banking and finance

Banks that embrace predictive analytics and data-driven decision-making are forging a path towards becoming the "extraordinary" banks of the future.

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

Book a free technical consultation to start your digital transformation and data analytics journey

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.

On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft

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.

Explore the Power of Digital Banking

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

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.

Contact Us Today to Learn More about Digital Banking!

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

Philippine Banks are Slow in Adopting Digital Finance: Mckinsey, Java Developer Philippines

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.

Explore the Power of Digital Banking

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

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.  

Contact Us Today to Learn More about Digital Banking!

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

Good Challenge for Bank Revolutionists: Are They Prepared for Gen Z Consumers?

Good Challenge for Banks: Are they Prepared for Gen Z Consumers?

Good Challenge for Banks: Are they Prepared for Gen Z Consumers? 1300 972 Exist Software Labs

As technology continues to advance, Gen Z consumers are becoming increasingly reliant on digital banking solutions. These consumers are born between 1997 and 2012, and they have never known a world without the internet and mobile phones.

Therefore, banks need to adapt to this changing landscape and provide digital banking solutions that cater to the needs of this generation. In this blog, we will explore the challenges and opportunities that banks face when catering to this market segment.

Gen Z doesn’t want to go to a Traditional Bank 

As a digital banking solutions provider, we noticed that many banks are struggling to keep up with the demands of Gen Z consumers. The traditional banking model no longer appeals to this demographic, and they are turning to mobile banking solutions instead.

Banks need to provide a seamless user experience that is personalized and convenient. Mobile Internet banking solution is one such solution that can help banks meet the needs of this new generation of customers.

Data between Banks and Gen Z

Gen Z, the largest generation with approximately 32% of the global population, is also the most digitally native, as revealed by a study by Business Insider Intelligence. The study found that 98% of Gen Z consumers own a smartphone, and 72% use social media multiple times a day. Moreover, a survey by FICO discovered that 72% of Gen Z consumers are keen on using personalized banking services that use their data to offer customized advice and products. These statistics highlight the importance of digital transformation for banks that wish to serve the needs of this emerging demographic.

The key to successful banking for this generation is personalization. Banks need to use machine learning and AI to provide a customized experience that meets the specific needs of each individual customer.

For example, if a customer frequently uses their debit card to make purchases, the bank should be able to offer them targeted discounts and cashback offers on their purchases. This will make the customer feel valued and appreciated, which will, in turn, increase their loyalty to the bank.

Explore the Power of Digital Banking

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

Open Banking Opportunities for Gen Z

Open banking is another area where banks can tap into the Gen Z market. With open banking, customers can give third-party providers access to their financial data. This enables these providers to offer personalized financial services that meet the specific needs of each customer. For example, if a customer is struggling to save money, a third-party provider could offer them a budgeting app that helps them manage their finances more effectively.

However, banks need to be careful when it comes to open banking. They need to ensure that they are protecting their customers’ data and that they are only working with reputable third-party providers. It is also important to note that not all customers will be comfortable with sharing their financial data with third parties. Banks need to be transparent about how this data will be used and offer customers the option to opt out if they wish.

Mobile Banking for Gen Z

Mobile Internet Banking is the future of banking, and banks need to ensure that their MIB is always up-to-date to maintain their competitive edge. These customers expect to be able to access their accounts and make transactions on their mobile phones. They want a seamless and intuitive experience that allows them to complete transactions quickly and easily.

To provide this experience, banks need to invest in automation and AI. This will enable them to offer a faster and more efficient service to their customers. For example, customers should be able to open a new account or apply for a loan using their mobile phone without having to speak to a customer service representative.

Gen Z Target Market

Gen Z is an important target market for banks, and they need to ensure that they are meeting the needs of this demographic. This generation is more tech-savvy than any previous generation, and they expect their banking experience to reflect this.

They want a personalized and intuitive experience that allows them to manage their finances easily.

To achieve this, banks need to invest in the latest technology, such as AI, automation, and machine learning. They also need to ensure that their digital banking solutions are secure and that they are protecting their customers’ data. By doing so, banks can tap into the vast potential of the Gen Z market and ensure that they remain competitive in the years to come.

In conclusion, banks that are prepared for the challenges of serving Gen Z consumers have a significant advantage in the marketplace. By leveraging the latest technology, including machine learning, AI, and open banking, banks can deliver a seamless and personalized experience that meets the unique needs of each individual customer.

As a digital banking solutions provider, we are committed to helping our clients adapt to the changing needs of their target market and stay ahead of the curve.

Exist Software Labs, Inc., provide a future-proof, scalable, and secure banking experience and tailored to your target market. We have 20+ years of IT experience and are committed to providing innovative and personalized digital banking solutions that prioritize customer experience and satisfaction.

Contact Us Today to Learn More about Digital Banking!

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

Why Banks with "Customer-First" Mindset Drives Better Revenue

Why Banks with “Customer-First” Mindset Drives Better Revenue

Why Banks with “Customer-First” Mindset Drives Better Revenue 1300 972 Exist Software Labs

Banks that prioritize customer-first approach and satisfaction have a significant advantage over their competitors. They understand that their success depends on the happiness and loyalty of their customers. This blog post will explore why adopting a customer-centric approach is essential for banks and how it can drive better revenue.

Why is customer experience important in banking?

The financial industry has become increasingly competitive, with customers having more options. With the rise of mobile banking and digital transactions, customers have become more tech-savvy and expect seamless and personalized banking experiences. In this environment, customer experience has become a key differentiator for banks.

Customers want banks to understand their needs and provide personalized solutions that meet their specific requirements. They also expect quick and efficient service, whether they are banking online or in person. By prioritizing customer experience, banks can build strong relationships with their customers, which can translate into better revenue and profitability.

What are the benefits of a customer-centric approach in banking?

There are many benefits of adopting a customer-centric approach in banking. Some of the most significant benefits include

  1. Increased customer satisfaction: By prioritizing customer experience, banks can ensure customers are happy and satisfied with their services. This can lead to increased loyalty and retention, as customers are more likely to stay with a bank that meets their needs.
  2. Improved revenue: A customer-centric approach can lead to increased revenue, as customers are more likely to use additional services and products when they are happy with their overall banking experience. This can translate into higher profitability for the bank.
  3. Competitive advantage: By providing personalized banking solutions, banks can differentiate themselves from their competitors and attract more customers. This can help banks to stand out in a crowded marketplace and win new business.

Explore the Power of Digital Banking

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

How can banks adopt a customer-first approach?

Banks can adopt a customer-centric approach in several ways. Some of the most effective strategies include

  1. Investing in digital banking solutions: Digital banking solutions, such as mobile banking apps and online banking portals, can provide customers with a seamless and convenient banking experience. By investing in these solutions, banks can meet their customer’s evolving needs and expectations.
  2. Prioritizing user experience: Banks should prioritize the user experience in all their interactions with customers. This means ensuring that their website, mobile app, and other digital channels are easy to use and navigate, with clear and concise information.
  3. Personalizing banking solutions: Banks can use data analytics to understand their customers’ needs and preferences. This can help them to provide personalized banking solutions, such as customized investment portfolios and loan products.
  4. Measuring customer satisfaction: Banks should regularly measure customer satisfaction to identify areas for improvement and ensure that they are meeting their customers’ needs.

In today’s competitive banking industry, adopting a customer-centric approach is essential for driving better revenue and building strong customer relationships. By investing in digital banking solutions, prioritizing user experience, personalizing banking solutions, training staff, and measuring customer satisfaction, banks can ensure that they are meeting their customer’s needs and providing a seamless and personalized banking experience.

At Exist Software Labs, Inc., we understand the importance of customer-centricity in banking. We are committed to providing innovative and personalized digital banking solutions that prioritize customer experience and satisfaction. Contact us today to learn more about how we can help your bank drive better revenue and build strong customer relationships.

Contact Us Today to Learn More about Digital Banking!

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

How Personalized Banking Help Users Enjoy Digitalization?

How Personalized Banking Help Users Enjoy Digitalization?

How Personalized Banking Help Users Enjoy Digitalization? 1300 972 Exist Software Labs

In the age of digitalization, banking has become more than just a transactional relationship between customers and banks. Today, personalized banking is essential for customer satisfaction and retention. Customers expect a seamless banking experience that meets their unique needs, and banks that can provide that experience will be the most successful. In this blog, we will explore how personalized banking help users enjoy digitalization and how digital banking solution providers in the Philippines are leading the way in providing exceptional user experiences.

Personalized Banking – What is it?

Personalized banking is the practice of tailoring banking services to meet the individual needs of each customer. It involves using customer data to deliver personalized products, services, and communication channels that are tailored to their unique preferences, behaviors, and interests. This approach enhances customer engagement and fosters long-term relationship between customers and banks.

Digital Banking Solutions Provider in the Philippines – Leading the Way

The Philippines has emerged as one of the fastest countries to adapt to digital banking in South East Asia. Banks and Financial Institutions have been able to leverage the latest trends and technologies to deliver personalized banking solutions that meet the unique needs of each customer.

User Experience – The Key to Success

In the digital age, user experience is the key to success for banks. Customers expect a seamless omnichannel experience that allows them to access their banking services anytime, anywhere, and on any device. Banks that can deliver this experience will be the most successful in the long run. Personalized banking enables banks to provide a seamless experience that meets the unique needs of each customer, whether they are accessing their banking services via a mobile app, a website, or a branch.

Predictive Analytics and Business Intelligence – A Powerful Combination

Personalized banking is powered by data. Predictive analytics and business intelligence tools enable banks to use customer data to provide personalized products and services. Predictive analytics can help banks anticipate customer needs and behaviors, while business intelligence tools provide insights into customer preferences and behaviors. By combining these two technologies, banks can deliver personalized banking services that meet the unique needs of each customer.

Process Automation – Streamlining Banking Processes

Personalized banking can also help banks streamline their internal processes. Process automation technologies enable banks to automate routine tasks and free up staff time to focus on more important tasks, such as customer engagement and product development. By streamlining their processes, banks can deliver more efficient and effective services to their customers.

The Power of AI – Enhancing the Personalization of Banking Services

Artificial intelligence is also playing a growing role in the banking industry. AI technologies such as chatbots and virtual assistants are increasingly being used to deliver personalized banking services to customers. Chatbots and virtual assistants can provide customers with quick and convenient access to banking services, while also gathering data on their preferences and behaviors. This data can be used to deliver even more personalized banking services in the future.

Seamless Processes – Delivering Exceptional User Experiences

Personalized banking can help banks deliver exceptional user experiences that are seamless and hassle-free. By using customer data to deliver personalized products and services, banks can provide a user experience that is tailored to each customer’s unique needs. This can include everything from personalized marketing messages to customized product recommendations.

Here are some of the most interesting benefits of personalized banking that can improve the customer experience:

  1. Customized Products and Services: Personalized banking enables banks to deliver customized products and services that meet the unique needs of each customer. This can include customized interest rates, loan terms, and credit card rewards programs. By offering personalized products and services, banks can attract and retain customers who are looking for solutions that meet their specific needs.
  2. Faster Service Delivery: Personalized banking can also lead to faster service delivery. By using customer data to anticipate their needs and preferences, banks can deliver faster and more efficient services. This can include faster loan approvals, quicker credit card applications, and more personalized financial advice.
  3. Improved Security: Personalized banking can also improve security by using advanced authentication and fraud detection technologies. Banks can use customer data to build risk profiles that can detect unusual account activity and alert customers of potential fraud. This can help prevent financial losses and increase customer trust.
  4. Greater Convenience: Personalized banking can also increase convenience for customers. By offering a seamless omnichannel experience, customers can access their banking services anytime, anywhere, and on any device. This can include mobile banking apps, online banking portals, and in-person branch visits. By offering a convenient experience, banks can enhance customer engagement and retention.
  5. Enhanced Customer Loyalty: Personalized banking can also enhance customer loyalty by fostering long-term relationships between customers and banks. By offering personalized products and services, banks can create a sense of loyalty among customers who feel valued and understood. This can lead to increased customer retention and referrals.

Conclusion

Personalized banking is essential for customer satisfaction and retention in the age of digitalization. Banks that can deliver personalized banking services that meet the unique needs of each customer will be the most successful in the long run. 

Exist Software Labs, Inc. is the leading digital banking solutions provider in the Philippines and leading the way in providing exceptional user experiences that are powered by the latest trends and technologies. By leveraging technologies such as predictive analytics, process automation, and artificial intelligence, banks can deliver seamless, personalized banking services that enhance customer engagement & satisfaction.

Contact Us Today to Learn More about Digital Banking!

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

Big Data, Data Solutions, Healthcare, Retail

Trends and Industries: How Data Solutions upend existing sectors to new heights in 2023?

Trends and Industries: How Data Solutions upend existing sectors to new heights in 2023? 650 486 Exist Software Labs

The defining era of data is currently upon us. Business model threats and economic shocks are common. Power is changing wherever you look, including in the market, our technological infrastructure, and the interactions between companies and customers. Change and disruption have become the norm. Data Solutions have been useful in innovating the industry.

Data-savvy businesses are well-positioned to triumph in a winner-take-all market. In the past two years, the distance between analytics leaders and laggards has increased. Higher revenues and profitability can be found in companies that have undergone digital transformation, embraced innovation and agility, and developed a data-fluent culture. Those who were late to the game and who still adhere to antiquated tech stacks are struggling, if they are even still in operation.

So, when you create your data and analytics goals for 2023, these are the key trends to help you stay one step ahead of your competitors.

Healthcare

Data Analytics and Data Solutions can be used to improve patient outcomes, streamline clinical trial processes, and reduce healthcare costs. 

Some specific examples of how Analytics is being used in healthcare include:

  1. Improving patient outcomes: Analytics can be used to identify patterns and trends in patient data that can help healthcare providers make more informed decisions about treatment plans. For example, data from electronic health records (EHRs) can be analyzed to identify risk factors for certain conditions, such as heart disease or diabetes, and to determine the most effective treatments for those conditions.
  2. Streamlining clinical trial processes: Data Analytics can be used to improve the efficiency of clinical trials by allowing researchers to identify suitable candidates more quickly and by helping them to track the progress of trials more closely.
  3. Reducing healthcare costs: Analytics can be used to identify inefficiencies in healthcare systems and to help providers implement cost-saving measures. For example, data analysis can be used to identify patterns of overutilization or unnecessary testing, and to develop strategies for reducing these costs.

Financial services

Data Analytics can be used to detect fraud, assess risk, and personalized financial products and services. 

Some specific examples of how Data Analytics is being used in the financial industry include:

  1. Fraud Detection: Data Analytics can be used to identify patterns and anomalies in financial transactions that may indicate fraudulent activity. This can help financial institutions to prevent losses due to fraud and to protect their customers.
  2. Risk Assessment: Analytics can be used to assess the risk associated with various financial products and services. For example, data analysis can be used to assess the creditworthiness of borrowers or to identify potential risks in investment portfolios.
  3. Personalizing financial products and services: Analytics can be used to gain a deeper understanding of individual customers and to personalize financial products and services accordingly. For example, data analysis can be used to identify the financial needs and preferences of individual customers, and to offer customized financial products and services that are tailored to those needs.

Retail

Retail companies can use Data Analytics to optimize pricing, understand customer behavior, and personalize marketing efforts. 

Some specific examples of how Data Analytics is being used in the retail industry include:

  1. Prizing Optimization: Retail companies can use Data Analytics to identify patterns in customer behavior and to optimize their pricing strategies accordingly. For example, data analysis can determine the most effective price points for different products and identify opportunities for dynamic pricing (i.e., adjusting prices in real time based on demand).
  2. Understanding customer behavior: Analytics can be used to gain a deeper understanding of customer behavior and preferences. This can help retailers to make more informed decisions about the products and services they offer, and to identify opportunities for cross-selling and upselling.
  3. Personalizing marketing efforts: Analytics can be used to deliver more personalized and targeted marketing efforts to customers. For example, data analysis can be used to identify customer segments with similar characteristics and to develop customized marketing campaigns for each segment.
  4. Cost Reduction: Being able to have a JIT (Just in Time) procurement and storage of items which in turn increases/optimizes warehouse capacity and reduces spoilage, and improves logistics.

Manufacturing

Data Analytics can be used to optimize supply chain management, improve production efficiency, and reduce costs. 

Some specific examples of how Data Analytics is being used in the manufacturing industry include:

  1. Optimizing supply chain management: Analytics can be used to improve the efficiency of the supply chain by identifying bottlenecks and inefficiencies, and by developing strategies to address these issues.
  2. Reducing fuel consumption: Analytics can be used to identify patterns in fuel consumption and to identify opportunities for fuel savings. For example, data analysis can be used to identify the most fuel-efficient routes or to identify vehicles that are consuming more fuel than expected.
  3. Improving fleet management: Analytics can be used to improve the efficiency of fleet management by identifying patterns in vehicle maintenance and repair data, and by helping fleet managers to develop strategies to optimize vehicle utilization and reduce downtime.
  4. Forecast roadworthiness of vehicles: This can help set trends on when a vehicle would break down or need repairs based on utilization, road conditions, climate, and driving patterns.

Energy

Data Analytics can be used to optimize the production and distribution of energy, as well as to improve the efficiency of energy-consuming devices.

Some specific examples of how Analytics is being used in the energy industry include:

  1. Optimizing the production and distribution of energy: Analytics can be used to optimize the production and distribution of energy by identifying patterns in energy demand and by developing strategies to match supply with demand. For example, data analysis can be used to predict when energy demand is likely to be highest and to adjust energy production accordingly.
  2. Improving the efficiency of energy-consuming devices: Analytics can be used to identify patterns in energy consumption and to identify opportunities for energy savings. For example, data analysis can be used to identify devices that are consuming more energy than expected and to develop strategies to optimize their energy use.
  3. Monitoring and optimizing energy systems: Analytics can be used to monitor and optimize the performance of energy systems, such as power plants and transmission grids. Data analysis can be used to identify potential problems or inefficiencies and to develop strategies to address them.

Agriculture

Analytics can be used to optimize crop yields, improve the efficiency of agricultural processes, and reduce waste.

Some specific examples of how Data Analytics is being used in agriculture include:

  1. Optimizing crop yields: Analytics can be used to identify patterns in crop growth and to develop strategies to optimize crop yields. For example, data analysis can be used to identify the most suitable locations for growing different crops and to develop customized fertilization and irrigation plans.
  2. Improving the efficiency of agricultural processes: Data Analytics can be used to identify patterns in agricultural data and to develop strategies to optimize processes such as planting, fertilizing, and harvesting.
  3. Waste Reduction: Analytics can be used to identify patterns in food waste and to develop strategies to reduce waste. For example, data analysis can be used to identify the most common causes of food waste on farms and to develop strategies to address those issues.

These are just a few examples of the many industries that are likely to adopt Data Analytics technologies as part of their digital transformation efforts in the coming years. 

Other industries that are also likely to adopt Analytics Technologies include Government, Education, and Media, among others. In general, Data Analytics Technologies are being adopted across a wide range of industries because they can help organizations to gain insights from their data, make more informed decisions, and improve their operations. 

As more and more organizations recognize the value of Analytics, it’s likely that we’ll see even greater adoption of these technologies in the coming years.

To learn more about our Data Solutions Services, click here.

The Next Big Thing in Internet Banking - Exist Software Labs, Java, Java Developer Philippines

The Next Big Thing in Internet Banking 2022

The Next Big Thing in Internet Banking 2022 768 487 Exist Software Labs

What is the “Next Big Thing in Internet Banking?”

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 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 bills). The question is, what is the “Next Big Thing in Internet Banking?”

Surprisingly, banks have adapted to this technological era by accelerating their operations online. As customers go online, many banks have pivoted their strategies to be present where their customers are. Here is 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 and Internet Banking

Exist Digital Banking and Fintech have already streamlined the solutions-building process by creating a foundational banking app that can easily integrate with core banking systems using a standard set of integration connectors to equip banks with capabilities to rapidly shift and compete in the digital economy.

For those in need of a modern and agile digital banking solution, Exist offers a faster and more flexible way for banks to create and implement a solution that can be tailored to their own unique needs which can deliver a seamless customer experience across any device.

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, Java, Java Developer Philippines

Digital Banking 2022: Expectation VS Reality

Digital Banking 2022: 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.

Exist Software Labs, Inc and Digital Banking

Exist Digital Banking and Fintech have already streamlined the solutions-building process by creating a foundational banking app that can easily integrate with core banking systems using a standard set of integration connectors to equip banks with capabilities to rapidly shift and compete in the digital economy.

For those in need of a modern and agile digital banking solution, Exist offers a faster and more flexible way for banks to create and implement a solution that can be tailored to their own unique needs which can deliver a seamless customer experience across any device.

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!