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Exist Software Labs HRIS Solution Wins Philippines Technology Excellence Award
Exist Software Labs HRIS Solution Wins Philippines Technology Excellence Award 839 630 Exist Software Labs

“This award reflects our commitment to pushing the boundaries of innovation and delivering tailored solutions that empower businesses to thrive”

Exist Software Labs is proud to announce its recognition as the winner of the Philippines Technology Excellence Award for Information Management – IT Services  at the prestigious Asian Technology Excellence Awards 2024, held on September 5, 2024, at the Conrad Bangkok hotel in Thailand. This award recognizes Exist for creating an advanced Human Resource Information System (HRIS) for BCC Global Solutions, meeting the changing needs of today’s businesses.

The Asian Technology Excellence Awards 2024 brought together top companies and technology leaders from across Asia, recognizing their efforts in advancing digital transformation. The event featured a vibrant gathering of industry leaders, including distinguished guests and key players from sectors ranging from healthcare to finance and IT. The awards showcased companies that have harnessed technology to deliver exceptional business value.

While surrounded by many remarkable companies, Exist Software Labs was grateful to be recognized for its HRIS solution developed for BCC Global Solutions. This solution is designed to streamline human resource processes and improve workforce management. The platform integrates functionalities for recruitment, onboarding, payroll management, performance tracking, and employee engagement, all while providing powerful analytics for data-driven decision-making. The solution’s user-friendly interface, scalability, and flexibility make it an indispensable tool for organizations looking to optimize their HR functions and enhance overall productivity.

Recognition for Technological Excellence

Receiving the Philippines Technology Excellence Award in the IT Services category highlights Exist Software Labs‘ commitment to developing innovative solutions that empower businesses to thrive in an increasingly competitive landscape. This recognition underscores the company’s focus on addressing the complex needs of its clients through advanced technology that drives operational efficiency and fosters growth. The HRIS solution for BCC Global Solutions exemplifies this approach, providing a tailored and impactful tool to enhance HR operations and support business goals.

A Night to Celebrate Innovation and Collaboration

The awards night was not only a celebration of technological achievements but also a platform for fostering collaboration, networking, and sharing insights. Industry leaders engaged in discussions on emerging trends, digital strategies, and the future of technology. This event provided an opportunity for companies like Exist Software Labs to demonstrate the impact of our solutions and to connect with other forward-thinking organizations.

For Exist Software Labs, the recognition at the Asian Technology Excellence Awards 2024 serves as a testament to its team’s dedication to excellence and innovation. The HRIS solution, already adopted by organizations like BCC Global Solutions, continues to revolutionize how businesses manage their workforce by automating key HR functions and delivering real-time insights into employee performance and engagement.

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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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    The New Age of Banking: Voyaging through Digital Banking Asia Summit 2024
    The New Age of Banking: Voyaging through Digital Banking Asia Summit 2024 839 630 Exist Software Labs

    Pasay City, Philippines – Embarking on the New Age of Banking, Digital Banking Asia Summit 2024 emerged as a beacon of innovation and Asia’s flagship leadership summit for Bank CXOs and Fintech Disruptors. Held on March 13, 2024, at the esteemed Manila Marriott Hotel and co-presented by Escom, this landmark event brought together visionary leaders, industry experts, and trailblazers from across the Philippines. As Exist, Software Labs Inc. joined as one of its’ sponsors, supplementing the core vision of the event is incredibly certain, exploring the cutting-edge trends, challenges, and opportunities shaping the future of Banking and Financial landscape.

    The Digital Banking Revolution

    Discourse and Panel Discussions

    1. Charting the Digital Transformation Landscape: Banking CEOs’ Top Priorities in Asia
    Discussed by:

    • Sumit Kumar – Managing Director and Partner at BCG
    • Paolo Salcedo – Head, Virtual Banking at Maybank
    • Greg Krasnov – CEO & Founder at Tonik Bank
    • Nate Clarke – CEO at GoTyme
    • Sushreem Jadhav – BFSI Practice Lead at Collabera Digital Philippines
    • Colin Kum – APAC Market Director at Mambu

    2. Customer Feedback and Continuous Improvement: Using Voice of the Customer (VoC) to Drive Innovation
    Discussed by:

    • Vicky Salas – Partner at SGV (Moderator)
    • Dan Ramirez – Senior Vice President, Head of Transformation Office; Office of the Chief Operating Officer at ING Bank
    • Lion Gacad – Chief Experience Officer at Gotyme Bank
    • Mica Diaz de Rivera – UX Strategy and Design Head at Metrobank

    3. The Role of AI and Machine Learning in Shaping the Future of Finance
    Discussed by:

    • Gilbert Trinchera – Partner at KPMG
    • Sara Ann Venturina – Chief Data Officer at GCash
    • Kenneth Catugas – Head of IT at ING Bank
    • Esel Madrid – SVP and Head of Data Science & AI Center of Excellence at Security Bank
    • Durjoy Patranabish – Vice President, Business Development at Tiger Analytics
    • Vijesh Kishore – Chief Revenue Officer at SnapWork Technologies

    4. Cybersecurity in Financial Services: Protecting Data and Building Trust
    Discussed by:

    • Mark Anthony Almodovar – Risk Assurance, Cybersecurity and Privacy Executive Director at PwC
    • Marlon Sorongon – Chief Information Security Officer at Maybank Philippines
    • Carlos Tengkiat – Chief Information Security Officer at RCBC
    • Akbar Senior Motani – CEO at DPM
    • Ryan Pahignalo – Head of Compliance and Monitoring Services at Digido Finance Corp.
    • Hung Wong – Vice President, ICT Solution & Partnership at HGC Global Communications

    Can't wait to begin your Digital Banking Journey?

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    Explored Key Topics

    1. AI, Data & Automation
    The summit delved into the transformative power of artificial intelligence, data analytics, and automation in reshaping the banking landscape. Discussions centered on harnessing AI-driven insights to enhance customer experiences, optimize operational efficiency, and drive sustainable growth in the digital era.

    2. Transformation for Traditional Banks
    Amidst rapid digitization, traditional banks are navigating a paradigm shift towards agility, innovation, and customer-centricity. Sessions at the summit explored strategies for traditional banks to embrace digital transformation, foster innovation, and remain competitive in an evolving market landscape.

    3. Cyber Security, Fraud & Identity
    With the proliferation of cyber threats and financial fraud, safeguarding customer data and ensuring robust security measures are paramount. The summit addressed the latest advancements in cybersecurity, fraud detection, and identity verification technologies, highlighting the importance of proactive risk management and compliance.

    4. Open and Embedded Finance
    The rise of open banking and embedded finance presents unprecedented opportunities for collaboration and ecosystem integration. Industry leaders discussed the potential of open banking frameworks, API-driven innovation, and embedded finance models to drive financial inclusivity, accessibility, and innovation.

    5. Diversity & Financial Inclusion
    Promoting diversity, equity, and inclusion is essential for fostering a more inclusive financial ecosystem. Sessions at the summit explored strategies for advancing financial inclusion, empowering underserved communities, and leveraging diversity as a catalyst for innovation and growth.

    6. Fintech & Partnerships
    Collaboration between traditional financial institutions and fintech disruptors is reshaping the future of finance. The summit explored emerging fintech trends, partnership opportunities, and collaboration models driving innovation, agility, and customer-centricity in the digital age.

    7. Payments Innovation
    The payments landscape is undergoing rapid transformation, driven by digitalization, mobile technology, and changing consumer preferences. Discussions at the summit centered on payments innovation, digital wallets, real-time payments, and the future of frictionless transactions in the digital economy.

    8. Seamless Experiences
    In an era of heightened customer expectations, delivering seamless and personalized experiences is imperative for driving customer engagement and loyalty. The summit explored strategies for creating frictionless omni-channel experiences, leveraging data-driven insights, and delivering hyper-personalized services.

    9. ESG and Sustainability
    Embracing environmental, social, and governance (ESG) principles is no longer a choice but a strategic imperative for financial institutions. Sessions at the summit emphasized the role of sustainable finance, responsible investing, and ESG integration in driving long-term value creation and societal impact.

    Takeaways

    The Digital Banking Asia Summit 2024 served as a catalyst for innovation, collaboration, and thought leadership, setting the stage for a future where financial services are more inclusive, accessible, and sustainable. And with Exist Banking and Financial Services Solutions, you can effectively navigate these complexities of a rapidly evolving digital landscape, the insights, connections, and strategies forged at this summit that will undoubtedly shape the future trajectory of banking and financial services, not only in the Philippines, but across Asia Pacific region and beyond.

    Begin your Digital Banking Journey today!

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    Redefining IT Solutions with DevSecOps Agility
    Redefining IT Solutions with DevSecOps Agility 1300 972 Exist Software Labs

    In the rapidly evolving landscape of software development, maintaining a competitive edge is crucial. Our company has consistently embraced innovation and agility, positioning ourselves as a Digital Enabler and Technology Driver. Similarly, DevSecOps shares common principles and practices with the Agile movement. Through an unwavering commitment to incorporating agile development and DevSecOps practices, Exist Software Labs has not only kept pace with the ever-changing demands of the industry but has emerged as a pioneer in delivering cutting-edge IT solutions. 

    Additionally, to better showcase our approach, we’ve highlighted important items below to show how we work.

    Embracing Agile Development

    At Exist Software Labs, the key to our success lies in the wholehearted adoption of agile development methodologies. By integrating the principles of Agile into our development fabric, the company has become adept at responding swiftly to changes, mitigating risks, and consistently delivering high-quality software solutions to our diverse clientele.

    Iterative Approach

    Exist Software Labs utilizes an iterative approach to development, breaking down complex projects into manageable tasks. This strategy enables our teams to continuously refine and enhance their work, resulting in accelerated delivery times and heightened customer satisfaction. Actively seeking and incorporating feedback into our processes ensures that our solutions always align with the evolving needs of our clients. DevSecOps also adopts the iterative approach by integrating security throughout the software development lifecycle (SDLC) and continuously improving security measures with each iteration.

    Collaboration and Communication

    A pivotal aspect of agile development is fostering effective collaboration and communication among team members. Exist Software Labs cultivates a culture of open communication, encouraging regular interactions and knowledge sharing. This collaborative environment empowers teams to work cohesively, ensuring alignment with project goals and milestones. Both DevSecOps and Agile methodologies emphasize the importance of cross-functional collaboration among developers, operations engineers, security professionals, and other stakeholders to ensure the efficient delivery of high-quality software

    Continuous Integration and Testing

    Recognizing the significance of quality assurance in the software development lifecycle, Exist Software Labs implements continuous integration and testing practices. Through frequent integration of code changes and running automated tests, the company swiftly identifies and addresses any issues, resulting in more reliable and stable software releases. DevSecOps extends the concept of continuous integration and testing by including continuous delivery, as well as continuous security testing and validation. This ensures that security is seamlessly integrated into the software delivery pipeline, allowing for rapid and secure releases. 

    Adaptive Planning

    In an ever-shifting business landscape, adaptability is paramount. Simultaneously, DevSecOps also emphasizes flexibility and adaptability, achieving this by seamlessly integrating security into the development pipeline and consistently refining security measures to address evolving threats and requirements. Exist Software Labs excels in adaptive planning, enabling us to respond to shifting priorities and emerging opportunities. Our agile approach allows us to adjust project scope, timelines, and resources, ensuring optimal solutions are delivered without compromising quality. 

    Conclusion

    Exist Software Labs stands as a testament to the transformative power of agile development practices. By adopting an iterative approach, fostering collaboration, implementing continuous integration and testing, and demonstrating adaptive planning, we consistently stay ahead of the curve, delivering exceptional IT solutions. In an industry marked by relentless competition, Exist Software Labs serves as a shining example of how agile excellence leads to sustained success in the dynamic world of IT solutions.

    Are you ready to elevate your IT solutions? Connect with Exist Software Labs and experience the power of agile development firsthand. If you’d like to delve deeper into implementing DevSecOps within your organization, begin your DevSecOps journey with Exist DevSecOps PH Consulting and Implementation Services.

    Reach out to our team today to explore how we can tailor our expertise to meet the unique demands of your projects. Let’s embark on a collaborative journey towards success in the ever-evolving realm of IT solutions.

    Learn more today!  Don’t just stay current—stay ahead. Choose agile excellence with Exist Software Labs.
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    2024 Vision: Embracing Trends Reshaping the Digital Banking Sphere
    2024 Vision: Embracing Trends Reshaping the Digital Banking Sphere 1300 972 Exist Software Labs

    In 2023, the digital banking sphere witnessed a dynamic evolution, marked by technological advancements and trends reshaping the norm, changing consumer behaviors, and industry-wide innovations. Financial institutions across the globe embraced digital transformation to enhance customer experiences, streamline operations, and stay competitive in the rapidly evolving market.

    As we are approaching 2024, the world of banking is undergoing a transformative journey fueled by both emerging and subsisting technological advancements. In this article, we’ll embark on an exploration through the cutting-edge trends reshaping the digital banking sphere this year, attainable through various Banking and Financial Solutions.

    Here are the 7 Digital Banking technologies you need to look out for this 2024.

    1. Open Banking

    We understand that staying ahead in the fast-evolving financial landscape is crucial for a business’s success. That’s why tackling the transformative world of Open Banking – a game-changer that goes beyond traditional financial services is a vital part of 2024. Open Banking is a system that allows third-party financial service providers to access and interact with a user’s financial information, with their consent. It’s a data-sharing framework that aims to enhance financial transparency, promote competition, and enable the development of innovative financial services.

    (See the infographic below)

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    2. Digital Fraud Prevention

    Since digital onboarding for consumers is now the norm in the majority of financial establishments to easily enroll their users remotely, and major threats like identity theft, financial scam, and fraud are always on the block, It is essential to find a reliable eKYC solution to effectively enforce both identity verification and fraud prevention.

    Jumio is an end-to-end eKYC Platform that helps banks to have automated identity proofing, eKYC, and Transaction Monitoring. From onboarding to monitoring, they build trust based on your terms.

    *Jumio is one of the technology partners of Exist Software Labs, Inc. (Learn More)

    3. Generative AI

    Artificial Intelligence is one of the predominant factors in technological advancement. This technology has significantly transformed the digital banking and financial industry by introducing innovative solutions, improving operational efficiency, and enhancing customer experiences. Specifically, the influence of FinTech and the application of Generative AI on Chatbots is expected to grow this year through banking technology, such as apps and other online money services, which could produce new revenue streams through customer service improvements, targeted marketing, enhanced analytics & decision making capabilities, and more.

    4. Blockchain Progression

    Blockchain technology refers to a decentralized and distributed ledger technology that revolutionizes the way financial transactions are recorded, verified, and executed. It operates on a peer-to-peer network of computers, where each participant (node) has a copy of the entire blockchain, ensuring transparency and security. Blockchain can potentially transform various aspects of the banking and financial industry, from traditional banking operations to enabling new financial products and services. Its adoption is driven by the pursuit of greater efficiency, security, and innovation within the financial ecosystem.

    5. Neobanking

    Neobanking refers to a type of digital banking model that operates exclusively online, without traditional physical branches. Neobanks are typically fintech startups or digital-only financial institutions that offer banking services entirely through mobile apps or web platforms. They leverage technology to streamline processes, enhance user experiences, and offer innovative financial products and services.

    As this technology continues to evolve, its impact on the broader banking sector is likely to grow, influencing the way people manage their finances worldwide, providing innovative and user-friendly solutions, enhancing accessibility, and driving positive changes in the financial services industry.

    6. Banking Process Automation

    Banking process automation is crucial for modernizing banking operations, improving efficiency, and providing a more agile and customer-centric banking experience. It allows financial institutions to stay competitive in a rapidly evolving digital landscape. It works by strategically implementing technology to handle repetitive tasks, streamline workflows, enhance accuracy, and improve overall operational efficiency within the banking industry. The goal is to leverage automation to deliver faster, more accurate, and cost-effective banking services while allowing the workforce to focus on higher-value tasks and strategic initiatives.

    7. Cloud Migrations

    Cloud migration is the process of transitioning digital assets, applications, data, and IT infrastructure from on-premises systems or legacy environments to cloud-based platforms. This strategic move is driven by the industry’s evolving technological landscape, regulatory requirements, and the desire to leverage the benefits offered by cloud computing.

    Cloud platforms offer scalability and high availability features, enabling banks to easily scale their operations up or down based on demand. This flexibility is crucial for handling fluctuating workloads and adapting to changing market conditions.

    Takeaways

    As we can see, so many technological innovations can be customized based on the bank’s and financial institutions’ offerings. They can utilize it to provide seamless, omnichannel, and powerful banking. However, this can only be possible by tapping into an IT solutions partner that can truly help you in your digital transformation this 2024. Exist Software Labs, Inc. is one of the technology innovators in the Philippines with over two (2) decades of experience in bringing the value of technology to humans.

    Begin your Digital Banking Journey today!

    Learn more about our Digital Banking Solutions that is Secure, Scalable, Connected, Cloud Ready and Flexible.

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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.

    Contact Us Today to Learn More about Digital Banking!

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

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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.

    Explore the Power of Digital Banking

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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.

    Contact Us Today to Learn More about Digital Banking!

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

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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.  

    Contact Us Today to Learn More about Digital Banking!

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

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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.

    Contact Us Today to Learn More about Digital Banking!

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

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