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

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

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

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

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

Empowering Rural Banks Through Digital Innovation

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

Mobile Banking, Made Easy!

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

Mobile Internet Banking – Lite 

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

Mobile Internet Banking – Standard

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

Mobile Internet Banking – Enterprise

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

What’s In It for You?

Adopting Mobile Internet Banking offers several benefits:

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

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

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

#ExistInDigitalBanking #ExistInInclusiveBanking

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

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

    Charting a New Course

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

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

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

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

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

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

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

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

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

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

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

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    Panel Discussion

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

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

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

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

    Crayon’s Digital Transformation Insights

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

    A Fusion of Knowledge, Innovation, and Fun

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

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

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

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

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

    What is Predictive Analytics, and why does it matter?

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

    The Role of Data Warehousing in Predictive Analytics in Banking

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

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    Embracing the Cloud for Scalability and Flexibility

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

    From Data Analytics to Data-Driven Decision-Making

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

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

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

    Conclusion

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

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

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

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

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

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

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

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

    1. The Rising Tide of Fraud in Digital Banking

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

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

    2. The Imperative of Enhanced Security Measures

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

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

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    3. Leveraging AI and Machine Learning

    How can AI and machine learning technologies help combat fraud?

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

    4. Educating Customers and Raising Awareness

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

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

    5. Collaboration within the Industry

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

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

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

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

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

    Kick-off and Welcome Remarks:

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

    Jonas Lim speaking about humanized banking roundtable

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    Engaging Insights and Use Cases from Top Banks:

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

    Sessions and Concluding Insights:

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

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

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

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

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

    Looking Ahead:

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

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

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

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

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

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

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

    McKinsey’s Report Emphasizes the Digital Importance to Philippine Banks

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

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

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

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

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

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

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    Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines, Philippines
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    Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines
    Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines 1300 972 Exist Software Labs

    In today’s digital age, financial institutions are increasingly moving their services online. However, with this comes the risk of fraud and identity theft, which can have severe consequences for both the financial institution and the consumer. This is where eKYC, fraud prevention, and identity verification come into play.

    The Partnership Between Exist Software Labs, Inc. and Jumio

    Exist Software Labs, Inc., a leading Java developer in the Philippines, and Jumio, a leading provider of end-to-end identity proofing, risk assessment and compliance solutions, have partnered to create a secure and automated online onboarding process for bank consumers in the Philippines. This partnership will allow financial institutions in the Philippines to offer a streamlined and secure onboarding experience for their customers.

    “We are thrilled to partner with Exist Software to provide a complete biometric identity verification solution that helps financial institutions in the Philippines create a seamless, secure and innovative onboarding experience.” said Frederic Ho, Jumio VP of APAC.

    Jumio’s solutions use artificial intelligence, machine learning and biometrics to verify the identity of individuals quickly and accurately. This will help financial institutions in the Philippines to comply with Know Your Customer (KYC) regulations and prevent fraud. Exist Software Labs will provide consultancy and cutting-edge products and services to support the integration of Jumio’s solutions into existing banking systems.

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    How This Partnership Will Benefit Filipinos?

    This partnership will benefit Filipinos by providing them with a more convenient and secure way to open and manage their bank accounts online. Since the pandemic, more and more people are turning to online banking services. This partnership will provide a way for Filipinos to access these services without compromising their personal information.

    The automated onboarding process will also reduce the time it takes for customers to open a new account, making it more convenient for them. This will help increase financial inclusion in the Philippines, where many people still do not have access to traditional banking services.

    “In Exist, we often use the tagline “There’s always a better way”. It’s specially exemplified by our partnership with Jumio.  Jumio’s technology solutions in the identity verification space together with Exist’s technology solution allow us to provide our BFS clients with a better and seamless onboarding experience that is both secure and innovative. We are excited and look forward to expanding this partnership further seeing how their technology can truly benefit the onboarding experience of the Philippine’s financial institutions.” said Jonas Lim, Exist VP of Engineering

    Finally, this partnership will help prevent financial fraud, which is a significant problem in the Philippines. By implementing robust identity verification and fraud prevention measures, financial institutions can protect their customers from identity theft and other forms of fraud.

    In conclusion, the partnership between Exist Software Labs and Jumio is an exciting development for the Philippines’ banking industry. By providing secure and automated onboarding processes, financial institutions can offer their customers a more convenient and secure way to access banking services online. This will help increase financial inclusion and prevent financial fraud, making it a win-win situation for everyone involved.

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

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    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.

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

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    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.

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    The New Era of Digitalization in the Banking and Finance Industry
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    The New Era of Digitalization in the Banking and Finance Industry
    The New Era of Digitalization in the Banking and Finance Industry 650 486 Exist Software Labs
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    Digitalization in Banking and Finance

    If there is something that is only constant in this world, it is CHANGE. As industries evolve and competition becomes more intense, financial institutions are also elevating their offerings.

    The banking and finance industry has undergone a significant transformation in recent years with the rise of digitalization. From online banking to mobile payment solutions, digital technologies have revolutionized the way financial institutions operate and interact with their customers. To explore this topic further, join us on our first podcast episode, “The New Era of Digitalization in the Banking and Finance Industry.”

    In our first episode, we discuss the latest trends, challenges, and opportunities in the banking and finance industry. Our expert guests share insights on how digitalization has changed the way we manage our finances, and what this means for financial institutions and customers alike. We delve into the benefits of digital banking, such as increased accessibility and convenience, and the risks associated with it, including cybersecurity threats and data privacy concerns.

    Contact Us Today to Learn More about Digital Banking!

    Begin the digital banking revolution.

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