Digital Banking

2021 05 31 pbcom exist news 768x487 1

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:

exist pbcom timeline 2

PBCOM tapped Exist to develop POP

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

POP was launched to the public

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

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

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

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

Exist developed the OTP platform for POP

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

PBCOM and Exist are under a contract valid until 2025

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

Download our FREE datasheet!

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

web 800x507 Digital Banking Models to Lead Transformation in 2021 and Beyond 768x487 1

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.

Download our FREE datasheet!

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

2020 11 27 bfsi blog p2 768x487 1

Digital Banking: Is Philippines Ready?

Digital Banking: Is Philippines Ready? 768 487 Exist Software Labs

Digital banking is not news to the banking and finance industry in the Philippines. However, the industry has been in wait-and-see mode when it comes to adopting the concept. Furthermore, Decision-makers in the field are indecisive about taking the risk of diverting a larger portion of their investments to this.

Innovators, nonetheless, see the market’s promise. Ere the outrage of COVID19, actors intend to push this innovation and establish a position in the Philippine market.

In an interview with the CIMB Bank Philippines CEO Vijay Manoharan last January 2019, he took a solid stance on whether or not the country is ready for digital banking.

“This market is poised for digital transformation. It is great because the population is young. We got smartphone adoption and mobile banking penetration that are encouraging and growing rapidly. The consumers are ready. Consumers are looking for a digital banking solution. Coupled with a great regulatory framework, that will encourage digital adoption in banking. 

All these key pillars or indicators led us to believe that it is the right time to do something like this in the Philippines.”

In addition to this, the country also has a significantly large populace of unbanked individuals.

Congruent to what Mr. Manoharan said, the Philippine market is at its fruition to surf the tides of digital banking technology. The number of users has grown to millions in only a year.

How does the country forward digital banking locally?

Currently, the Philippines is on its way to becoming the next country to issue digital banking licenses. This regulation is part of Bangko Sentral ng Pilipinas’s three-year digital payments transformation roadmap, which seeks to promote financial inclusion.

BSP has initially set a goal to increase the share of electronic payments to 20 percent of total payment transactions in the country by 2020. According to BSP Governor Benjamin Diokno, the quarantine measure implemented throughout the Philippines boosted the realization of this goal.

There certainly has been a sharp decline in physical transactions. Subsequently, the surge in electronic banking activities changed the initial goal to about 50 percent of total transactions by 2023.

The tremendous market potential, combined with the local regulations, makes the path towards digital transformation in banking a lot smoother.

Going digital is always a user’s option. 

The ascendance of digital banking into the limelight nowadays became an avenue for redefining the industry’s focus. Therefore, whether the country is ready for this or not is no longer a hanging question.

Digital banking’s viability can withstand and sustain the post-pandemic financial ecosystem. For banking and finance tycoons, it is a race. Tapping the market with this technology’s interoperability is the goal.

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.

2020 10 16 bfsi blog 768x487 1

The Future of Philippine Banking

The Future of Philippine Banking 768 487 Exist Software Labs

.

As the impact of COVID19 on health and the economy continues to persist, key actors, including the banking sectors, create ways in an attempt to sustain the country’s survivability. Recently, the Philippine government launched the 4-pillar socio-economic strategy. The first two of which deals with the urgent needs of the vulnerable sectors and the medical industry. Whereas the second half is for economic recovery.

Banko Sentral ng Pilipinas also launched the Sustainable Finance Framework. It includes driving digital banking and financial inclusion, which anchors upon the fast spread of digital transactions. Since the implementation of the country-wide quarantine protocols, around 4.115 million digital accounts were created among banks and e-wallet platforms. Benjamin Diokno, BSP governor, said in a virtual fintech forum last May that the share of digital transactions should reach at least 50% by the end of his term in 2023. 

The central bank sees the exponential growth in numbers as an opportunity for the banking and finance sector to seize the hype and cater to the growing desire for digital payment solutions.

Case on point, Rizal Commercial Banking Corporation’s (RCBC) President and CEO Eugene Sering Acevedo stated in an interview with the Oxford business group that RCBC’s mobile app users increased by 10% between mid-March and mid-May alone. This change causes RCBC to consider closing some underutilized branches while investing more in its digital services. He also added that the bank’s management is highly focusing on digital targets and key result areas.

The stretch of the time that the country is under quarantine drastically decreased banks’ brick-and-mortar operations. Because of this, more and more users to migrate online. ATM usage has also declined by 25% since the beginning of ECQ. Such push banks to leverage on improving the customer service and digital experience.

The PwC highlights the significance of keeping the bond between the banks and its stakeholders, especially the clients, warm during this time of economic crisis.

According to them, banks may want to consider the following to keep client relationships healthy and customer-service managed:

      • Proactively reach out and offer training to customers who are not familiar with online banking. No client must be left behind during the evolution that is befalling in the banking sector. Banks should assist their clients through this change, particularly those who find this transition not easy.
      • Combine human and digital touchpoints in attending to customer concerns and needs. Banks should extend their services beyond person-to-person interaction. They should be able to address customer concerns through different channels, including online chats and emails.
      • Train customer service personnel to better prepare them for interacting with borrowers with dignity and respect during this stressful time. Building customer trust is imperative during this struggling time as it will leave a lasting impression on them and will speak of the wholistic values that the bank upholds.

The pandemic has created a ton of problem areas in our economy. Nevertheless, banks should grab the opportunity to grow and adapt swiftly to modern demands accelerated by the health crisis and establish a robust and more sustainable means of their services.

Going full-on digital is the future of Philippine banking, and that future is fast approaching.

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 19 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.

[vc_single_image image=”22818″ img_size=”medium” alignment=”center” style=”vc_box_rounded”]
web 800x507 What Sparked the Emergence of Digital Banking 768x487 1

What Sparked the Emergence of Digital Banking

What Sparked the Emergence of Digital Banking 768 487 Exist Software Labs

As we live in the computer age, the existence of online banking appears ordinary to us. Every major bank tailors a system that is capable of online access. The absence of such is almost unimaginable, especially these days.

The evolution of digital technology presented an invaluable advantage to banks as it attempts to address the limitations that the old brick-and-mortar set up brought to sight.

These limitations sparked the emergence of digital banking.

1. Building cost.

Before the rise of digital banking, the banking sector depends on expanding its branches to reach out to a broader market. But the hefty price of building a bank branch is one of the major turning points of gradually moving online. 

More than just the amount the land and construction of the building per se, establishing a physical branch takes into account the landscape/exterior, interior design, technologies, and devices to be used, as well as the security measures to be implemented. Banking businesses, therefore, target building a facility in commercial areas. This scenario creates a boundary between the banks and the possible market from far-flung places.

2. THUS, limiting the bank’s presence in many areas.

The first limitation springs another one. Banking was less accessible to most people outside business districts. Additionally, a physical branch can only attend to as many clients as the store, and its personnel can accommodate.

As banking became more present in the digital ecosystem, the market also had more inclusion. It also fostered a better synergy. Banks can swiftly respond to concerns as fast as users can address their concerns.

3. More customers require more bank employees.

Even before the rampancy of digital banking platforms, banked individuals have always kept increasing, the implementation of digital technology in this industry only accelerated this increase significantly. A corresponding increase in bank staff always comes after the constant growth, or forecasted growth, in the number of banked individuals. The same goes for adding more physical stores.

Digitization allowed processes to speed up as most of it is being automated. This induced changes in the traditional workforce requirements of banks. With the decrease in the need for human supervision in many operations, banks can now concentrate their forces on their core competencies.

4. Incoherent customer journey.

The improvements in the customer journey that digitization presented were also promising. The customer journey begins with awareness. But where does it end? The simple answer is it never does. Continually nurturing the clients even after you have acquired them is one of the most critical steps, if not the most, in rendering a fulfilling journey.

Think of having to do every step of this journey physically. Tedious, right?

Digital banking broke this stigma. The targeting, marketing, acquiring, and now even responding to the market became a lot easier, delivering a more personalized and customer-centric experience.

5. Consumers are online, so should banks be.

The evolution of digital banking expands from the creation of ATMs to going online. Why not? The market is rapidly becoming more inclined to the internet, and they want to accomplish things faster than ever before. The screens became the window to what the world has to offer, either convenience or luxury.

One of the fundamentals of running a business is placing it to where your target segment is situated. The rationale is pretty simple: you should be where your prospects are – keep within the sight. Banks get to be where their market is, a superpower that brick-and-mortar cannot grant – OMNIPRESENCE.

Digital banking was able to hit these pain points and is anticipated to keep driving notable changes in this age, especially as the global health crisis accelerates the demand for more digital services. The current condition advanced the call for virtual collaboration, thus the innovation of the virtual platforms. It is inevitable. It is only a matter of who is going to be the pacesetter – the one at the front of the transformation race.

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 18 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.

[vc_single_image image=”22818″ img_size=”medium” alignment=”center” style=”vc_box_rounded”]
web 800x507 Digital Banking Bridging the Social Distance 768x487 1

Digital Banking: Bridging the Social Distance

Digital Banking: Bridging the Social Distance 768 487 Exist Software Labs

The social distancing measures imposed to contain the spread of the global pandemic COVID19 pushed people to limit themselves from physical exchanges. The current scenario also puts restrictions on accessing necessities in which finances remain the lifeblood. Even so, the gradual shift into digital banking allows many banks and their clients to keep financial matters going.

The crisis and the quarantine measures implemented painted a clearer picture of how banking systems should step up their game, for instance, not limiting it to on-premise processing of transactions. We can say that such development will not be in vain even after this global concern clears up.

Digital Customer Onboarding per se is among the most cost-effective addition to any bank. The idea pushes forward the minimization of physical transactions while maximizing operations and achievement of business goals.

Major Benefits of Digital Banking

No need to visit an actual branch; faster and easier registration and onboarding process; do bank transactions anytime, anywhere

  • Traditional banking requires a client’s presence in a physical branch. The process, account application, for example, mandates them to allocate enough time to finish the initial processing. It puts going to a store, falling in line, filling out documents by hand, and submitting the documents into view. Such a scenario will take much of the applicant’s time, needless to say, effort. Through digital onboarding, a person will only need access to a device and sufficient internet connection. Case in point, Exist’s partner PBCOM in the Philippines enables its market to apply for an account online by just providing the necessary information through an application specifically designed for the said process. An application can also operate 24/7, allowing the person to apply anytime he/she feels to do so, no cut-offs, no closing time, and we have fewer people exhausted by the end of the day.

Offer the longed-for banking application; attract more unbanked individuals to register

  • Onboarding is the first opportunity to build a relationship with a client. Therefore, it should offer ease to him/her at first glance. As stated above, traditional onboarding can be tedious for most people, however. In addition to that, a single branch can only cater to applicants within the covered area. Such limitation leaves banks with less market as well. Imagine what a mobile banking application that does the job like account opening on behalf of the bank staff can do. The method will require less human supervision and is accomplished via a mobile phone, thus, leaving the one-at-a-time system behind, enabling the bank to have more applicants at once. By expanding availability through the application, banks will also keep their clients within reach, creating a more interactive platform for both parties.

Gather valid customer data through the eKYC onboarding process; upsell/cross-sell to existing clients faster

  • Paper-heavy transactions have been the long-accepted method. But with the rise of digitization, the world has been moving steadily into paperless ones. Digitally gathering the clients’ information lessens the effort of both the bank and the clients. It also creates a leeway into having a single source of truth about the client, which lowers mistakes caused by tediously transferring the data from paper to computer wherein human error can also transpire.

Easier, faster, and smarter banking: the call for leveling up the banking system is nothing new. It has been a running topic for quite some time now. The enhanced community quarantine only underlined the idea that going digital can bridge the gap between banks and their market even better. It is a race towards digital transformation, and stalling behind is not a sound choice.

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 18 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.

[vc_single_image image=”22818″ img_size=”medium” alignment=”center” style=”vc_box_rounded”]