Robinsons Bank Took a Big Step in Advancing their Mobile Banking System

Robinsons Bank Took a Big Step in Advancing their Mobile Banking System 768 487 Exist Software Labs

In the last twenty-four years, Robinsons Bank empowered different groups and individuals to become a bank of choice in fulfilling their changing needs. 

“We’ve been partners with Exist for over 2 years, and they’ve developed a number of Digital Solutions for the bank.” – Mr. Ramon Abasolo – SVP & Chief Digital Officer, Robinsons Bank

Robinsons Bank took a big step in advancing their mobile banking system that will help their operation faster and smoother. It also includes seamless banking for their customers. All became possible by partnering with Exist Software Labs, Inc. who has been one of the tech-industry leaders in the Philippines that specializes in digital banking solutions.

In 2019, Robinsons Bank and Exist teamed up for the Advanced Mobile Banking project. It provides a direct connection with clients and allows them to safely perform banking transactions at home for an overall better banking experience.

“We’re quite impressed with the scale & know-how of Exist. Their technical scale, knowledge of the technology stack, microservices, design, architecture & as well as their project management.” – Mr. Ramon Abasolo – SVP & Chief Digital Officer, Robinsons Bank

In our fast-paced environment, Robinsons Bank has successfully thrived and has innovated their banking systems that truly allow their customers to do transactions online. With the help of Exist, they launched different programs in mobile banking. This partnership has a lot of opportunities to grow and both institutions agreed to engage and further add new plans for the project.

With regards to improving the online banking experience, the said companies collaborated again. Robinsons Bank sought to improve its online banking experience and needed a partner that embraced the same agile principles. Exist Software Labs uses top-of-the-game open source technologies like Kubernetes and in-memory data structure stores. This improvement enabled Robinsons Bank users to experience faster, smarter, and easier banking.

Today, Robinsons Bank Mobile Applications are available in Google Play Store and Apple App Store. Thousands of people are using their mobile banking app and joyously doing their transactions online safely wherever they are.

As of writing, Exist remains the Technology Partner of Robinsons Bank on their Digital Transformation. Having said that, RBank customers can enjoy the upcoming innovations that RBank has in store for them.

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Exist fosters a future-ready digital banking technology that equips its banking and fintech partners with the agility to adapt to ever-changing market demands.

Banking Modernization – Making Your Bank Cloud Ready

Banking Modernization – Making Your Bank Cloud Ready 768 487 Exist Software Labs

Last September 29, Exist Software Labs in partnership with Microsoft, conducted a webinar about Banking Modernization. As one of the important parts of digital transformation, our speakers discussed topics that IT Heads and Decision Makers in the BFSI Industry need to learn and apply in their organizations.

Exist’s Vice President for Technical Services Mr. Jonas Lim introduces the event with a warm welcome to the audience, providing them with an overview of the event and what the speakers will discuss.

The following are the topics our speakers discussed:

  • Having a Cloud-Ready Application
  • Migration from On-Premise to Cloud
  • Steps on having a BSP-Approved Cloud Environment
  • Modern Data Warehouse
  • Microsoft Solutions Assessment Program  

In emphasizing the importance of having a cloud-ready application in banks, Dennis De Vera, Exist’s Solutions Architect told us that having a cloud-ready application will give the banks a seamless process of scalability, a secured platform that will ensure all the data and reliable infrastructure. He also gave some points to assess if the organization is already on cloud native like the management, infrastructure, development, & consultants who specialize in the practices & implementation of this kind of project.

Mark Martinez shared the migration from on-premise to cloud. He told us the difference between the horizontal and vertical development strategy and how innovative the technology in building the cloud infrastructure. On the technical side, He discussed how the transition was delivered. Using CI/CD tools like Jenkins, Azure DevOps & CISCO, the migration became possible. It is more portable with the use of build files (yaml) that  can be pushed to the repository.

He said that sooner or later, serverless is the future. 

On the other hand, we have speakers from Microsoft that discussed Modern Data Warehouse and Microsoft Cloud Solution Assessment Program.

Emil Pastor – Cloud Solution Architect, Data & AI, and Marian Tolentino – Solutions Sales Professional from Microsoft speaks about the Modern Data Estate, Data Strategy and Link to Value and Solution Architecture. They shared the common challenges that BFSI industries are experiencing nowadays and how Microsoft would help in eliminating these challenges.

Truly, data is important as it creates value for the businesses to observe, analyze and create strategy to build a process that is seamless and innovative in both business and customer end.

Moreover, Russell Mazid who specializes in Cloud Solution Assessment discussed where business cloud journeys start and how it will give an advantage to the BFSI industry. 

Check out our Digital Banking Solutions and see hout it helped some of the banks in the Philippines in the country and provided innovative and seamless processes.

The Next Big Thing in Internet Banking - Exist Software Labs

The Next Big Thing in Internet Banking

The Next Big Thing in Internet Banking 768 487 Exist Software Labs

Everyone was challenged on how to cope up in the corporate world because of the worldwide effect of COVID-19. Businesses that do their operations physically were forced to close their business and others were bankrupted because of the lockdown. But more than the negative effects of the COVID-19, it also opened many entrepreneurs’ eyes to invest in digitalization or, let’s say, digital transformation. So what is the correlation of this in the banking industry? Of course, banks were also affected by the pandemic, and a lot of users need to do banking regularly (transferring funds, depositing money, loans, and paying the bills). The question is, what is the “Next Big Thing in Internet Banking?”

Surprisingly, banks have adapted to this technology era in accelerating their operations online. As the customers go online, many banks have pivoted their strategies in being present where their customers are. Here are the Next Big Thing in Internet Banking.

1. Cashless Transactions

The rise of online shopping gives way to the API tools in using payment gateways to provide users with seamless transactions like capturing a QR Code, saving your debit/credit card in your online shopping app or platform, and giving your ATM card for transactions. For consumers, a lot of payment options and methods would be great! Many people are using more cashless transactions in groceries, shopping, and other financial transactions. This makes the users  more comfortable with the safety and security of their homes. 

Moreover, cashless transactions let them have thinner wallets & prevent them from having heavy coins! 

2. From Brick & Mortar to Click and Mortar

While we are still on lockdown, some banks decline their operations physically. The relevance of Brick and Mortars are not the same as before since we are forwarding into the new normal. The use of digital services via mobile, computer, and tablet is now the trend in doing banking. Even banks are operating digital-only (Neobanks) too! Today, we can do banking, doing our financial errands at the click of a button without going outside of our homes!

From Brick & Mortar to Click and Mortar, everything in internet banking is possible today.

3. Micropersonalized Banking

Have you experienced in the online world that some applications or websites know you as if they are talking to you personally? Like you are the top priority? Well, that is not impossible because of Big Data and Analytics. This AI-driven analytics gives a huge contribution in treating customers right – even virtually! Banks can now offer the users loan or borrow money at the right moment that they need it, dynamic suggestions of products and services, detailed offerings, budget and purchase recommendations (based on your web behavior), and promos around their nearby location!

Micropersonalized banking is customer personalization. If we can translate “the customer is always right in the digital era, then that is analyzing their behavior and offering what is appropriate.

There will be more innovations to come in the future, and the opportunity for internet banking is bright and exciting. As part of the solution, let’s expect higher expectations and demand from customers, be agile in future-thinkers, giving them a seamless process of banking and satisfaction.

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core. Go where the possibilities are boundless!

Digital Banking: Expectation VS Reality

Digital Banking: Expectation VS Reality

Digital Banking: Expectation VS Reality 768 487 Exist Software Labs

With the rise of technology, a huge number of businesses are also transitioning from traditional to digital – including banks and other financial institutions. In this modern era of technology, what are the expectations and reality of Digital Banking?

According to Bangko Sentral ng Pilipinas, consumers now adapt to use digital payments and prefer to use online transactions because it is safe and convenient.

“New adopters have experienced first-hand the advantages of going digital. Their positive experiences are expected to create a ripple effect and to promote the wider use of digital payments” the BSP explained.

COVID-19 also pushed us to use digital platforms due to health and safety concerns. Payments and transferring money are all seamless because everything is now online. It bridges family’s finances in paying bills and sending funds, shopping online, and other financial transactions. Social Distancing is not a problem at all!

EXPECTATION: You can create an online bank account — Anytime, Anywhere!

REALITY: Yes, but there is an enrollment process for verification purposes.

Internet Banking helped many users to create an online bank account. As much as every bank wants to do it, your security is also their responsibility and concern which is why they are including our personal information like full name, birthday, email address, and phone number to verify and match the details on their data. Furthermore, digital banking activation process will likely need our personal details for verification. With that said, if there’s no wrong answer and all the details are legitimate, you can now have your online bank account!

EXPECTATION: 100% Secured Banking Process

REALITY: Digital Banking is 100% Secured and Simplified its User’s Experience

Thanks to new technology, banks and users can now ensure that everything is secured by the use of multiple security processes before opening their accounts or transferring funds. These are the types of user verification or authentication that was created before performing transactions:

  • Two-Factor Authentication is a security system requiring a clear identification to proceed or access a specific command.
  • One-Time Password (OTP) – digit security code that is only valid for a single login session or transaction. It is a randomly generated code that is impossible to guess and reduces the risk of hacking an account.
  • Email Verification Code – is like a One-Time Password but sometimes comes with a combination of numbers and letters. The code will be sent through the account’s registered email to fully check if the login is legitimate.

EXPECTATION: Users Expect that banks are always there for them

REALITY: Digital Banking is Omnipresent

Omnipresence means “widely present” at all times. With that being said, Yes, there’s a limitation in banks where they cannot always reply fastly to user’s concerns, but users can contact them directly with different channels! The reality is, Banks are thinking about their customers. They are there where their customers are – even online!

With the fast-paced environment, traditional banks must learn and adapt to the new normal. Huge numbers of users are now comfortable with digitalization and financial institutions have to bring convenience too with their customers.

What do you think? Does digital banking meet your expectations or exceed them?

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core. Go where the possibilities are boundless!

PBCOM-Exist enriches years-long partnership; Bringing more banking tech upgrades

PBCOM-Exist enriches years-long partnership; Bringing more banking tech upgrades 768 487 Exist Software Labs

PBCOM’s Chief Operating Officer, John Howard Medina, had this to say:

“The team at EXIST has brought us several technology innovations over the last few years and we look forward to continuing to push the digital envelope with them.”

Philippine Bank of Communications has strengthened its partnership with Exist Software Labs, Inc. who has been a key technology consultant and implementation ally.  By this, alliance allows both parties to continue to co-develop the innovations needed for the bank’s digital channels.

This partnership began in 2016 with the creation of the omni-channel PBCOM Online Platform (POP) and in 2019 the PBCOMobile self-service banking app.

Exist’s VP for Engineering shared his excitement on flourishing the said partnership.

“The partnership between PBCOM and Exist is doing great. It is built on mutual trust and a common commitment to ensuring success to PBCOM’s digital roadmap. As a technology partner, we continuously aim to work closely with PBCOM to ensure that the most appropriate and practical technology options will always be available for PBCOM’s digital strategy.”

Here is the timeline that marks the milestones that Exist and PBCOM achieved throughout the years:

PBCOM tapped Exist to develop POP

In 2016, PBCOM decided to relaunch its electronic channels after years of remaining dormant despite introducing online banking as early as 2003. PBCom Online platform (POP) is a retail omnichannel digital banking service.

POP was launched to the public

POP is an omnichannel banking application that allows its users to perform secure banking transactions like the following:

• Viewing account balances
• Monitoring transaction history
• Downloading bank statements
• Transferring money
• Paying bills
• Sending money to third-party bank accounts

Internet and mobile versions of the app have the same look and feel, making it easier to understand and use.

It is within this year also that PBCOM subscribed to Exist Maintenance Service for POP. This agreement between the two is annually renewed.

Exist developed the OTP platform for POP

This was added to let POP have multi-factor authentication to improve its security and avoid unauthorized access. Exist also had several Change Orders with PBCOM in 2018 for the constant improvement of POP.

PBCOM and Exist are under a contract valid until 2025

Again, PBCOM subscribed to the Maintenance Service for PBCOMobile. Exist ceaselessly ensures that PBCOM’s applications are performing efficiently and error-free. Currently, the two’s contract has a 5-year lock-up, which actively demonstrates that they will work hand-in-hand for PBCOM’s applications and online technologies until 2025.

Download our FREE datasheet!

Exist fosters a future-ready digital banking technology that equips its banking and fintech partners with the agility to adapt to ever-changing market demands.