digital transformation

Digital Banking Transformation: Why go Digital? Java, Java Philippines

Digital Banking Transformation 2021: Get ready to go Digital

Digital Banking Transformation 2021: Get ready to go Digital 800 507 Exist Software Labs

Going full-on digital in the banking sector has been the talk for years. And if there’s one thing that the recent pandemic called attention to, it’s that pushing for digital banking transformation is the way to go.

So, why is it the right choice for banks to go digital?

Harnessing today’s technologies to advance the way we bank can work beyond expectations. Not to mention, it has the power to propel the state of digital banking to new heights and reinvent the flow of the world’s finance.

Now is the best time to realize your organization’s digital banking initiatives. Stepping up and gearing towards the future of banking technology are redefining the expectations of both executives and customers.

The shift of customers to digital banking

While we can agree that consumers are kings, digital banking makes managing finances simpler and accessible at any time, anywhere.

Visiting a physical branch to make deposits, apply for loans, transfer money, and pay bills is now an option. These services (and more) are becoming readily available through digital devices.

In the Philippines, ATM transactions declined by 25% and value by 30% since the onset of ECQ. At the same time, money transactions using e-payment services spiked.

The Bangko Sentral ng Pilipinas also reported that around 4.1 million digital accounts were created among banks and e-wallet platforms. These numbers represent that Filipinos are changing their preferences from traditional to mostly digital due to social distancing protocols.

Looking forward, 3 in 5 Filipino bankers will switch to a more digital experience in banking.

While 4 in 5 will open new accounts with competitor banks that will dissolve their relationship with their first bank. (Fintech and Digital Banking 2025 report) With this at stake, it’s an instinct for banks to get right into the competition and face it head-on.

Attracting and retaining customers has always been a challenge, but now, it’s a step further. And a step towards finding the right technologies for the right services is a step in the right direction.

Common challenges faced by banks

With this in mind, there must be challenges that banks encounter that hinder the digitalization of their banking system, right? As a matter of fact, yes.

Based on a report, 86% of banking executives say that their legacy banking system is too complicated and the main reason that hinders them from enabling digital interactions with their customers.

In the same study, even though 86% of the respondents agree that digital is a high priority, only 19% have a clear digital strategy. (Boston Consulting Group’s Global Corporate Banking report, 2018)

We can infer from this survey that digital transformation has always been an integral part of most business initiatives.

But, steering the ship and managing the scales to maximize this considerable investment is a struggle. In other words, banks prioritize the move to go full-on digital, but they’re moving at different paces.

What to do?

Just like with any business transformation, a strategy is first and foremost. Above all, a top-down, integrated approach starting from the C-suite with the CEO steering the ship and involving every aspect of the organization is the best course of action.

The Boston Consulting Group recommends four priorities in making this happen:

1

Reinvent the consumer journey

There are critical points in the consumer journey that matters most, and banking providers should take notice. This course of action will vary across different customer segments and will require continuous improvement and streamlining processes. The ultimate goal is to digitize the experience from start to finish.

2

Leverage the power of data

Advanced data analytics will empower banks to understand their current and potential customers better. Through data mining, or finding patterns and correlations through data, banks can use their customers’ data to predict outcomes based on their behavior. This will improve prospecting and prioritizing leads that suit best with services offered.

3

Redefine the operating model

A digital experience for speed and convenience, and a human experience for advice and resolving issues. Customers want the best of both worlds. Finding the right digital operating model for your business is up to you, whether it’s an added service, a new line of business, or a digital native.

4

Build a digital-driven organization

Prioritizing digital will require a distinctly articulated strategy, funding, talent, working agile, and company culture to take risks willingly. It’s not easy to achieve but can heap benefits in the long run.

To sum up, if traditional banks want to stay afloat, they should start and take advantage of new banking technologies.

It’s also an excellent tactic to streamline the banking experience, choose the right operating strategy, and embed the digital mindset within the organization.

ROI in digital banking

But of course, going digital is not an easy feat. It will involve a lot of resources and cost you money, time, and valuable resources. Before you proceed with the investment, what’s in store for you?

We know that return on investment is essential in any business transformation initiative. Knowing these can speed up executive buy-in and identify the right technologies for your bank.

There are four top reasons why executives should invest in digital banking:

1

Get more customers

Banks and financial technology companies with a digital presence attract and retain more customers. The freedom of choice for consumers to opt for a digital and human experience empowers them in handling their finances.

2

Targeted offerings

Use customer data to easily convert clients with just a tap of a button on their device. You can do more with target marketing, upselling, cross-selling, and even establish long-lasting relationships with customers.

3

No need to open a new branch

Even with more customers, it is not necessary to open new physical banks, which will save you a ton.

4

Go paperless

From sending e-statements to digital onboarding and marketing offers, you can save a lot in going digital.

Digital is the future

Keep in mind that consumers are online, and so should banks. Omnipresence is a superpower the best banks have. Allowing your customers the freedom of choice to access their finances, anywhere, at any time, will increase your market share in attracting and retaining clients.

Moreover, going digital can bridge the gap between banks and their market even better. It is a race toward digital transformation, and staying behind is not a safe choice. Digital is the future, and it’s fast approaching. If you’re looking for a solutions partner to work with you, we’re right here.

Exist has streamlined the solutions-building process that will complement your existing banking system. From mobile and internet banking to onboarding and origination, we can even tailor-fit our solution to your unique needs.

That and more on our next blog on why Exist is your innovation partner of choice.

Take your next step with a banking innovation that the future needs. ‘Till our next!

Check out our video!

Watch our Digital Banking Advocate, Jem, as she shares in her vlog how Filipino customers are shifting their banking preferences. What are the common challenges faced by banks? What to do? And in what ways can you get your return on investment?

Download our FREE datasheet!

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

BIR Accredited Anahaw Ver. 3 sets sail in 2021, Java, Java Philippines

BIR Accredited Anahaw Ver. 3 successfully sets sail in 2021

BIR Accredited Anahaw Ver. 3 successfully sets sail in 2021 768 487 Exist Software Labs

Exist Software Labs takes off 2021 with now Bureau of Internal Revenue (BIR) accredited Anahaw Point-of-Sale (POS) System Version 3 (Anahaw Ver. 3). The said recognition was awarded last January 11, 2021, and is now available for Anahaw users.

Such accreditation indicates that Exist is now a trustworthy partner of BIR as a POS solutions provider. This means that the company is compliant with the BIR guidelines and the system operates in accordance with their specifications.

According to Mr. Julius Cutaran, Anahaw’s Project Manager, this accreditation is important because it proves that our system gets updated.

“Typically, an issued accreditation would last for five (5) years from its issuance or effectivity. Unless a memo from BIR would allow it to be extended, it is a checkpoint that we are compliant with BIR regulations.” Mr. Cutaran also affirmed.

Compliance with BIR regulations also allows accurate reporting of the retailers’ sales and lets them issue sales invoices and official receipts. With Anahaw POS, clients can easily create the report for BIR’s ESales. Clients can now easily attain customizations or integrations as well with Exist as their go-to provider.

Anahaw makes headway despite trials.

Acquiring this recognition did not come easy for Exist’s Anahaw team. The team underwent some challenges like lapses in the accreditation guide and miscommunication matters for concerned parties. Additionally, the pandemic magnified the struggles during the process.

Mr. Cutaran mentioned that “The 2nd presentation was conducted online. Submission of documents was also tight where every document needs to be sanitized. Luckily, we were able to capture their instructions and comply very well. We were able to pass within two (2) presentations.”

Exist’s Anahaw Ver. 3

The new Anahaw, along with this recognition, can better support new hardware requirements, customization requirements following BIR guidelines, and integration requirements.

Exist President and CEO Michael Lim expressed his delight as the company continues to achieve milestones and move forward as technology innovators.

“Having Anahaw Ver. 3 BIR Accredited is a HUGE milestone for us. It’s what the whole Anahaw team has been working on for close to two (2) years. It is a big technology jump from version 1 and there’s a lot of functionalities, process, and performance improvements. I am sure that our existing Anahaw version 1 clients will see and feel the difference once they transitioned to Anahaw version 3 and I am sure that our upcoming clients will feel the same moving from their old POS to Anahaw.

Kudos to the whole Anahaw team. They’ve done a great job! It was not easy but they pulled it off! Congratulations!”

Michael Lim

President & CEO

Befriending Your Data in 2021, Java, Java Philippines

Befriending Your eye-opening Data in 2021

Befriending Your eye-opening Data in 2021 768 487 Exist Software Labs

It’s the new year and everybody is still living in the wake of the COVID-19 pandemic. We all need a friend in times of trouble and this is no different in the case of business organizations.

This year, 2021, the friend that your company needs more than ever, especially in these trying times, is data.

Given the disruption that this virus caused in the preceding year, enterprises need to start (if they haven’t already) befriending their own internal data, and perhaps external data as well if they are to at least stay viable and at most grow.

The following are some insights from respected data management leaders on how to make friends with your data this year:

  • “Data warehouses are not going to disappear. Data warehouses will continue to be an important legacy technology that organizations will use for mission-critical business applications well into the future.

    With the transition to the cloud, data warehouses got a fresh new look and offer some modern attractive capabilities including self-service and serverless.

    With the rise of the cloud, data lakes are the new kid on the block. Data lakes are becoming a commodity, a legacy technology in their own right. Their rapid emergence from the innovation stage means two things going forward.

    First, organizations will demand simpler, easier to manage, and more cost-effective means of extracting usable business intelligence from their data lakes, using as many data sources as possible.

    Second, those same organizations will want the above benefit to be delivered via tools that do not lock them into proprietary data management platforms.

    In short, 2021 will begin to see the rapid introduction and evolution of tools that allow users to keep their data lakes in one place and under their control while driving performance up and cost down.”

  • “Distributed analytical databases and affordable scalable storage are merging into a single new thing called either a unified analytics warehouse or a data lake house depending on who you’re talking to.

    Data lake vendors are scrambling to add ACID capabilities, improve SQL performance, add governance, resource management, security, lineage, and all the things that data warehouse vendors have been perfecting for the last three or four decades.

    During the ten years, while data lake software has been coalescing, analytical databases have seen their benefits and added them to their existing stacks: unlimited scale, support for widely varied data types, fast ingestion of streaming data, schema-on-read, and machine learning capabilities.

    Just like a lot of things used to claim to be cloudy before they really were, some vendors will claim to be a unified analytics warehouse when they’ve just jammed the two architectures together into a complicated mess, but everyone is racing to make it happen for real.

    I think the data warehouse vendors have an unbeatable head start because building a solid, dependable analytical database like Vertica can take ten years or more alone.

    The data lake vendors have only been around about ten years, and are scrambling to play catch-up.”

  • “One single SQL query for all data workloads

    The way forward is based not only on automation but also on how quickly and widely you can make your analytics accessible and shareable.

    Analytics gives you a clear direction of what your next steps should be to keep customers and employees happy, and even save lives. Managing your data is no longer a luxury, but a necessity–and determines how successful you or your company will be.

    If you can remove the complexity or cost of managing data, you’ll be very effective.

    Ultimately, the winner of the space will take the complexity and cost out of data management, and workloads will be unified so you can write one single SQL query to manage and access all workloads across multiple data residencies.”

  • “Expect more enterprises to declare the battle between data lakes and data warehouses over in 2021 – and focus on driving outcomes and modernizing.

    Data warehouses can continue to support reporting and business intelligence, while modern cloud data lakes support all analytics, AI and ML enablement far more flexibly, scalably, and inexpensively than ever – so enterprises can go transform quickly.

    Cloud migrations and related cloud data lake implementations will get demonstrably faster and easier as DIY approaches are replaced by turnkey SaaS platforms.

    Such solutions will slash production cloud data lake deployment times from months to minutes while controlling costs and providing the continuous operations, security and compliance, AI and ML enablement, and self-service access required for modern analytics initiatives.

    That means that migrations that used to take 9-12+ months are complete in a fraction of the time.”

  • “Co-locating analytics and operational data results in faster data processing to accelerate actionable insights and response times for time-sensitive applications such as dynamic pricing, hyper-personalized recommendations, real-time fraud and risk analysis, business process optimization, predictive maintenance, and more.

    To successfully deploy analytics and ML in production, a more efficient Data Architecture will be deployed, combining OLTP (CRM, ERP, billing, etc.) with OLAP (data lake, data warehouse, BI, etc.) systems with the ability to build the feature vector more quickly, and with more data for accurate, timely results.”

To summarize the various points made by these industry pundits:

1

SQL-driven data warehouses are here to stay and will continue to be the data analytics platform of choice for enterprises in the current year.

2

Data management platforms that integrate well with existing data lakes will dominate as opposed to platforms that focus on one or the other.

3

Data management platforms that have built-in AI/ML functionalities will dominate as well, as this eliminates the cost and complexity of separate AI/ML analytics platforms.

4

Data management platforms that are cloud-ready will also have an edge over those that are not.

Is there a data management platform that possesses all these qualities and has a proven track record in Fortune 500 companies?

Yes, there is. It’s called Greenplum. Read about it here.

Digital Banking. Java. Java Philippines.

Digital Banking in 2020: Is Philippines Ready?

Digital Banking in 2020: Is Philippines Ready? 768 487 Exist Software Labs

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

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

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

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

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

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

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

How does the country forward digital banking locally?

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

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

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

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

Going digital is always a user’s option. 

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

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

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

Banking. Java. Java Philippines.

2020: The Future of Philippine Banking

2020: The Future of Philippine Banking 768 487 Exist Software Labs

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

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

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

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

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

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

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

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

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

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

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 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.

Retail. Java. Java Philippines.

Importance of Online Payment in Retail

Importance of Online Payment in Retail 768 487 Exist Software Labs

The pandemic has drastically changed the tone of retailing. As a result, retailing businesses have suffered principal losses. The health crisis became a roadblock that leaves retailers, mainly medium and large, with only two options: to take a detour or injure themselves.

In previous years, one of the primary movers of digital transformation in retail is the rise of a more digitally inclined population, accompanied by fast-evolving technology that displayed a threat to traditional, physical retailing. This threat was later on called the “retail apocalypse” which is signified by a rapid hike of sales in online retailing.

The Retail Industry

If we observe, data from 2019 shows that around 9,300 physical retail branches were closed due to excessive numbers of them being built instead of going for online sales (Forbes). Such is just one of the numerous proofs that retailing has already been going online.

We are way past the introduction stage to digital retailing. However, the global health crisis has created a higher demand for change to retail businesses, particularly from customers. 

A tremendous change in consumer behavior, the digital transformation that the pandemic called for is on a bigger scale. There is pressure for retailers to deliver their products through other channels, and still offer the most efficient service they could provide.

Nearly 50% of global shoppers are using digital payments more than pre-COVID. The majority of whom plans to continue doing so even after the numbers depress. E-Wallets and contactless cards are the top payment methods benefitting from this change, as consumers use less cash and make more purchases online (Global Online Payment Methods 2020 and COVID-19’s Impact Report).

The term “dirty money” pertains to not just unlawfully obtained money but to its by-the-book definition – unhygienic. In the United Kingdom alone, the use of cash was cut in half ever since their government banned its usage following the ascent of COVID19. Retailers are obliged to render contactless payments only, creating a cashless economy.

Before-mentioned synopsis emphasizes the pressure for the retail industry to provide more payment options. Retailers, therefore, should anticipate further developments from this point forward. Aside from its timely relevance of diminishing the need to do physical transactions, online payment has more to offer to the different stakeholders of retailing, which includes the following:

Faster transactions

Since it can be done by using the user’s mobile device, capacitating your business with online payments will make way to faster transfer in comparison to a card or cash payment. With the technological upgrades that mobile devices have nowadays, executing the transfer can be seamless and can only take a short while. 

Security

Online payment gateways have now evolved to address security issues that worry the users. They are encrypted, with several layers of security, which include protecting the information of both the sender and the receiver.

Personalized customer experience

It lessens the necessity to wait in long lines and the inconsistency of each transaction time, which is influenced by human factors. It also allows the business to acknowledge customers’ needs in real-time, regardless of their category or level of priority.

Affects buying behavior

The possibility of customers to retreat from purchasing a product may be affected by the unavailability of the payment method that they prefer. So, if a good number of the retail market will go for online payment if it is in place, it will be a grave move not to equip your business with this ability.

As the global health crisis pushes the retail industry to change the ecosystem, shaping your business fit for online payment is a step towards survival.

Get to know ANAHAW, our retail solution specially built to adapt to modern retail business requirements, and to specifically work on providing you an edge over the rest.

Technology Innovation. Java. Java Philippines.

Exist Technology Innovations: Adapting Tomorrow’s Technology In Today’s Retail Business 2020 Webinar Highlights

Exist Technology Innovations: Adapting Tomorrow’s Technology In Today’s Retail Business 2020 Webinar Highlights 768 487 Exist Software Labs

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” – Charles Darwin

According to Forbes and Microsoft, these are the main technologies in retail in 2020:

      • Chatbots
      • Mixed Commerce (e-commerce X in-store)
      • Loyalty on Mobile
      • Blockchain
      • Data-driven Business
      • Artificial Intelligence
      • Augmented Reality

Technology innovation is a key parameter for innovating your business right now. KPMG, a multinational audit firm, recently illustrated a graph of three (3) options to drive retail businesses.

Keeping the business-as-usual model means that you are a legacy type of business. You are comfortable with the tried and tested model that you have right now that has worked in the past but is uncertain to work in the future. It is like ignoring the changes that are happening around you and how the consumer behaves. Remaining in this grey area despite all the shifts that are happening in the industry will lead to becoming irrelevant over time.

However, if you are thinking of leveraging or being the platform for retail, you are responding to the changes, and to different consumer behaviors. That is leveraging technology to respond to new demands, and anticipate those that might occur in the future, making sure that you are still at the growth path.

One example is how Jollibee dealt with the changes engendered by the pandemic.

Jollibee has been opening a lot of stores locally and globally. They have been doing the same growth strategy for decades with less integration of technology on their operations compared to what they developed right now.

Jollibee built “cloud kitchens” to offset the losses that they had during this period. They have invested 7 billion pesos to set up these “cloud kitchens” to continue to bring their products to their customers without the need to build the usual dine-in, brick-and-mortar facilities. Instead, they built delivery outlets located in discreet, low rent sites that serve as hubs. Cloud kitchens are now available in the United States, the United Arab Emirates, and Singapore. This presented how important it is to be on the lookout for opportunities to innovate and adapt to the possibilities in the market using technology.

When you talk about innovation, you should not only talk about how you can provide your services online. Your business should be encompassing three (3) fronts and is able to empower these three. You have to be smart and have a data-driven strategy. Bringing your business online is just one part.

Customer

      • Seamless Online and In-Store experience (Web-mobile platform, In-store tech hub)
      • Data Source (I.e. CRM – Know your customer, Loyalty Engine – Reward your customer, A.I. – Understand your customer)

Employee

      • Empower your employees with the information. 
      • Seamless Online and In-Store experience both customer and business
      • (Mimic online experience in-store)
      • Data Source (I.e. Real-Time Inventory, Inventory Projections, Smart Suggestions, Special offers for targeted customers)

Partners

      • Engage and enable your partners
      • Data Source (I.e. Supply Chain Automation, Vendor Management System)

Technology innovation does not only cover how you can provide for your customers. It has to be perceived holistically.

So, How do you do it?

There are five (5) stages of an organization’s journey.

Business as Usual (No changes at all)

This is when you are not adopting any changes right now. You might be trying to get by with the tested business model. This puts your business into the risk of being forgotten, of failing, or of suffering drastic losses.

Experimentation (R&D)

You want to learn more and test something to see what fits your business.

Strategic Planning

It is when you are laying out a strategic plan that will fit your business from the data that you have gathered for the past months.

Organizational Roll Out

When you already have a strategic plan, you have to roll it throughout your organization to align every aspect of your digital strategy to every section of your organization.

Full Adaptation

Continuously innovating to see where else can you improve.

Five-step Iterative process

These are the processes to help you out with your journey of being part of the digital economy.

      1. Strategic Intent – you want to inject a digital strategy as part of your objective
      2. IT Feasibility Validation – checking if it is feasible to do in your organization in an IT perspective
      3. Business Unit Engagement – getting everyone on board
      4. Organization Injection – execution, making it part of your business culture
      5. Rapid Release of the Next Generation Business Services

It does not have to happen in one go. Even after releasing your first digital milestone, you may go back to the first step to see what else can be improved.

Case Studies and Insights

Walmart

(in an interview with then CTO, Jeremy King)

      • In 2018 Walmart and Microsoft announced a five-year partnership to drive digital transformation across Walmart, boost shopping speed, and empower retail associates.
      • Customer-facing technologies are in Microsoft’s Azure cloud
      • Machine learning as one of the most important technologies Walmart is using. 
      • Predictive Inventory accurately addresses one of the biggest consumer complaints, which is accurately providing the right availability of items that they have.

Starbucks

      • They incorporated Data Analytics into their Marketing and Sales efforts.
        • what kind of coffee their customers are ordering and adjust their offerings accordingly.
        • Personalize offers and marketing materials.
        • Increase sales and cut costs of ineffective ads and marketing
      • Starbucks Mobile app: Starbucks has been using reinforcement machine learning technology (ML) to provide a more personalized experience for customers who use the Starbucks mobile app
      • IoT – measure consumption of coffee beans in partnership with Microsoft
      • BlockChain – trace coffee beans from its source

Domino’s Pizza

In the mid-2000s, Domino’s was struggling with both brand image…they recognized the need for rock-solid digital strategy to improve customer engagement and overall brand image

      • Marketing and IT  aligned to communicate Domino’s digital transformation story to the users (consumers). This led to the social listening platform Think Oven, a social listening platform which allows Domino to get real-time feedback from their customers. This was launched in the mid-2000s, back when social media is starting to gain dominance.
      • After a successful rollout of their mobile app, they introduced Domino’s Anywhere: customers can order from a plethora of devices including Amazon Echo, Google Home, Siri, Smartwatches, Smart TV’s, Slack, Facebook Messenger, Twitter and more
      • Extensive use of Cloud technology via MS Azure’s PaaS, all of their core systems – digital ordering systems, ERP, back-office operations, and supply chain systems in the cloud.
      • Domino is planning to invest in conversational AI and cognitive technologies (NLP) to further enhance the user experience.
      • In 2017, Domino Pizza overtook Pizza Hut to become the largest pizza company in the world generating $12B in global revenue.

IKEA

Cultural Transformation (Interview with Chief Data Officer, Barbara Martin Coppola)

This is how they achieved a digital mindset:

      • “In order to be successful, digital needs to be embedded in every aspect of IKEA. Digital is a way of working, making decisions, and managing the company.”
      • “At IKEA we’ve divided our digital transformation into four main areas:
        • Meeting the customer
        • Empowering co-workers
        • Digital Foundation
        • Digital DNA”
      • “When speaking of digital transformations, it is imperative to think of it as a strategic paradigm shift, and culture can either enable that transformation or it can severely hinder it.”

Technologies per Business Size

Companies or people before put up a small store, and they were only using cash register machines and accepting cash as payment. Now, this CRM is now being replaced by POS. Along with this, people are also changing and tend to use tools like GCash or PayMaya. 

On another part, people who are not able to put up a physical store make use of e-commerce platforms, like Lazada and Shopee, to make it available to the public.

During the pandemic period, people had to adapt and be more creative. They are utilizing Facebook as their channel. People who are doing transactions here usually start with a COD payment method until they have established their customers’ trust, but definitely switch to utilizing mobile wallets.

With all these models of small enterprises, inventory is done manually.

Physical stores become more scattered within the city, across the city, or all over the country. With the utilization of POS, companies are able to control these brick and mortar stores and to communicate with applications in the headquarter. 

Some companies start as e-commerce. But eventually, these retailers would want physical presence and put up physical stores, putting up brick and mortar, and e-commerce to form their mixed channel of selling.

For databases, the structured data will require the use of SQL technologies, while document databases are used for non-structured or semi-structured data.

Examples:

      • SQL Technologies (PostgreSQL, MySQL, Oracle, MS SQL Server)
      • Document Database (MongoDB, CouchDB, CouchBase)

The large enterprise model is similar to medium, but it presents more potential for the company to do more, and utilize more technologies. There will come a point in time that the company will need to use corporate applications/ERP. It handles all of the operations of the business.

In 2019, more brick and mortar stores adopted the use of kiosks to perform other functions.

Large enterprises also have plenty of vendors and need to have applications to manage their operations.

It is expected for such a size of businesses to have an executive information system in place, basically like business intelligence already. When a variety and volume of data come in, Big Data also does because it already has so much data to consider.

There are three (3) types of data analytics:

        • Descriptive (under business intelligence)
        • Predictive (statistical models; used for forecasting)
        • Prescriptive (artificial intelligence; machine learning; draws up specific recommendations)

Greenplum fits best if you want all of these. It is a data hub, a repository for all your data. It has AI and machine learning libraries.

If your system is future-proof, it is capable of putting all of these technologies together.

DevOps should be in place if you are undergoing a digital transformation for a more seamless deployment.

Current to Tomorrow’s Technologies:

Artificial intelligence (AI)

Allows visual recognition or customized image recognition to fit the business needs, It detects and identifies people, emotions in images. In Amazon Go, a person can pick up an item from the store and immediately leave with it. The payment is automatically deducted from the person’s bank account. The same concept is also a running idea for hotels.

Retail use cases:

      • Amazon Go
      • Cardless Membership

Internet of Things (IoT)

A system of interrelated, non-traditional computing devices with unique identifiers, usually IP addresses. It also has the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.

Retail use cases:

      • Amazon Go’s IoT sensors
      • AWM Smart Grocery
      • Smart Shelves/Shelf Tags
      • Thermostat Control
      • Flonomics’ counting system and retail analytics technology help retailers determine optimal staffing levels for different dates and times, improve marketing strategies, gauge traffic flow, enhance customer service, and more.

Chatbot

A software application used to conduct online conversations, like Alexa, Siri, and more. It provides live contact with a human. An example of this is Globe’s Dude, a chatbot to monitor employees’ health launched during the enhanced community quarantine.

Retail use cases:

      • Tommy Hilfiger Chatbot
        • recommends client based on the information provided
      • Support use
        • Answering queries – FAQs
        • Respond to customer concerns and informing the support team
      • Globe’s DUDE – monitor employee health

Augmented Reality

An interactive experience of a real-world environment where the objects that reside in the real world are enhanced by computer-generated perceptual information.

Retail use cases:

      • IKEA Place
      • Fitting Rooms App

Blockchain

Is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).

      • Retail use cases
      • tracking shipments, 
      • centralizing databases
      • stopping fraud and counterfeits
      • and increasing transparency

Key Takeaways:

      • Business strategy must include the ability to adapt/embrace change
      • Technology adoption is a major contributor to long term success
      • Digital Transformation will help define and execute the digital strategy road map
      • Choose the technology that best fits your strategy

Get to know ANAHAW, our retail solution specially built to adapt to modern retail business requirements, and to specifically work on providing you an edge over the rest.

Digital Banking. Digital. Java. Java Philippines.

What Sparked the Emergence of Digital Banking

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

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

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

These limitations sparked the emergence of digital banking.

1. Building cost.

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

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

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

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

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

3. More customers require more bank employees.

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

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

4. Incoherent customer journey.

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

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

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

5. Consumers are online, so should banks be.

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

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

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

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 18 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core.

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Digital Banking. Java. Java Philippines.

Digital Banking: Bridging the Social Distance

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

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

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

Digital Banking is an idea that pushes forward the minimization of physical transactions while maximizing operations and achievement of business goals.

Major Benefits of Digital Banking

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

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

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

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

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

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

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

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for over 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.

Exist, Ashnik and EnterpriseDB Power Digital Transformation through EDB Postgres for the Philippine Electricity and Power Sector in 2019. Java, Java Philippines

Exist, Ashnik, and EnterpriseDB Power Phenomenal Digital Transformation through EDB Postgres for the Philippine Electricity and Power Sector in 2019

Exist, Ashnik, and EnterpriseDB Power Phenomenal Digital Transformation through EDB Postgres for the Philippine Electricity and Power Sector in 2019 768 487 Exist Software Labs

At the recently concluded The Future Energy Show Philippines 2019, Exist, Ashnik and EnterpriseDB teamed up to highlight the advantages of using EDB Postgres for a number of IT projects specifically within the electricity sector.

During the 2-day event, booth visitors and fellow sponsors personally listened to the stories about how Exist, Ashnik and EnterpriseDB were able to provide their skills and expertise for the local energy sector which began not too long ago.  

With years of experience working on enterprise systems across a diverse range of industries from banking and finance to retail and healthcare, Exist was able to get the opportunity and win the trust of the main local energy corporations PEMC and WESM for developing mission-critical systems required to bring the electricity spot market closer to achieving its goal of having a transparent, fair, competitive, and reliable market for the trading of electricity throughout the Philippines.

Working closely with Ashnik as a partner, the push for the use of EDB Postgres has always made the most sense as the choice of database with the balanced mix between cost and features that make it the most complete open source-based data platform.

One of the highlights of our participation at the event is our talk entitled “Postgres Powers Digital Transformation in Southeast Asia – Success Stories”, presented by Rekha Ramaswamy, Enterprise Sales Manager at Ashnik and Jenish of Vyas, Solutions Engineer, SE Asia and Hong Kong at EDB Postgres. In this session, they shared compelling business cases and customer success stories highlighting the value of the open source-based EDB Postgres Platform in helping enterprises confidently deliver on the promise of digital business.

“Based on the open source Postgres platform, we’ve enhanced it in such a way that it has additional application security and improved performance. [In using EDB Postgres] we are not compromising on existing features but giving added flexibility with [their] existing legacy database.”
Jenish of Vyas, Solutions Engineer, SE Asia and Hong Kong at EDB Postgres

Check out the slides and videos below: