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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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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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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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Data Ingestion, Data Integration, Data Quality,Driven Organization
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The Importance of Data Ingestion, Data Integration, and Data Quality in becoming a Data-Driven Organization.
The Importance of Data Ingestion, Data Integration, and Data Quality in becoming a Data-Driven Organization. 650 486 Exist Software Labs

Data ingestion, integration, and quality are crucial steps in becoming a data-driven organization:

Ingesting, storing, organizing, and maintaining the data generated and gathered by an organization is known as data management. A key component of implementing IT systems that power business applications use to deliver analytical data to support operational decision-making and strategic planning by corporate executives, business managers, and other end users is effective data management.

Data management is a collection of many tasks that aims to guarantee correct, accessible, and available data in business systems. The majority of the work is done by the IT and data management teams, but business users also contribute.

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These are the key steps in transforming a company into a data-driven organization.

What is Data Ingestion, Data Integration, and Data Quality?

  1. Data Ingestion: It is the process of acquiring data from various sources and bringing it into a centralized data repository for analysis and reporting. Without effective data ingestion, data silos can form, making it difficult to access and integrate data across the organization.

 

It involves acquiring data from different sources, such as databases, cloud storage, or even manual input, and ensuring that the data is transformed and formatted in a way that can be easily integrated and analyzed.

 

  1. Data Integration: This process merges data from different sources into a unified view, making it easier to analyze and make informed decisions. Lack of data integration can lead to inconsistencies, duplications, and errors in data analysis.

 

This step requires removing duplicates, resolving conflicts, and transforming data into a consistent format so that the data can be used effectively for analysis and decision-making.

  1. Data Quality (Cleansing): Cleaning data ensures that it is accurate, consistent, and free of errors. Poor data quality can negatively impact decision-making and hinder the effectiveness of data analysis.

 

The data quality process involves validating the data, correcting errors, and removing inconsistencies, to ensure that the data is trustworthy and fit for its intended use. These three steps are crucial for organizations to effectively leverage their data to make informed decisions, drive business growth, and achieve their goals.

By focusing on data ingestion, integration, and quality, organizations can ensure that they have a solid foundation for their data analysis and decision-making processes. It enables organizations to gain valuable insights, make informed decisions, and ultimately drive business growth and success.

Next is How to Operationalize the Data in a data-driven organization:

 

  • Establish a clear data strategy: The first step is to create a clear data strategy that aligns with the overall business strategy. This strategy should define the business problems that data can help solve, the data sources to be used, the tools and technology required, and the KPIs that will be used to measure success.

 

  • Identify data requirements: Determine what data is required to support the business strategy and goals. This involves identifying the types of data needed, the sources of data, and the frequency of data collection and updates.

 

  • Collect and process data: Collect the relevant data and process it in a way that makes it usable for analysis. This may involve data cleaning, normalization, and transformation.

 

  • Analyze data: Use analytics tools and techniques to analyze the data and derive insights that can inform business decisions. This may involve descriptive analytics, predictive analytics, and prescriptive analytics.

 

  • Communicate insights: Communicate the insights to stakeholders in a way that is clear and actionable. This may involve creating dashboards, reports, or visualizations that highlight the key findings and recommendations.

 

  • Integrate insights into operations: Use the insights to inform business operations and decision-making processes. This may involve integrating insights into existing workflows, processes, and systems.

 

  • Monitor and evaluate: Monitor the impact of the data-driven initiatives and evaluate the success against the KPIs identified in the data strategy. Make adjustments as needed to improve performance.

Overall, operationalizing data in a data-driven organization requires a culture that values data-driven decision-making, a commitment to continuous improvement, and the right technology and tools to support data collection, analysis, and communication.

 

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

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

Personalized Banking – What is it?

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

Digital Banking Solutions Provider in the Philippines – Leading the Way

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

User Experience – The Key to Success

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

Predictive Analytics and Business Intelligence – A Powerful Combination

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

Process Automation – Streamlining Banking Processes

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

The Power of AI – Enhancing the Personalization of Banking Services

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

Seamless Processes – Delivering Exceptional User Experiences

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

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

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

Conclusion

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

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

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Open Banking Ecosystem: Why do Banks with APIs Captivate More Users
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Open Banking Ecosystem: Why do Banks with APIs Captivate More Users
Open Banking Ecosystem: Why do Banks with APIs Captivate More Users 1300 972 Exist Software Labs

A PLACE WHERE YOU CAN SEE EVERYTHING – This is the first thought that comes to my mind about Mobile Internet Banking. Banks who adapt in digital banking are being advanced in providing quality banking experience by tailoring their offerings to their customers because of open banking.

While top banks are enjoying this kind of flexible and extensive Open-Banking, the majority are still stuck with the traditional way of banking. Taking leverage of this new technology will expedite the growth of Banks and Financial Institutions.

What is Open Banking?

It is a banking technology model that gives access to users to securely allow their data that they can share with the bank’s third parties (of course, with their consent)  to offer a personalized and seamless experience.

This banking model creates a more competitive environment by opening up new opportunities for collaboration between banks, fintech, and other financial institutions. In the Philippines, it is still in its early stages, but it is quickly gaining traction as a new and innovative way of providing financial services to customers.

The implementation of open banking in the Philippines requires collaboration between different stakeholders, such as regulators, banks, fintech, and customers. The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has created guidelines and regulations that encourage the adoption of open banking in the Philippines. These guidelines include the use of APIs (Application Programming Interfaces) to facilitate the sharing of data between banks and third-party providers.

To encapsulate how it works, Banks and Fintech have privacy policy guidelines when we are installing an app or registering to their website. This means that they designed data safety conditions that comply with regulators and the government to protect every customer’s data. 

Digital Banking in 2023 – What to Expect

Open Banking Ecosystem: Why do Banks with APIs Captivate More Users

Open banking offers several benefits to both banks and customers. Banks can leverage open banking to improve the customer experience by offering new and innovative financial products and services. For example, it enables banks to provide personalized financial advice, digital payment solutions, and other services that meet the needs and expectations of their customers.

Moreover, by partnering with fintech and other third-party providers, banks can access new technologies and expertise that can enhance their offerings.

By working together, regulators, banks, fintech, and customers can create a more competitive and transparent financial services market that benefits everyone. For banks still not adapting to this technology, it is important to stay informed about open banking and embrace this new model to stay ahead of the competition and provide better services to customers.

Executives must understand the importance of open banking and support its implementation and growth. IT experts, on the other hand, must ensure that the necessary technology and infrastructure are in place to help open banking securely and efficiently.

What are the Benefits of Open Banking?

  1. Improving competition: It allows third-party providers to offer financial services, increasing competition in the market and providing customers with more options.
  2. Enhancing innovation: It enables the development of new financial products and services through tailored promotional offerings, loyalty rewards, and other marketing advertisements based on customers’ interests, digital behavior, etc. These kinds of personalized user experiences are always with the consent of users by checking the terms and conditions when they sign up for an account. Additionally, the terms and conditions of the banks are always relying on the government’s Data-Privacy Act.
  3. Improving financial inclusion: It can help reach underserved or unbanked populations by enabling new providers to enter the market and offer financial services.
  4. Enhancing security: It can help improve the security of financial transactions by using modern technologies and standards, such as strong customer authentication.

How Should banks respond to Open Banking? Do they need to adapt?

Banks need to respond to open banking and adapt to this new model. Open banking represents a shift in the traditional banking industry and offers both challenges and opportunities for financial institutions. 

To successfully respond to open banking, banks need to adopt an open and collaborative approach. This means working with fintech, third-party providers, and other stakeholders to develop new financial products and services that meet customer needs and expectations. In order to do this, they need a Digital Banking Solutions Provider that will enable them to apply it accordingly. The effect? Banks can leverage open banking to offer new services, such as personalized financial advice and digital payment solutions, that can improve the overall customer experience.

Additionally, banks must prioritize security and data protection in their initiatives. This includes implementing robust security measures and data management processes to ensure the protection of customer data and financial information.

In short, banks need to respond by embracing it as a valuable opportunity to improve their offerings, better serve their customers, and stay competitive in the market. By adapting to open banking, banks can ensure their continued success in the rapidly evolving financial services industry.

Exist Software Labs, Inc. offers digital banking solutions for banks and financial institutions that want to modernize their systems to better serve their customers and make their banking seamless and personalized. Our solutions include but are not limited to Mobile Internet Banking, Accounts Onboarding/Enrollment, Loans Management System, & Corporate Internet Banking. 

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Digital Banking Technologies that will arise in 2023
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Digital Banking in 2023 – What to Expect
Digital Banking in 2023 – What to Expect 650 486 Exist Software Labs

Technology became unwavering as it conquered many battles in the last two years when the pandemic became a primary problem in different business sectors across the whole world. While sudden changes broke their business plans, this too established adapting technology, especially in the banking and financial services industry.

We all know that 2022 was an exciting year for the banking industry since it opened a lot of opportunities for businesses. But this 2023, banks and financial institutions will continue to evolve with the new market trends that would create next-generation digital banking solutions and meet their customer needs when it comes to seamless operations, online transactions, and 24/7 banking. 

Here are the technologies we need to look at when it comes to Digital Banking this 2023:

1. Cloud-Based Banking

Cloud is one of the biggest trends in the post-pandemic era because of the advantages when it comes to security and online access to data. At first, chief officers and executives were skeptical about having a cloud-based banking platform, particularly on security and information sensitivity but realizing that cloud has a secure framework and could give financial firms endless scalability and access to the internet, this technology would get to expand.

As end-users embrace digitalization, banks must stay relevant and innovate services that give convenience and personalization to their customers. Cloud-based banking is a powerful technology that will truly empower banks and financial institutions this 2023 and beyond.

2. Identity Verification & Fraud Prevention

According to the BSP’s Inclusive Finance article, it is a state wherein there is effective access to a wide range of financial services for all, especially the vulnerable sectors. In line with this, digital customer onboarding should be a primary feature in the Banking applications to enroll their users online easily. However, banks are prone to identity theft and fraudsters that’s why they need to have a reliable eKYC solution and identity proofing.

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. Always-On Financial Observability & Monitoring

While our human bodies cannot be awake 24/7 and need to take rest, banks’ operational systems, data warehouses, third-party applications, etc., should be observed in real-time without a blink of an eye. Banks are handling tons of data per minute like transactions, financial records, analytics, and reporting tools. Good thing, Real-Time Observability Technology’s primary duty in a bank’s system is to identify critical issues, diagnose and resolve them to prevent outage & fix infrastructure before it creates an impact on the business.

4. Open Banking APIs

The Banking and Financial Services landscape continues to evolve as they work with other companies in creating a convenient and innovative financial ecosystem and part of it is acquiring an Open Banking API (Application Programming Interface) Integration. While some of the banks don’t want this kind of development because of information sharing, this technology benefited the end-users to access new helpful applications to make it an omnichannel digital banking platform inside their mobile apps like investments, cryptocurrency, savings plans, & insurance.

5. Embedded Finance (BNPL)

Banks & Financial Services are more rapid than ever since companies considered cashless and online transactions. Embedded Finance is an integration of different financial services to businesses in one application without the need to transfer them to other branches or other landing pages (when online). To encapsulate this, you can see payments, investments, lending & insurance to a real estate application or to a health care provider’s application. (See the infographic below)

Embedded Finance Illustration

According to Mckinsey’s Global Payment Reports, Embedded Finance reached $20 Million in revenue in the US alone. Could you imagine how impactful it was in the world? That’s why most companies in APAC are now getting this technology to really help them to grow their revenue.

6. Blockchain

Blockchain technology is slowly but surely making its impact on banks and financial services by proving that it is the most prominent technology this decade. Most of us heard this word but we are not yet seemingly seeing its effect. Blockchain is expected to revolutionize the banking industry and other businesses like retail, healthcare, and more. 

Blockchain will be expected to accelerate international transfers and monetary transactions faster, more cost-effective, and more secure. Right now, when we are doing fund transfer from one country to another, our transactions can take multiple hours with a processing fee before it gets to the recipient. Blockchain, on the other hand, can empower these parts to make it faster and simpler for more efficient transactions. Some fintech in the PH is using their digital wallet to cash in, save, and invest in a crypto wallet.

There are a lot of features and advantages we can look forward to with blockchain technology like reducing the cost of the BFS industry, reducing human errors by automating record transactions, more efficient banking, and more!

Conclusion:

As we can see, there are so many technological innovations that 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 provider or Software developer that can truly help you in your digital transformation this 2023. Exist Software Labs, Inc. is one of the technology innovators in the Philippines with over 2 decades of experience in bringing the value of technology to humans.

Contact Us Today to Learn More about Digital Baking!

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Data Science 101: What are concepts you need to know before entering the Data Science world?
Data Science 101: What are concepts you need to know before entering the Data Science world? 650 486 Exist Software Labs

I was playing around with data and then I found the Science — Yes, my introduction to the world of Data Science has been a part of my research work.

If you’re like me, starting out with Data Science looking for resources that can give you a jump start or at least a better understanding of it or you have just heard/read the term being coined and want to know what it is, of course, you can find a gazillion materials about it, this is, however, how I started and got familiar with the basic concepts.

Want to learn more about Data Solutions and Services? Click here.

What is ‘Data Science’?

Data Science provides meaningful information based on larger amounts of complex data or big data. Data-Driven Science combines different fields of work in statistics and computation to interpret data for decision-making purposes.

Understanding Data Science

How do we collect data? — Data is drawn from different sectors, channels, and various platforms including cell phones, social media, e-commerce sites, various healthcare surveys, internet searches, and many more. The surge in the amount of data available and collected over a period of time has opened the doors to a new field of study based on big data — the huge and massive data sets that contribute towards the creation of better operational tools in all sectors.

The continuous and never-ending access to data has been made possible due to advancements in technology and various collection techniques. Numerous data patterns and behavior can be monitored and it can make predictions based on the information gathered.

In technical terms, the above-stated process is defined as Machine Learning; in layman’s terms, it may be termed Data Astrology — predictions based on data.

Nevertheless, the ever-increasing data is unstructured in nature and is in constant need of parsing in order to make effective decisions. This process is really complex and very time-consuming for organizations — and hence, the emergence of Data Science.

A Brief History / Background of Data Science

The term ‘Data Science’ has been in existence for about three decades now and was originally used as a substitute for ‘Computer Science’ in the 1960s. Approximately 15–20 years later, the term was used to define the survey of data processing methods used in different applications. 2001 was the year when Data Science was introduced to the world as an independent discipline.

Disciplinary Areas of Data Science

It incorporates tools from multiple disciplines to gather a data set, process and derive insights from the data set and interpret it appropriately for decision-making purposes.

Some of the disciplinary or noteworthy areas that make up the Data Science field include Data Mining, Statistics, Machine Learning, Analytics Programming, and the list goes on. But, we would be doing a brief discussion mainly on the aforesaid topics as the concept of Data Science mainly revolves around these basic concepts, just to keep it simple.

Data Mining applies algorithms to complex data sets to reveal patterns that are then used to extract useful and relevant data from the set.

Statistics or Predictive Analysis uses this extracted data to gauge events that are likely to happen in the future based on what the data shows happened in the past.

Machine Learning can be best described as an Artificial Intelligence tool that processes massive quantities of data that a human is incapable of doing in a lifetime — it perfects the decision model presented under predictive analytics by matching the likelihood of an event happening to what actually happened at a predicted time in the past.

The process of Analytics involves the collection and processing of structured data from the Machine Learning stage using various algorithms. The data analyst interprets, converts, and summarizes the data into a cohesive language that the decision-making team can understand.

Data Scientist

Literally speaking, the job of a Data Scientist is multi-tasking: We collect, analyze and interpret massive amounts of structured and unstructured data, and in a maximum number of cases, to improve an organization’s operations. Data Science professionals develop statistical models that analyze data and detect patterns, trends, and various relationships in data sets.

This vital information can be used to predict consumer behavior or to identify business and operational risks. Hence, the job of a Data Scientist can be described as a story-teller that uses data insights in telling a story to the decision-makers in a way that is understandable. The role of a Data Scientist is becoming increasingly important as businesses rely more heavily on data analytics to drive decision-making and lean on automation and machine learning as core components of their IT strategies.

Present & Future of Data Science

Data Science has become the real thing now and there are potentially hundreds and thousands of people running around with that job title. And, we too have started seeing these Data Scientists making large contributions to their organizations. There are certainly challenges to overcome, but the value of data science from a business point of view is pretty clear at this point.

Now, thinking about the future, certain questions definitely arise — “How will the practice of data science be changing over the next five years? What will be the new research areas of data science?”

“Will the fundamental skills remain the same?”

These are certainly debatable questions, but one thing is for sure — inventions have happened and will continue to happen when there arises any demand for the betterment of the future. And, the world would keep benefiting from data science through its upcoming innovations.

The possibilities of how to utilize Data Science in real-world scenarios are endless! Our Data Solutions team would be happy to help you capitalize on this technology for your enterprise.

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