digital transformation

CHOOSING A POS SYSTEM SOLUTION IS LIKE A CAKE. HERE’S HOW.

Choosing a POS System Solution is Like a CAKE. Here’s How.

Choosing a POS System Solution is Like a CAKE. Here’s How. 650 486 Exist Software Labs

Point Of Sale (POS) systems are essential in handling business operations today. It helps the retailers to have convenient transactions with their customers and process all the orders with documentation. More than that, reliability of the POS System Solution would likely affect your business as you expand moving forward.

Likewise, opportunities that are rising as your retail business thrive would possibly empower if the POS provides store processing management, data analysis, and inventory management. 

To further explain this, getting and considering a POS supplier is very tedious, but like a piece of CAKE. Here’s how:

1. CONSIDER LOOKING FOR PLENTY OF POS SYSTEM SOLUTION SUPPLIERS

Just like hiring, you need to inquire with several POS suppliers. In this way, you will be able to gauge who can serve you better. Don’t forget to prepare your tally sheets. You can now benchmark different suppliers, check their credibility, pricing, and the features of their product.

Look for POS that can journey with your business as you grow and mature.

2. ASK IF THEY HAVE A BUSINESS CONTINUITY PLAN

Proven for 2020 and 2021, selling and use of POS remains to be a necessity. And it is important that your provider is someone who has the capability to support even in times of pandemic. Check if they have local support that you can contact when urgent and provide a resolution quickly. They should also have the capability to give a specific TAT (turnaround time) to not affect your sales and operation.

3. KNOW EVERYTHING ABOUT THE POS SUPPLIER

This is very important. Check who are the customers they are catering to, what are their products and services, where are their products deployed, and how far their services have reached. By knowing this, you are putting your business into a safe scenario where you can trust the POS System Solution that you are going to implement. Enlist your other questions and continue to benchmark all the POS Suppliers that you inquired to.

4. ELABORATELY SHARE YOUR BUSINESS REQUIREMENTS

It would be beneficial to you and easier for the POS providers if you have an RFP or Request for Proposal. It states your pre-conditions, your requirements on hardware if big or small, software features if basic or advanced and other services that you need, you may also include future expansion plans. Suppliers would be able to respond immediately saving you some time so you can easily have a whitelist and see the demo as a next step.

Anahaw POS can meet all your requirements when it comes to finding the suitable POS System solution to your business. Whether you are SME or Large Enterprise, we can build a system that is tailor-fit to your business.

TAKE YOUR BUSINESS TO THE NEXT LEVEL!

Two (2) Ways to Know that your Mobile Banking is Safe

Will Mobile Banking Ever Rule the World?

Will Mobile Banking Ever Rule the World? 650 486 Exist Software Labs

In today’s current trends, digital platforms are the most preferred and most used due to the convenience and faster process it offers with just a click of a button. As far as digital platforms are concerned, banks and financial institutions are also shifting their focus in capitalizing on adopting new technologies like mobile banking to modernize their systems into digitalization. In our era, having a mobile phone is essential since this is the primary gadget that people are using in contacting their friends.

But the story does not end there. When the pandemic started, businesses embraced the changes and opened their minds to digital transformation. From brick-and-mortar to e-commerce, restaurants to food deliveries, and physical banks to mobile banking. Why? Because it allows the users to perform their needs and get what they want in just a few clicks. 

Primarily, customer behavior is one of the significant factors why the majority of the Banking, Financial Services & Insurance (BFSI) industries are positioning themselves where their customers are present – the internet. Hence, financial institutions are creating digital roadmap and strategies to better understand the behavior of their customers as they create their digital platforms.

AVAILABILITY FOR EVERYONE (MOBILE BANKING)

Thinking about the advantages that mobile banking can offer to people, it’s about enrolling in a bank account online. In the 2019 Financial Inclusion survey, 51.2 Million Filipino adults are still unbanked. That is 71% of the total adult population! Having said that, with the long queues in the physical branches of the banks, it is very difficult to cater fifty million people to enroll them in a bank account. The good news is, fintech companies and digital-only banks are providing account onboarding in their mobile banking app for the people who want to open a bank account.

Moreover, Filipinos are now using digital wallets as part of their day-to-day transactions. This can also be observed by the banks that want to capitalize on digital banking. The point is, if financial institutions can be present where their customers are, there is no reason to be afraid.

DIGITAL ROADMAP

To strengthen their online banking, the banks’ goal is to create a highly personalized customer experience with their users. For that to happen, there should be a digital roadmap that can be presented in order to visualize the progress of their desired outcome in their banks. Digital transformation is not an overnight process, it comes with adopting new technologies that will emerge systems and integration with other institutions and third-party applications to have inter-connectivity.

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core. Go where the possibilities are boundless!

Losing Opportunities By Not Using a POS Solution

Losing Opportunities By Not Using a POS Solution

Losing Opportunities By Not Using a POS Solution 650 486 Exist Software Labs

As the restrictions due to Covid-19 change regularly, many individuals including kids, teens, and adults are sometimes going outside their homes – playing in the park, going to the malls, and shopping. Brick and mortar businesses are now offering promos and discounts to entice their buyers to purchase more. For the retailers, without the right technology like POS Solution could waste some records that can be used for inventory, marketing, and etc.

While there are many customers purchasing, businesses should be aware of the efficiency and quality of their products and services. The inconvenience on their end might affect your business. To increase customer loyalty, they must bring a convenient and personalized experience to the customers. There are a lot of opportunities that can be lost by not using a POS, including your sales. 

To prevent losing these opportunities, here are some areas we can look at:

CUSTOMER CENTRICITY

One of the most underrated fundamentals in building your business foundation is Customer Centricity. Some entrepreneurs focus on reaching their target quotas without thinking about the steps in dealing with their customers. When they visit your store, it is essential that they feel valued, and comfortable at a glance. Given the technology and tools available in the market, A POS can help retailers avoid long queues, slow payment, and inconvenience in the experience of the customers. Customers that are happy with the products, services, and experience will surely be loyal to your store.

STORE PROCESSES

Commonly, store processes are shopping, adding to cart, checking out, paying, and going. On the other hand, how you operate these processes varies the efficiency of your business. If the store processes are likely without standard, they will probably stress your customers and frustrate your employees. Store optimization and evaluating the store’s current situation might also help owners to identify what to implement and improve in their operation.

Here are some examples of store processes:

  • Check out process
  • Payment options
  • Product add-ons/Product bundles
  • Advance order
  • Customer loyalty card

These will go hand in hand with customer-centricity also. Recognizing their value and making them feel special will stand you out from your competitors.

ANAHAW POS Solution

Designed to make retail businesses seamless, data-driven, and operate faster, Anahaw POS is a fully integrated retail solution that provides end-to-end functionality. Beyond providing the right tool for your retail business, Anahaw POS is also flexible to make your processes faster and personalize the experience in your stores with cross-selling, customer points, and product recommendations.

Why Invest in a POS Solution?

  • Payment options – A POS helps the payment process go faster. By scanning the codes at the back of the product’s package, the system automatically calculates the total price of the customer’s purchase. Moreover, there are payment gateway integrations that allow them to have an option if they want to pay cashless.
  • Inventory Management – Businesses can easily track their product stocks in real-time. It would save a lot of time in tracking your inventory instead of manually tracking it.
  • Loyalty cards – By having loyalty cards, which can be used in multiple ways, not just incentivizing their loyalty in your store. They could also document their contact information, purchase history, and buying behavior so that you can thoroughly understand your customers and create better business decisions.
  • Avoid Errors – Using a POS can help businesses to avoid errors during operation. For example, if a cashier mistakenly scans an item, you can easily control and correct it on the system by just inputting a PIN or swiping the manager’s control card.
  • Personalized shopping – With the use of a POS, it can provide personalized experience to the customers. According to the Mastercard-sponsored Harvard Business Review survey, 8 in 10 respondents said that personalization is a critical driver of revenue and profits. In line with this, personalized shopping experience could lead to customer satisfaction, loyalty and increase sales because it matches their taste and preferences.

Lucky for you, Exist offers Anahaw POS that is a fully integrated POS solution that provides today’s retailer with end-to-end functionality. You can book a free consultation and free demo with us to understand how Anahaw POS is set up and how we can tailor-fit the product to your business.

TAKE YOUR BUSINESS TO THE NEXT LEVEL!

Exist Partnered with Comarch to strengthen its Digital Insurance Offering

Exist Partnered with Comarch to Strengthen its Digital Insurance Offering

Exist Partnered with Comarch to Strengthen its Digital Insurance Offering 800 507 Exist Software Labs

Nowadays, digitalization is spreading quicker than ever. It touches all aspects of our lives: managing your finances, driving an automobile, creating your morning coffee, among others. It additionally happened to the insurance business at a scale never seen before. Acquiring insurance is sort of a relationship. And like any quiet relationship, the key part is TRUST.

To strengthen its Digital Insurance Offering, Exist Software Labs, Inc. has partnered with Comarch. Exist is a global technology innovator providing enterprise solutions that also specializes in Digital Banking Solutions. With more than 20 years of expertise in top-of-the-game technologies like Java and Open Source, Exist built more than a trust but convenience to a lot of Filipinos in terms of seamless processes in many platforms.

Comarch Digital Insurance has a deep understanding of the insurance business. Their product ensures consistent client expertise across devices and sales channels. Each agent and manager is equipped with the right tools to set up their task. Due to alerts and reminders, their work gets easier and simpler. Sales goals are often well-monitored in real-time by agents and managers so the overall performance and sales results are perpetually improved. Versatile content could be a nice support for agents willing to boost their skills and skilled ability.

This will empower lots of Banks and Financial Institutions who want to scale their programs and make them simpler, analytical, and digital. With our answer, the content is often simply created, altered, and expanded. What makes the Comarch Digital Insurance & Exist Partnership powerful is that with the power of Big Data & Analytics, desired analysis and offerings would be easier. The client has access to a good variety of products, additionally within the direct channel.

Comarch & Exist permit the agent to enter data, present and customize predefined variants, prepare the ultimate supply and issue the policy. With the right use of data, the agent can monitor the client’s information. The 360-degree client view permits the agent to access all necessary data and communication history. The agent will effectively handle insurance sales and repair processes.

This answer allows policy observation and after-sales operation claim registration. The feature supports sales individuals whereas clients are given a dedicated portal to win their loyalty. Insurance can be available to everyone with just a tap.

Exist Software Labs, Inc. is one of the partners of Comarch in offering Digital Insurance in the BFSI industry.

Exist Software Labs, Inc. is one of the partners of Comarch in offering Digital Insurance in the BFSI industry.

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

Why are Traditional Banks afraid of the Truth?

Why are Traditional Banks afraid of the Truth?

Why are Traditional Banks afraid of the Truth? 768 487 Exist Software Labs

Have you noticed that more and more businesses are accepting online payments using bank transfers, mobile payments thru phone numbers, or via QR Code?

That is because the new trend of banking is mobile and internet banking. Banks are now accelerating and scaling their assets in capitalizing on digitization. But there are some traditional banks that still don’t want the idea of digital transformation. For them, Digital Banking is still unstable. However, Bangko Sentral ng Pilipinas is encouraging traditional banks to enable digital banking and explore innovative ways to reach customer expectations and have seamless transactions.

Before the pandemic, it was usual for customers to go to the bank to deposit their savings, apply for a loan, or pay their insurance. But in the new normal, a lot of customers shifted to do it online. It’s easier, convenient, and effortless. Digital Banking paved the way for customers and banks to get connected closely. And it shocks the traditional banks to face the truth that online banking dominates the competition.

But before that, let’s see what Digital Banking is.

DIGITAL BANKING

Digital Banking is doing everything that a traditional bank can do — Online. More than that, there are many features that digital banks can offer more than normal banks can like shopping, promos, micro-personal offerings, and more! It bridges the customers and other institutions by getting their essential needs and their normal purchases.

To understand more why traditional banks are afraid of the truth, let’s get to the point here.

The truth is:

1. DIGITAL BANKING IS FOR EVERYONE

The rise of technology taught us that having a mobile phone is important. Why? Not only does everyone now have a smartphone, but also the benefits that smartphones give the user such as communication, entertainment, etc. are within easy reach. Now, mobile internet banking is one of the most essential things that a person must have. Everyone can now enroll online even in their busiest time; it’s because they don’t need to go to a physical branch. Before, we thought that having a savings account is expensive but now, some banks offer an account for free or for a small balance! It is not exclusive nowadays, it is now for everyone!

2. EVERYTHING THAT LEADS TO FINANCIAL TRANSACTIONS IS INSIDE AN ONLINE BANK

As long as there are transactions, your online bank will be relevant. With the power of technology, you can pay and purchase online at a click of a button. You can shop, do groceries, pay bills, and send money to your loved ones all in one place! Because of this, digital banks are helping their customers manage their financial lives at their own convenience.

3. CUSTOMERS WANT A REAL-TIME BANKING EXPERIENCE

How easy is it to manage your finances using a mobile bank? EFFORTLESS. We don’t have to go to an Automated Teller Machine (ATM) to check our balance. Customers want a real-time banking experience because they want to manage their money anytime, anywhere, whenever they want. Imagine you are hungry and you want to go to a drive-thru to get your food as fast as possible when in fact, you can just get your food at a click of a button via food delivery app. It is also the same with sending money to your account. You are getting it instantly and comfortably.

4. DIGITAL BANKING IS POWERFUL

The points above prove why traditional banks are afraid of the truth. Digital banking is powerful because of the technology implementations inside of the application like Big Data, eKYC, Cloud & Etc. These technologies enable the bank to monitor their customers, do real-time reporting, offer personalized promos, and engage clients in a more personalized way. This is a win-win situation on both ends. Customers can do banking, Banks with digital banking satisfy their customers!

FINAL THOUGHTS:

Digital banks and banks that also present digitally have a huge advantage over traditional banks. They are advanced in creating promos and monitor what to improve because of data analytics, being flexible in fixing errors, and trying new features if their customers leave reviews on their applications. 

Traditional Banks must think outside the box in taking a step forward to shift their practices in banking. This season is the right time to unlearn other knowledge and accept the fast-paced changes in the environment. In order to compete, traditional banks need to be part of digital transformation and create innovative & competitive advantages. Technology has a lot of things to offer that both banks and customers can benefit from.

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core. Go where the possibilities are boundless!

Robinsons Bank Took a Big Step in Advancing their Mobile Banking System

Robinsons Bank Took a Big Step in Advancing their Mobile Banking System

Robinsons Bank Took a Big Step in Advancing their Mobile Banking System 768 487 Exist Software Labs

In the last twenty-four years, Robinsons Bank empowered different groups and individuals to become a bank of choice in fulfilling their changing needs. 

“We’ve been partners with Exist for over 2 years, and they’ve developed a number of Digital Solutions for the bank.” – Mr. Ramon Abasolo – SVP & Chief Digital Officer, Robinsons Bank

Robinsons Bank took a big step in advancing their mobile banking system that will help their operation faster and smoother. It also includes seamless banking for their customers. All became possible by partnering with Exist Software Labs, Inc. who has been one of the tech-industry leaders in the Philippines that specializes in digital banking solutions.

In 2019, Robinsons Bank and Exist teamed up for the Advanced Mobile Banking project. It provides a direct connection with clients and allows them to safely perform banking transactions at home for an overall better banking experience.

“We’re quite impressed with the scale & know-how of Exist. Their technical scale, knowledge of the technology stack, microservices, design, architecture & as well as their project management.” – Mr. Ramon Abasolo – SVP & Chief Digital Officer, Robinsons Bank

In our fast-paced environment, Robinsons Bank has successfully thrived and has innovated their banking systems that truly allow their customers to do transactions online. With the help of Exist, they launched different programs in mobile banking. This partnership has a lot of opportunities to grow and both institutions agreed to engage and further add new plans for the project.

With regards to improving the online banking experience, the said companies collaborated again. Robinsons Bank sought to improve its online banking experience and needed a partner that embraced the same agile principles. Exist Software Labs uses top-of-the-game open source technologies like Kubernetes and in-memory data structure stores. This improvement enabled Robinsons Bank users to experience faster, smarter, and easier banking.

Today, Robinsons Bank Mobile Applications are available in Google Play Store and Apple App Store. Thousands of people are using their mobile banking app and joyously doing their transactions online safely wherever they are.

As of writing, Exist remains the Technology Partner of Robinsons Bank on their Digital Transformation. Having said that, RBank customers can enjoy the upcoming innovations that RBank has in store for them.

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

4 Things Why Implementing POS in Business is Necessary

4 Things Why Implementing POS in Business is Necessary

4 Things Why Implementing POS in Business is Necessary 800 507 Exist Software Labs

Klaus Schwab said, “In the new world, it is not the big fish which eats the small fish, it’s the fast fish which eats the slow fish. And this is true also in business nowadays. Stores with the most efficient operations and good offerings truly win the heart of their customers. While expanding, POS has an important role to play in the day-to-day operations.

Point Of Sales Solutions have so many benefits for lots of businesses especially in the retail industry. From putting different prices on products  to promoting slow-moving SKUs, surely, POS will set your business on the right track!

If you are thinking that your business needs to scale or need to make its operation faster, this is for you. Point Of Sales Solutions are necessary in businesses. Data Analytics, Central Intelligence tool, Faster payment methods are some of its features.

So, here are the 4 reasons why implementing POS in Business is Necessary:

1. Inventory and Merchandise Management

One of the important areas to consider in having a POS system in your business is its inventory merchandise management. It helps your logistics to maximize your stock usage, allocations, and locating where to put it in order. With a POS, you have one central view over your inventory on how your stock runs. Using this, businesses will have an easier time deciding what to restock, what products should not be reordered, and what to offer with promos.

Moreover, having an inventory management system allows you to compile the data of what your customers are buying.

2. Centralized Store Management

The good thing about POS systems is that they can easily integrate different systems and devices like third party apps and hardware. Having said that, it takes away the manual tasks and automates them. A great POS gives you real-time reports, seamless processes, and accurate synchronization of data between business processes and store systems. Businesses don’t have to worry about the operational records since it is automatically put in the POS data. 

Managing your facility with a POS will truly solve all your worries and headaches!

3. Loyalty Programs and Personalized Offerings

See those loyalty cards from other grocery stores and drug stores? The main reason why they are promoting it is, of course, to encourage their customers to buy more and earn points that can be convertible to get products, discounts, and vouchers. But the logic behind it is that it leverages to monitor the customer’s behaviour, trends and the best seller in your stock. In addition, Loyalty programs create a personalized marketing strategy for you that surely helps you in managing your marketing campaigns.

4. Extensible for Online & Offline Business Scaling

As your business grows, a great POS should be future-ready and easily extensible once you scale. It also allows you to adapt to new technology changes and growing business requirements. If not, you have to start from scratch conceptualizing and finding a new one. Looks complicated right? 

With the new powered-technology, POS systems can give you access to your stores both offline and online. So whether there’s an internet interruption, your business can still operate and save your data. 

FINAL THOUGHTS:

Having an ALL-IN-ONE Point Of Sale Solution that gives you seamless work operation and increases your business profitability has a big impact on retail businesses. There are right tools and software with great features that you need to implement in expanding your business and being prepared for the future changes.

Lucky for you, Exist offers Anahaw POS that is a fully integrated solution that provides today’s retailer with end-to-end functionality. You can book a free consultation and free demo with us to understand how Anahaw POS is set up and how we can tailor-fit the product to your business.

TAKE YOUR BUSINESS TO THE NEXT LEVEL!

web 800x507 Anahaw POS Version 3 Enhanced for a Future Ready Retail Management copy 768x487 1

Anahaw POS Version 3 – Enhanced for a Future-Ready Retail Management

Anahaw POS Version 3 – Enhanced for a Future-Ready Retail Management 768 487 Exist Software Labs

Six years have passed since we developed Exist Anahaw Retail Platform and pushed it into the market. The goal was to build a system that will enable the retail businesses in understanding their customers, have an efficient operation, and be steadfast in a fast-changing retail environment. Today, we are proud that Exist Anahaw achieved this and is continuously improving.

This 2021, we released Exist Anahaw Version 3. This newly updated system will continually push the platform’s boundaries by adapting modern technologies to further enhance technical capabilities by making it more customizable, providing more hardware support, and improving overall performance. By using Anahaw Version 3, both clients and those who are looking for a new platform will be able to use and check the right technology to improve their overall business operations.

Designed for medium to large retail enterprises, Anahaw is a fully integrated retail solution that provides today’s retailers with end-to-end functionality. But the journey is not done in innovating and giving a better experience to our clients.

Exist developed Anahaw Version 3 that serves as the upgraded and future-ready POS system.

Introducing Anahaw Version 3:

The old version was a browser-based software which is limiting and dependent. Our team decided to build Anahaw Version 3 using Java and upgraded it as a robust software that performs better memory handling and processing, can easily connect even with new POS peripherals, and can flexibly integrate APIs. 

We have also upgraded its local document database enhancing its performance. Now we also have local reports that you can use to check transactions made daily, from your sales, items sold and tenders accepted. This also includes BIR-required reports. 

POS software is now easier for everyone to audit and inspect. It has been updated with the latest BIR Requirement, and we can easily comply with the latest memorandums. By the way, we’ll have “Athlete’s Discount” available soon.

Anahaw Version 3 is now more intuitive as its interface has a cleaner and lighter feel so the person who operates it can easily navigate the POS application. POS functions are easily accessed with button selections. Users can perform transactions like scanning items, applying discounts, and tendering payments making it faster for the cashier to do the transaction. Buttons can easily be activated with the use of mnemonics or alt-key combinations. No more labeling of keys, no more memorizing of shortcuts. 

We have added a customer service feature to facilitate returns and replacement properly. This feature clearly defines the separation of POS transactions with your Customer Service transactions. As for your IT or DevOps, they can use Anahaw Version 3’s Command Center, to have updates or patches installed right from your headquarters, view the terminal’s current build number, and check the logs on transfers made between stores to headquarters and vice versa.

With the introduction of Exist Anahaw Version 3, our team is delighted to introduce this newly upgraded platform to all of our clients as we start our transition to fully deploy the new version this year. Exist will continue to support Anahaw Version 1 until this year and will then be tagged as a Legacy System by 2022 thus ending its lifecycle.

We are excited to see Exist Anahaw Version 3 rolled out to our clients and experience the difference! 

Update to ANAHAW VERSION 3 Today!

2021 05 31 pbcom exist news 768x487 1

PBCOM-Exist enriches years-long partnership; Bringing more banking tech upgrades

PBCOM-Exist enriches years-long partnership; Bringing more banking tech upgrades 768 487 Exist Software Labs

PBCOM’s Chief Operating Officer, John Howard Medina, had this to say:

“The team at EXIST has brought us several technology innovations over the last few years and we look forward to continuing to push the digital envelope with them.”

Philippine Bank of Communications has strengthened its partnership with Exist Software Labs, Inc. who has been a key technology consultant and implementation ally.  By this, alliance allows both parties to continue to co-develop the innovations needed for the bank’s digital channels.

This partnership began in 2016 with the creation of the omni-channel PBCOM Online Platform (POP) and in 2019 the PBCOMobile self-service banking app.

Exist’s VP for Engineering shared his excitement on flourishing the said partnership.

“The partnership between PBCOM and Exist is doing great. It is built on mutual trust and a common commitment to ensuring success to PBCOM’s digital roadmap. As a technology partner, we continuously aim to work closely with PBCOM to ensure that the most appropriate and practical technology options will always be available for PBCOM’s digital strategy.”

Here is the timeline that marks the milestones that Exist and PBCOM achieved throughout the years:

exist pbcom timeline 2

PBCOM tapped Exist to develop POP

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

POP was launched to the public

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

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

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

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

Exist developed the OTP platform for POP

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

PBCOM and Exist are under a contract valid until 2025

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

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

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

Digital Banking Models to Lead Transformation in 2021 and Beyond 1 of 3

Digital Banking Models to Lead Transformation in 2021 and Beyond 1 of 3 768 487 Exist Software Labs

In a world that keeps closing in to even more modernized digital banking models, global initiatives that are being put into place to slash the reliance on physical touchpoints only make perfect sense.

Not only that private sectors are immensely investing in going online, but there has also been some legal support for the modern banking cause.

In the Philippines alone, House Representative Joey Salceda of the 2nd district of Albay has been working on the Virtual Banking Act’s legislation. One of the aims of this act is to increase foreign participation. Simultaneously, it intends on learning more about financial technology from global resources.

Additionally, the Central Bank issued a regulation last July. It proposes to make digital banks a new classification distinct from universal, commercial, thrift, rural, cooperative, and Islamic banks.

Modernizing personal banking and fintech opportunities are also eminent as the tech-savvy, young populace is dominating the workforce. This age group is also currently considered as the biggest earners. Doubtlessly, they would desire nothing less than convenient and easy ways to accomplish day-to-day tasks, say, managing their finances.

Government, private sectors, and the plurality of population – when these three vital stakeholders are walking the same path, progress is always in sight.

Such strongly signals that digital banks, and even neo-banking, are becoming more and more accepted in the country each passing day.

Neo-banking is a term for modern-day digital banking that mainly capitalizes on the rampancy of the internet. Its operations and offerings are heavily online-based. Most of the time, neo-banks do not have physical branches.

With the increasing support for this concept, the country can expect a huge wave of new players in the industry. This poses a further threat to traditional banks that are still taking much time in improving their digital playing cards. Therefore, traditional banks investing in solutions that can take these threats head-on should become more mainstream.

However, every investment comes with risks for both enterprises and the target users. From these risks sprout doubt. With this at hand, how should banking and fintech providers mitigate the half-hearts of the market? At the same time, how will they ensure that the technologies they will be offering are what the market needs, wants, and deserves?

If we are to aggregate all the floating idealisms on addressing this, we will boil down to few specific models that will fit the bill in the face of growing and changing market demands and needs.

As banking solutions developers, we believe that digital banking technologies should lay their building blocks on human-centric, cloud-ready, and threat-elusive models. Here is why:

People-centric Model

Adding value to a person’s day-to-day life through technology is the ultimate goal of any digital transformation efforts. It is the ultimate goal that enterprises should aspire to achieve.

Such entails that the human factor should be the utmost consideration in forging ahead. That does not only include the customer-end but as well as the employees. Is the solution fit for their needs? Will the solution require fewer efforts from them, thus making their tasks smoother to accomplish? Will it give them the relief that they did not know they needed?

Cloud-Ready Model

Modern times and younger markets call for an up-to-date approach. Implementing cloud technology into the banking arena improves data generation and processing.

Cloud-ready solutions are also known to be more scalable and flexible, allowing developers to add software improvements effortlessly.

The Central Bank is in full support of deploying banking processes in the cloud even before the pandemic. Nevertheless, the health crisis still boosted the normalization of the cloud-ready model and is now being utilized by several banks in the country. Still, the use of cloud computing in banking is yet to be fully explored.

Threat-Elusive Model

One of the most critical decision breakers for prospect users is whether banking online is secure or not. Security threats over the internet are pretty rampant, so where they are coming from is understandable.

Howbeit, there are tools and ways to address these concerns, assuring the users that performing their banking matters online can be a safe option.

Adapting these models is not impossible anymore. One merely needs the right direction and resources for it to take shape. Better the soonest, as the first to market always has an advantage.

But we will cut you short this time. Stay tuned to our next blogs as we are about to explore each model more rigorously.

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