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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.

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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.

A Fully Dockerized MySQL to YugabyteDB Migration Strategy Using pgloader

A Fully Dockerized MySQL to YugabyteDB Migration Strategy Using pgloader 768 487 Exist Software Labs

While there have been many who began their journey to relational databases with the simple and popular MySQL, the evolution of business use cases involving more than read optimization and the need for more performant, full-fledged, read/write-optimized OLTP systems have given rise to a widespread migration from MySQL to Postgres.

Along with this, the transition from monolithic to cloud-native has also paved the way for distributed SQL systems that allow for read/write functionality in every node of the database cluster (while maintaining ACID-compliance across all nodes) and cloud-agnostic deployments of these nodes across geographic zones and regions. This is the future of the database, a future where reliability, accessibility, and scalability are built into the product. The future of the database is YugabyteDB.
 

From MySQL to YugabyteDBfast!

The method that we will be using to migrate a MySQL database to YugabyteDB is through the use of pgloader, a very reliable tool for migrating from MySQL (even SQL Server) to Postgres. We will first migrate the MySQL database to a Dockerized Postgres instance using Dockerized pgloader.

Once the MySQL database has been migrated to Postgres, we will then use the ysql_dump utility that comes with every installation of YugabyteDB to dump the Postgres database into a YugabyteDB-friendly format. This is one of the very useful traits of ysql_dump: it ensures that your Postgres dump can be fully restored in a YugabyteDB instance.

After getting the dump, we will restore this dump in the blank YugabyteDB database that we’ve created beforehand, thereby completing the migration from MySQL to YugabyteDB!

 

Steps

1. Get the Postgres Docker container

docker run -e POSTGRES_HOST_AUTH_METHOD=trust -p 5432:5432 -d postgres:11

2. Create the MySQL database counterpart in Dockerized Postgres

CREATE DATABASE <db name>;

3. Run Dockerized pgloader to load from MySQL to Dockerized Postgres

docker run --rm --name pgloader dimitri/pgloader:latest pgloader --debug mysql://<user name>:<password>@<ip address of MySQL DB server>:3306/<source database name> postgresql://postgres@<ip address of Dockerized Postgres>:5432/<destination database name>

*If a user error is encountered, make sure the user and IP address combination indicated in the error is created in the MySQL source and has access to the databases to be migrated.”

4. Since pgloader creates a Postgres schema using the database name and puts the tables there, we can change the schema name to “public”

DO LANGUAGE plpgsql
     $body$
     DECLARE
     l_old_schema NAME = '<schema name>';
     l_new_schema NAME = 'public';
     l_sql TEXT;
     BEGIN
     FOR l_sql IN
     SELECT
          format('ALTER TABLE %I.%I SET SCHEMA %I', n.nspname, c.relname, l_new_schema)
     FROM pg_class c
          JOIN pg_namespace n ON n.oid = c.relnamespace
     WHERE
     n.nspname = l_old_schema AND
     c.relkind = 'r'
     LOOP
     RAISE NOTICE 'applying %', l_sql;
     EXECUTE l_sql;
     END LOOP;
     END;
     $body$;

5. In this example, we will be using Dockerized Yugabyte as the destination (also applies to other form factors)

a. 1-node cluster with no persistence: 

docker run -d --name yugabyte  -p7000:7000 -p9000:9000 -p5433:5433 -p9042:9042 yugabytedb/yugabyte:latest bin/yugabyted start --daemon=false

b. With persistence:

docker run -d --name yugabyte  -p7000:7000 -p9000:9000 -p5433:5433 -p9042:9042 -v ~/yb_data:/home/yugabyte/var yugabytedb/yugabyte:latest bin/yugabyted start --daemon=false

6. Go inside the Yugabyte container

a. To access the interactive terminal of the container:

docker exec -it <yugabyte container id> /bin/bash

b. Go to the bin directory:

cd /home/yugabyte/postgres/bin

c. Make sure destination database exists in YugabyteDB:

CREATE DATABASE <destination yugabytedb name>;

d. Dump the database in the Postgres container:

./ysql_dump -h <ip address of Postgres container> -U postgres -d <database name of postgres db> -p 5432 -f <dump name>.sql

e. Restore the Postgres dump in the blank database in the YugabyteDB instance:

./ysqlsh -p 5433 -d <database name of destination yugabyte db> -f <dump name>.sql

 

And there you have it! You have successfully migrated your MySQL database to the future of the database. You have migrated to YugabyteDB!

yugabytedb migration

Exist is your data solutions partner of choice!

Explore the next level of your digital transformation journey with big data and analytics. Let’s look at opportunities to better maximize your ROI by turning your data into actionable intelligence. Connect with us today, and we’ll proudly collaborate with you!

Enterprise Database

The Future of the Database: YugabyteDB

The Future of the Database: YugabyteDB 768 487 Exist Software Labs

The journey to application modernization brought about by the cloud-native renaissance continues, and the benefits to be had are truly being enjoyed by the enterprises that embrace the path. Speed, scalability, resiliency, and agility may seem to just be industry buzzwords, but in reality, they translate to better application deployment, performance, and availability, which further translate to what really matters: happy customers.

This has given way to the concomitant need for databases to adapt to this need for speed, scalability, resiliency, and agility. The way traditional databases have implemented a single-node access to the database cluster via the master node has proven untenable in a commercial environment wherein the need to scale users, not just locally, but across the regional and geographical divide, has become dire and ubiquitous.

This is where the gap is filled by YugabyteDB.

 

What is YugabyteDB?

What is YugabyteDB?

YugabyteDB is a transactional, distributed SQL database that was designed primarily to possess the virtues of the cloud-native philosophy. Its creators wanted a chiefly OLTP database that was fast, easy to add more nodes to, able to tolerate node failures, upgradable without incurring any downtime, and deployable in all form factors (public/private cloud, VMs, and on-prem).

Being a distributed SQL database, it has automatic distribution of data across nodes in a cluster, automatic replication of data in a strongly consistent manner, support for distributed query execution so clients do not need to know about the underlying distribution of data, and support for distributed ACID transactions.

It is a multi-API database that exposes the following APIs (more will be added in the future): 

  • YSQL – an ANSI SQL, fully-relational API that is completely compatible with PostgreSQL 11.2
  • YCQL – a semi-relational SQL API that is based on the Cassandra Query Language

It is a Consistent and Partition Tolerant (CP) database in that in the event of a network partition within the database cluster wherein one of the nodes cannot communicate with the other nodes and determine majority membership, data consistency over availability is prioritized by the system and this node will not be able to accept writes, whereas the nodes that are still part of the majority will remain unaffected.

It is completely open source, released under the Apache 2.0 license.

 

What are the key benefits of YugabyteDB?

The following are some of the benefits that are immediately enjoyed “out-of-the-box”:

  • No single point of failure given all nodes are equal
  • Distributed transactions across any number of nodes
  • Scale write throughput linearly across multiple nodes and/or geographic regions.
  • Low-latency reads and high-throughput writes.
  • Strongly consistent, zero data loss writes.
  • Cloud-neutral deployments with a Kubernetes-native database.
  • Automatic failover and native repair.
  • 100% Apache 2.0 open source even for enterprise features.

In other words, you get a cloud-native, transactional, distributed SQL database system that allows you to read and write on every node in the cluster (with ACID assurance), distribute your application load across many nodes in many regions and geographies, read and write data fast, deploy anywhere, and be highly available—all in open source!

 

Use Cases

YugabyteDB is perfect for:Use Cases of YugabyteDB

Just this morning, social media personality, James Deakin, posted on his FB wall about a particular bank whose “app feels like it’s running on windows 95” (his own words). He ended up closing his account due to the overall poor customer experience brought on by the subpar performance of this bank’s client-facing, internet applications, along with other concerns.

YugabyteDB is perfect for the client-facing, Internet, transactional application.

Want to know more about the Yuggernaut of Distributed SQL? Contact us.

Exist is your data solutions partner of choice!

Explore the next level of your digital transformation journey with big data and analytics. Let’s look at opportunities to better maximize your ROI by turning your data into actionable intelligence. Connect with us today, and we’ll proudly collaborate with you!

Pandemic Highlights Need for EMR, Information Systems Beyond the Hospital and Clinic’s Walls

Pandemic Highlights Need for EMR, Information Systems Beyond the Hospital and Clinic’s Walls 768 487 Exist Software Labs

Despite the uptake of practices using EMRs, the country’s struggle to capture COVID-related data and the presence of health information systems that are not interoperable exposed the need for EMR, hospital and clinic systems’ that contribute and empower the greater health sector.

It is nearly impossible to create or build healthcare capacity during a pandemic.  Hospitals everywhere struggle with staffing and bed resources to keep up with Covid surges while preventing infections.  The lack of clear political strategy and guidance seems to leave health providers fending for themselves.

Yet, it is these types of situations that also enlighten and ultimately force a reckoning for businesses.  In healthcare, it is not just about finding a means to stay afloat.  It is a matter of ensuring survival of staff and populace.  It is about how to improve and extend patient services while contributing to the greater need of containing the pandemic.

 

Need for EMR and Clinic Systems: How it can help.

If it wasn’t as clear before, it has become imperative that any operating business will need to invest in IT and digital solutions.  It is about finding systems that answer core business requirements while also being equipped to support functionalities yet to be identified.  For hospitals and clinics, it is not enough that systems and applications exist only for internal consumption.  Systems need to enable them to participate and share health data (in a secure manner) to reach patients.  They need to contribute information to guide policies for the greater population.

For medical practices, the shift and need for EMR has grown rapidly in the last few years.  This is apparent in larger clinical practices offering a variety of medical and diagnostic services across a network of branches.  Ease of coordination, as well as seamless transactions, give these clinics an advantage.  They offer a more well-rounded patient experience that mirrors that of a tertiary hospital but at a more affordable cost.

Why does the need for EMR constantly arise? EMRs allow users to coordinate care across various specialties.  The system provides the entire clinic and its team of doctors the needed information about the patient at every turn. With available patient data, the practice is likely to adapt towards providing more evidence-based care.

Outpatient clinics need to step up to provide help to hospitals. Clinics can provide triage as a first line of care for patients before going directly to hospitals. As vaccination programs roll-out, clinics across the country can be viable centers given their experience providing immunizations.  At this time, multi-specialty and diagnostic clinics can be a safe haven for patients needing medical help while avoiding the high risk of infection in hospitals.

Such a larger role requires that clinic management systems cannot just be about the need for an EMR.  Clinic systems will need to be mini-hospital information systems (HIS) except without the support for admission and its supporting modules.

Like hospital systems, the clinic system orchestrates a team of doctors, nurses and other users across different sections organized by medical specialty, different laboratory or even outpatient surgical care. Support for an integrated online patient portal and telemedicine are fast becoming the norm since the pandemic. Imagine a doctor providing teleconsultation without need to open another application for accessing and updating the patient’s electronic medical records!

These functionalities are critical to ensuring that medical services will remain operational while reducing physical contact.  With a portal, the patients are provided a tool by which they can update their records and provide feedback on their medical outcomes.

 

Breaking Silos and Transmit Covid-related Data

Maintaining a single source of patient information across multiple branches is just as important.  Firstly, the patient will have more options not limited by location for in-person services such as laboratory and diagnostic tests. This ensures that doctors and other care professionals view updated and complete patient records regardless of clinic branch which opens potential for further interoperability. With consolidated patient records inside clinic systems, clinics have in their possession, valuable data.  Data that can yield patient insights and provide information on future services and investment as well.

In the fight against Covid, using information from paper records seems almost anecdotal at best.  For any viable health program to succeed in this pandemic, data needs to guide the plans.  Surviving the pandemic needs the entire health sector — both public and private, to work together.  Hospitals and clinics will need to pay attention to the needs of population health for Covid data as well. Using the right hospital information and clinic systems is vital for transmitting and collecting health information and statistics.  This is important in creating a holistic health plan for cities, provinces and ultimately an entire country.

The Covid situation is like being part of an ongoing global research study.  It is both tragic but one which hopefully, with available data, will strengthen and lift healthcare standards everywhere.

In the Philippines, this means that IT systems used by hospitals and clinics need to comply with the required standards set forth by the Department of Health (DOH) as well as Philhealth.  Systems with these certifications not only give health facilities the license to legally operate but show a commitment to contribute to improving healthcare beyond its four walls.  By taking advantage of information systems, care institutions give themselves and their patients a fighting chance to survive the pandemic and continue to be relevant players in the healthcare business as well.

Check out our other Digital Healthcare insights here!

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Check out our healthcare product, MEDCURIAL. See how it can help our nation improve its response to the ongoing global pandemic.

 

The 7 Wonders of Big Data and Analytics in the Power and Energy Sector

The 7 Wonders of Big Data and Analytics in the Power and Energy Sector 768 487 Exist Software Labs

Big data and analytics help the power and energy companies address and overcome new industry challenges through insights-based informed decision-making.

Nothing is forever. Like oil and gas, our natural energy sources are on the brink of scarcity, but global energy consumption is growing each fleeting day. The only way to earn extra time is to optimize its use correctly or gradually shift to renewable energy. To do that, big data and analytics help in automating and digitizing production, demand, and supply.

What is big data and analytics, you ask? IBM defines big data as any data that cannot be captured, managed, and/or processed by traditional management components and techniques. While analytics uses advanced mathematical techniques on diverse big data sets from different sources and in various sizes. In other words, data becomes big data when traditional methods, or a single computer, cannot be used to deal with data. It becomes analytics when these big data sets are processed.

The power and energy sector produces and collects large data sets continuously over some time. This data comes from their technology infrastructure, including sensors, cloud computing, wireless, and network communication. Smart meters alone in about a million households can collect 200 terabytes per minute.

Competitive edge of Big Data and Analytics

Businesses across the power and energy industry face many challenges to manage this data and draw insights from it. But when they start to invest in big data and analytics, data-driven companies will cultivate benefits in the long run. So, let’s look at the seven biggest advantages of implementing a big data strategy for power and energy companies.

1. Energy Efficiency

Energy preservation has always been a global issue. While there are advancements in using renewable and reusable energy, necessity still lies in saving it. But in today’s scene, companies should look more into using energy efficiently, requiring less energy for the same function, which is possible with technology.

By 2035, the Asia-Pacific Economic Cooperation (APEC), in which the Philippines actively participate, targets a reduction of aggregate energy intensity by 45%, based on 2005.

Big data analytics can play a significant part in the power sector’s role in this situation by deriving data coming from smart meters, asset operations, business policies, and weather data. It can be integrated and analyzed over time, which helps design electrical devices with energy-efficiency parameters, thus reducing power requirements. Energy efficiency plays a vital role in reducing carbon emissions. To achieve this, power corporations can forecast usage and predict savings by leveraging big data solutions in this manner.

2. Risk Management

Implementing a big data strategy in any business model can work wonders in assessing and managing hefty risks. It eliminates the practice of deriving business decisions from gut-feel and empowers executives with hard evidence instead. The truth can be said for the power and utility industry. Making informed investment decisions is the pinnacle of effectively utilizing the power of big data analytics.

Energy companies can derive valuable insights from power generation and consumer consumption. Predicting anticipated prices, creating dynamic pricing based on peak usage and demand, and adjusting the business operation model to cope with challenges can be done with data-driven decision-making. Enterprises that can embrace big data solutions’ advantages will have a strong market position and attain sustainable business growth.

3. Power Planning

Coming up with optimized power generation planning is another significant benefit of a big data analytics strategy. The strenuous task of matching power supply with the demand for energy on the grid, or economic load dispatch, can be performed quickly and efficiently by applying advanced big data analytics techniques. In effect, it improves energy production efficiency and lowers production costs.

4. Data Collaboration

Understanding what problems to address is first and foremost before implementing an analytics strategy. Big data analytics can predict production demand in the power sector, enhance efficiency, and optimize the operation process. Whatever it may be, enterprises can work with a wide range of data. Bringing all this data together can take a lot of time, but using big data analytics tools to collaborate all data can streamline the process and present visualized reports. 

5. Supply Chain Visibility

The retail industry utilizes big data effectively, especially in managing its inventory and forecast demand to improve supply chain management. The power sector is no different from retailers with its utilities. Technologies today, such as smart meters and smart grids, integrate with big data systems. This strategy enables enterprises to balance demand and supply, facilitate dispatch decisions, increase efficiency, organize inventory, and enhance reliability.

6. Customer Engagement

It is of vital importance for energy companies to be a data-driven and customer-centric business. Technology advancements, government regulations, and shifting customer behavior fast-track an optimized plan for consumer engagement. With big data analytics implementation, energy companies can shift to engage with customers in highly personalized environments, which can increase customer satisfaction, promote new products and lower the service cost.

7. Predictive Maintenance

Logical algorithms can consolidate and assess a large volume of data for power companies, enabling them to develop more effective business strategies. Energy providers can respond quickly in near real-time by predicting the market using specified vital indicators. Implementing big data will improve equipment monitoring and maintenance that will minimize production hours and system disruptions.

Transformation through Big Data and Analytics

With innovations such as predictive analysis, the power and energy industry is experiencing a large-scale transformation. With the assistance of predictive analysis, grids and meters are becoming more intelligent.

It is more evident today than before that this sector has a vital role to play in delivering essential products and services necessary to the world’s economy. Regardless of the industry’s shifts, power providers should continue to satisfy essential standards to provide energy services that are efficient, accessible, and sustainable.

Businesses continue to grow each day, but there are so many out there who do not have this technology and are not experiencing its benefits. There are real-time predictive analytics, grid operations analytics, and consumer analytics that power and energy providers can invest in.

Investment is mission-critical in this scenario to reap the real benefits of big data and analytics. Each day offers new opportunities, and the best solutions to today’s problems are yet to be done. The new normal calls for new innovations, and it is prime time for the power and energy sector to embrace this idea fully.

Exist is your data solutions partner of choice!

Explore the next level of your digital transformation journey with big data and analytics. Let’s look at opportunities to better maximize your ROI by turning your data into actionable intelligence. Connect with us today, and we’ll proudly collaborate with you!

Asia-Pacific: Fastest Growing Market in Big Data Analytics

Asia-Pacific: Fastest Growing Market in Big Data Analytics 768 487 Exist Software Labs

At a time when the pandemic forced enterprises to cut-down ICT investments, there remains optimism in anchoring big data analytics to improve business performance and derive highly informed business decisions.

About 3 in 4 enterprises in Asia-Pacific choose to keep investments in big data analytics (BDA) solutions or even expand this year, according to the latest COVID-19 survey by IDC. This standpoint is sound for businesses as big data analytics presents proven and essential use in enabling digital trust and resiliency now and post-pandemic, more so.

The coronavirus pandemic has caused a decline in the number of ICT investments. But businesses see technology resiliency as the best way to oppose its negative impact. By gathering relevant insights, enhancing productivity, satisfying customers, recognizing fraud, and reducing expenses, enterprises remain competitive with a data strategy in place. Moreover, enterprises are pushing towards public cloud deployments to optimize BDA investments.

The positive outlook around big data analytics comes at a time when global crisis forced companies to cut ICT expenditures. This decision became almost instinctive because of big data analytics’ proven value in keeping businesses alive amid the pandemic.

Energy sector’s fastest-growing market

In a report published by Mordor Intelligence, the Asia-Pacific (APAC) shows a promising future leading the energy sector’s market growth in big data analytics. The market intelligence and advisory firm cited the increased adoption and demand for IoT and smart technologies in government initiatives across the region.

If there is one thing that the energy sector can reap benefits from big data analytics, it is the power to manage scarce resources. After all, only 5% of the world’s energy consumption comes from renewable sources.

The most remarkable technology that is most likely to boost the market growth in 2021-2026 are smart meter systems. Smart metering in big data analytics involves components, such as grid operations, field services, resource planning, customer experience, and regulatory compliances. Big data analytics in smart metering helps in predicting energy consumption. Clearly, this empowers enterprises in managing supply and demand, and mitigating energy waste.

The same report mentioned India’s growing deployment of almost 2 million smart meters. Which takes advantage of today’s technologies and big data techniques. At the same time, China will be the leading country. Due to its increasing adoption rate of smart meters and smart grids across the country with its large population.

Banks and Telcos leading the pack

Contributing to nearly one-third of spending on big data analytics in the APAC region for 2020-2024, banks and telcos are the top verticals investing in BDA solutions: a report published by the technology research firm IDC.

Capitalizing on financial, transactional, and customer data, the banking industry has always been a haven for big data analytics and will remain so in the foreseeable future. With customers shifting to a more digital experience in banking, bank providers are pushing to scale up their digital transformation as rightfully so. Even though considering complicated legacy banking systems as a hurdle, bank executives recognize prioritizing digital initiatives.

Relatively, the telco industry shows a promising position as the second most prominent investor in big data analytics. Telcos leverage data on customers, sales, and marketing to gain insights for business growth. As we have mentioned before, big data analytics can help optimize the customer experience, which is a big thing for this sector.

State of big data analytics in the Philippines

In Southeast Asia, the Philippines is one of the fastest-growing economies in the region. The country’s expected annual GDP growth surpasses the 5.3% regional average, which stands at a solid 6%. Despite this, competition continues to grow as more digital innovations disrupt traditional business models. Data is everywhere and is becoming more available than ever before. Businesses should see this with a bird’s eye view of how big data can translate to business value. At the same time, customers are engaging with highly personalized experiences.

The Philippines market for big data is still very small. If large firms continue to embrace BDA services and recognize worth, small and medium businesses will follow. This is, however, with a condition. A robust legal framework and support from the government must be in place. Especially, data privacy and security remain to be of major concern.

Optimism in anchoring big data analytics

The big data scene can create around 10 million new jobs in the next five years, Former Globe Telecom chief information officer Henry Aguda shared in an interview with Rappler. If this outlook proves itself, this can directly impact the state of the country’s economy and provide employment opportunities.

Besides employment, possessing hardcore evidence-backed decisions can only do good and be a superpower for firms and organizations. With big data utilized to develop more rigid solutions, businesses can be proactive on what the market wants. In this case, an opportunity is on the rise: tweaking products and services by attending to consumer habits.

Companies worldwide have already established that deeper assimilation and application of data analytics in business translates into greater business value. It is becoming more evident here in the Asia-Pacific region, with enterprises increasing their investment in advanced toots and infrastructure to manage their data better. In this way, companies are taking the right path. A new level of innovation in an increasingly competitive global market.

Exist is your data solutions partner of choice!

Explore the next level of your digital transformation journey with big data and analytics. Let’s look at opportunities to better maximize your ROI by turning your data into actionable intelligence. Connect with us today, and we’ll proudly collaborate with you!

Digital Banking Models to Lead Transformation in 2021 and Beyond 1 of 3

Digital Banking Models to Lead Transformation in 2021 and Beyond 1 of 3 768 487 Exist Software Labs

In a world that keeps closing in to even more modernized digital banking models, global initiatives that are being put into place to slash the reliance on physical touchpoints only make perfect sense.

Not only that private sectors are immensely investing in going online, but there has also been some legal support for the modern banking cause.

In the Philippines alone, House Representative Joey Salceda of the 2nd district of Albay has been working on the Virtual Banking Act’s legislation. One of the aims of this act is to increase foreign participation. Simultaneously, it intends on learning more about financial technology from global resources.

Additionally, the Central Bank issued a regulation last July. It proposes to make digital banks a new classification distinct from universal, commercial, thrift, rural, cooperative, and Islamic banks.

Modernizing personal banking and fintech opportunities are also eminent as the tech-savvy, young populace is dominating the workforce. This age group is also currently considered as the biggest earners. Doubtlessly, they would desire nothing less than convenient and easy ways to accomplish day-to-day tasks, say, managing their finances.

Government, private sectors, and the plurality of population – when these three vital stakeholders are walking the same path, progress is always in sight.

Such strongly signals that digital banks, and even neo-banking, are becoming more and more accepted in the country each passing day.

Neo-banking is a term for modern-day digital banking that mainly capitalizes on the rampancy of the internet. Its operations and offerings are heavily online-based. Most of the time, neo-banks do not have physical branches.

With the increasing support for this concept, the country can expect a huge wave of new players in the industry. This poses a further threat to traditional banks that are still taking much time in improving their digital playing cards. Therefore, traditional banks investing in solutions that can take these threats head-on should become more mainstream.

However, every investment comes with risks for both enterprises and the target users. From these risks sprout doubt. With this at hand, how should banking and fintech providers mitigate the half-hearts of the market? At the same time, how will they ensure that the technologies they will be offering are what the market needs, wants, and deserves?

If we are to aggregate all the floating idealisms on addressing this, we will boil down to few specific models that will fit the bill in the face of growing and changing market demands and needs.

As banking solutions developers, we believe that digital banking technologies should lay their building blocks on human-centric, cloud-ready, and threat-elusive models. Here is why:

People-centric Model

Adding value to a person’s day-to-day life through technology is the ultimate goal of any digital transformation efforts. It is the ultimate goal that enterprises should aspire to achieve.

Such entails that the human factor should be the utmost consideration in forging ahead. That does not only include the customer-end but as well as the employees. Is the solution fit for their needs? Will the solution require fewer efforts from them, thus making their tasks smoother to accomplish? Will it give them the relief that they did not know they needed?

Cloud-Ready Model

Modern times and younger markets call for an up-to-date approach. Implementing cloud technology into the banking arena improves data generation and processing.

Cloud-ready solutions are also known to be more scalable and flexible, allowing developers to add software improvements effortlessly.

The Central Bank is in full support of deploying banking processes in the cloud even before the pandemic. Nevertheless, the health crisis still boosted the normalization of the cloud-ready model and is now being utilized by several banks in the country. Still, the use of cloud computing in banking is yet to be fully explored.

Threat-Elusive Model

One of the most critical decision breakers for prospect users is whether banking online is secure or not. Security threats over the internet are pretty rampant, so where they are coming from is understandable.

Howbeit, there are tools and ways to address these concerns, assuring the users that performing their banking matters online can be a safe option.

Adapting these models is not impossible anymore. One merely needs the right direction and resources for it to take shape. Better the soonest, as the first to market always has an advantage.

But we will cut you short this time. Stay tuned to our next blogs as we are about to explore each model more rigorously.

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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.

Digital Banking Transformation: Why go Digital?

Digital Banking Transformation: Why go Digital? 768 487 Exist Software Labs

Going full-on digital in the banking sector has been the talk for years. And if there’s one thing that the recent pandemic called the attention to, it’s that pushing for digital banking transformation is the way to go.

So, why is it the right choice for banks to go digital?

Harnessing today’s technologies to advance the way we bank can work beyond expectations. Not to mention, it has the power to propel the state of digital banking to new heights and reinvent the flow of the world’s finance.

Now is the best time to realize your organization’s digital banking initiatives. Stepping up and gearing towards the future of banking technology are redefining the expectations of both executives and customers.

The shift of customers to digital banking

While we can agree that consumers are kings, digital banking makes managing finances simpler and accessible at any time, anywhere. Visiting a physical branch to make deposits, apply for loans, transfer money, and pay for bills is now an option. These services (and more) are becoming readily available through digital devices.

In the Philippines, ATM transactions declined by 25% and value by 30% since the onset of ECQ. At the same time, money transactions using e-payment services spiked. The Bangko Sentral ng Pilipinas also reported that around 4.1 million digital accounts were created among banks and e-wallet platforms. These numbers represent that Filipinos are changing their preferences from traditional to mostly digital due to social distancing protocols.

Looking forward, 3 in 5 Filipino bankers will switch to a more digital experience in banking. While 4 in 5 will open new accounts with competitor banks that will dissolve their relationship with their first bank. (Fintech and Digital Banking 2025 report) With this at stake, it’s an instinct for banks to get right into the competition and face it head-on.

Attracting and retaining customers has always been a challenge, but now, it’s a step further. And a step towards finding the right technologies for the right services is a step towards the right direction.

Common challenges faced by banks

With this in mind, there must be challenges that banks encounter that hinder the digitalization of their banking system, right? As a matter of fact, yes.

Based on a report, 86% of banking executives say that their legacy banking system is too complicated and the main reason that hinders them from enabling digital interactions with their customers. In the same study, even though 86% of the respondents agree that digital is a high priority, only 19% have a clear digital strategy. (Boston Consulting Group’s Global Corporate Banking report, 2018)

We can infer from this survey that digital transformation has always been an integral part of most business initiatives. But, steering the ship and managing the scales to maximize this considerable investment is a struggle. In other words, banks prioritize the move to go full-on digital, but they’re moving at different paces.

What to do?

Just like with any business transformation, a strategy is first and foremost. Above all, a top-down, integrated approach starting from the C-suite with the CEO steering the ship and involving every aspect of the organization is the best course of action.

The Boston Consulting Group recommends four priorities in making this happen:

1

Reinvent the consumer journey

There are critical points in the consumer journey that matters most, and banking providers should take notice. This course of action will vary across different customer segments and will require continuous improvement and streamlining processes. The ultimate goal is to digitize the experience from start to finish.

2

Leverage the power of data

Advanced data analytics will empower banks to understand their current and potential customers better. Through data mining, or finding patterns and correlations through data, banks can use their customers’ data to predict outcomes based on their behavior. This will improve prospecting and prioritizing leads that suit best with services offered.

3

Redefine the operating model

A digital experience for speed and convenience, and a human experience for advice and resolving issues. Customers want the best of both worlds. Finding the right digital operating model for your business is up to you, whether it’s an added service, a new line of business, or a digital native.

4

Build a digital-driven organization

Prioritizing digital will require a distinctly articulated strategy, funding, talent, working agile, and company culture to take risks willingly. It’s not easy to achieve but can heap benefits in the long run.

To sum up, if traditional banks want to stay afloat, they should start and take advantage of new banking technologies. It’s also an excellent tactic to streamline the banking experience, choose the right operating strategy, and embed the digital mindset within the organization.

ROI in digital banking

But of course, going digital is not an easy feat. It will involve a lot of resources and cost you money, time, and valuable resources. Before you proceed with the investment, what’s in store for you? We know that return on investment is essential in any business transformation initiative. Knowing these can speed up executive buy-in and identify the right technologies for your bank.

There are four top reasons why executives should invest in digital banking:

1

Get more customers

Banks and financial technology companies with a digital presence attract and retain more customers. The freedom of choice for consumers to opt for a digital and human experience empowers them in handling their finances.

2

Targeted offerings

Use customer data to easily convert clients with just a tap of a button on their device. You can do more with target marketing, upselling, cross-selling, and even establish long-lasting relationships with customers.

3

No need to open a new branch

Even with more customers, it is not necessary to open new physical banks, which will save you a ton.

4

Go paperless

From sending e-statements to digital onboarding and marketing offers, you can save a lot in going digital.

Digital is the future

Keep in mind that consumers are online, so should banks be. Omnipresence is a superpower the best banks have. Allowing your customers the freedom of choice to access their finances, anywhere, any time, will increase your market share in attracting and retaining clients.

Moreover, going digital can bridge the gap between banks and their market even better. It is a race towards digital transformation, and staying behind is not a safe choice.

Digital is the future, and it’s fast approaching. If you’re looking for a solutions partner to work with you, we’re right here.

Exist has streamlined the solutions-building process that will complement your existing banking system. From mobile and internet banking to onboarding and origination, we can even tailor-fit our solution to your unique needs.

That and more on our next blog on why Exist is your innovation partner of choice.

Take your next step with a banking innovation that the future needs. ‘Till our next!

Check out our video!

Watch our Digital Banking Advocate, Jem, as she shares in her vlog how Filipino customers are shifting their banking preferences. What are the common challenges faced by banks? What to do? And in what ways can you get your return on investment?

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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.

Investing in Healthcare IT, Supporting Care Workers

Investing in Healthcare IT, Supporting Care Workers 768 487 Exist Software Labs

2021 is for the health and care workers who are possibly among the rare few not threatened with job displacement. This is despite the increased use of technology.  On the contrary, the partnership between them has helped push online care providers into the mainstream. Yet, this is just the beginning.

The World Health Organization (WHO) has declared

and rightfully so because more than any other group, they are at the frontlines risking their own health caring for those seemingly increasing numbers of patients with Covid.

According to WHO, “the YHCW is an opportunity to draw attention to the need for greater investments in health and care workforce readiness, education and learning to manage the pandemic and its consequences and to roll out the COVID-19 vaccine.

Beyond COVID-19, investments are also needed in health and care workers’ ability to deliver primary health care, manage noncommunicable diseases, and provide mental health services, maternal and child health care, long-term care, and palliative care.”

Technology More than Plays Its Part

Further, WHO also states, “investments in education, continuing professional development, well-being and occupational safety in all of these areas are important preconditions for retaining and attracting health and care professionals. Without making health and care work a desirable and supported career path. Countries will also struggle to attract newcomers, including in rural areas. Moreover, it will also be challenging to progress towards universal health coverage and stronger, more resilient health systems.”

While Exist Healthcare and Medcurial have committed to developing the systems to promote better patient outcomes and better care delivery, YHCW is also a timely reminder of the need for better-designed systems that support positive user experiences enabling happy and productive care providers.

Healthcare systems have time and again mitigated the risks of spreading infection for patients and users alike. This is due to the increasing use of online technology. Things are not likely going back to normal soon. Along with this, the use of telemedicine and remote care portals and protocols will likely continue and spur further improvements.

Unsung heroes for years, the pandemic now gave care workers the attention they deserve. By equipping them with the tools, healthcare IT will always provide them with needed help. This will let them discharge their medical duties the best they can safely while at the front lines—not only for their patients but for their families waiting for them at home.

Check Out Medcurial

Check out our healthcare product, MEDCURIAL. See how it helped some of the biggest hospitals in the country provide better patient outcomes.

4 Proven Ways Data Analytics Increases Revenue

4 Proven Ways Data Analytics Increases Revenue 768 487 Exist Software Labs

With great data analytics comes great returns.

In this day and age, the influx of data has overwhelmed businesses. Which prevents them from maximizing the potential of big data analytics to drive even more revenue and profit. Forbes shares that there are 2.5 quintillion bytes of data created each day but only 0.5% is analyzed.

In the Philippines, only two out of five companies are highly data-driven. But a good thing to note, most Filipino businesses realize this as an advantage. With three out of five having data and analytics (D&A) teams. (PwC Data Analytics Assessment and Readiness Survey, 2020)

We should know by now that making business decisions based on hard evidence from data is becoming a competency and an edge for those who utilize it. Case in point, the McKinsey Global Institute indicates that data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain those customers, and 19 times as likely to be profitable as a result.

Today, getting the most value out of your data is a superpower that business leaders should invest in. It is a profit-increasing ability based on facts, trends, and statistics rather than a gut feel.

In this blog, we’ll share with you four proven ways that embedding a clear data analytics strategy into your business can maximize your returns.

#1. Improving processes to reduce errors

One of the best benefits of having effective data analytics in your business is improving your processes to reduce wasted money and time. 

For instance, you’re in a bread manufacturing company struggling to predict the right numbers to make in a day. In effect, your company overproduces and ends up with wasted unsold food as it expires in less than a week. Besides that, you want your product as fresh as possible when it goes straight to supermarket shelves.

This is where data analytics comes to play. As a result, you can make more accurate forecasting of the demand and supply. Which can significantly reduce the percentage of loss or waste and increase profitability.

#2. Mapping business performance

Another advantage of utilizing data analytics is data visualization. The power to see how your business performs gives you a clearer picture of your goals and targets.

With the right tools to visualize your company data, you’ll be able to map employee performance, team outcomes, company goals, and quarter results, among others. In other words, this empowers your business to look at rooms for improvement and opportunities to consider.

For sure, presenting numbers and graphs has always been a part of your business reviews. That’s why with the right tool, you can also reduce working hours spent on creating manual reports and data consolidation by automating reports generation. Now, your staff can spend valuable time on more critical operational business tasks.

#3. Optimizing the customer experience

Undeniably, the behavior of customers is becoming a lot clearer and available today. You can gather lots of data from various consumer touchpoints. Such as your company website, social media presence, and electronic payments.

After identifying these touchpoints, data analytics can help you optimize the customer experience. Likewise, businesses can harness data to find new customers, track social media interaction with the brand, improve customer retention rate, capture customer inclinations and market trends, predict sales trends, and improve brand experience.

Using the right data can help you plan out an effective marketing strategy and know when to launch your new products and sales. Data is your lens to interact seamlessly with the right customers at the right time.

#4. Getting ahead of the competition

I can’t stress this enough: there’s a multitude of ways your business can utilize your data. So, using this ability to get ahead of your competition is untapped power.

Firstly, data analytics can identify the best channels for your business that offer more significant ROI and focus on them. It will be a driving force to develop a better, informed marketing and sales strategy by analyzing trends and insights from gathered data. You can even avoid spending thousands on marketing campaigns that don’t even address your target audience.

Another one, analyzing data can reveal what your market needs and wants. Keywords can tell you exactly what features your customers are searching. From its frequency, you can infer the relevant priorities of opposing interests. While the relative change can identify and predict trends in customer behavior. It can even understand where customers are struggling the most and how support should be stationed.

Data Analytics empowers Businesses of the Now

Knowing these ways to embed data is just a starting point. If companies can exploit the potential of big data analytics, they can dodge being a business of the past.

Data and analytics are the key forces to an organization’s digital transformation. That’s why Gartner predicts that by 2022, about 90% of corporate strategies will explicitly state data as a significant asset and analytics as a competency.

That’s quite of an outlook. To reiterate: With great data analytics comes great returns.

In a study of over 400 businesses by Bain & Company, they found out that those with the most advanced data analytics get a larger market share. Moreover, they were twice as likely to be in their industry’s top 25% for profitability and five times more likely to make faster decisions than competitors.

Therefore, we can’t ignore the fact that the world’s data production is accelerating. Its effect on the business landscape is getting more and more realized. And being able to derive business decisions from hardcore data analytics is a power that yields better outcomes.

Exist is your data solutions partner of choice!

Explore the next level of your digital transformation journey with big data and analytics. Let’s look at opportunities to better maximize your ROI by turning your data into actionable intelligence. Connect with us today, and we’ll proudly collaborate with you!