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

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 into 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 the population – when these three vital stakeholders are walking the same path, progress is always in sight.

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

 

Digital Banking Models

Digital banking models refer to various approaches used by financial institutions to deliver banking services through digital channels. These models leverage technology and automation to offer a wide range of financial services to customers in a more convenient, efficient, and cost-effective manner.

Digital banking models provide customers with greater convenience, speed, and accessibility while enabling banks to operate more efficiently and effectively.

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 a 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 effort. 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 Digital Banking 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.

Digital banking models are different from traditional banking models in several ways. Some of the key differences are:

  1. Digital-only: Digital banking models are entirely online-based, and they do not have physical branches. Customers can access their accounts and complete transactions through mobile apps, websites, or other digital channels. Traditional banks, on the other hand, have a physical presence in the form of branches and ATMs.
  2. Cost structure: Digital banking models have lower operational costs compared to traditional banks, as they do not have to maintain physical branches or hire as many staff. This enables them to offer lower fees and better interest rates to their customers.
  3. Customer experience: Digital banks prioritize customer experience and convenience. They offer features such as 24/7 customer support, instant money transfers, and seamless account opening processes. In contrast, traditional banks may have limited customer support hours and require customers to visit a branch to open an account or complete certain transactions.
  4. Technology-driven: Digital banks rely heavily on technology to deliver their services. They use advanced analytics, AI, and machine learning to provide personalized recommendations and insights to their customers. Traditional banks may also use technology, but their systems are often less integrated and less advanced.
  5. Regulatory environment: Digital banks are subject to the same regulations as traditional banks, but they may face additional regulatory challenges as they operate entirely online. They may need to comply with additional data privacy and cybersecurity regulations, for example.

Overall, digital banking models are designed to offer a more efficient, cost-effective, and convenient banking experience for customers.

Transform into an omnichannel platform

Exist Digital Banking and Fintech have already streamlined the solutions-building process by creating a foundational banking app that can easily integrate with core banking systems using a standard set of integration connectors to equip banks with capabilities to shift and compete in the digital economy rapidly.

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.

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.

Investing in Healthcare IT, Supporting Care Workers, Java, Java Philippines

Investing in Healthcare IT Systems in 2021 , A tremendous support for Care Workers

Investing in Healthcare IT Systems in 2021 , A tremendous support for Care Workers 768 487 Exist Software Labs

Healthcare IT Systems: Supporting Care Workers


2021 is for the health and care workers who are possibly among the rare few not threatened with job displacement. This is despite the increased use of technology.  On the contrary, the partnership between them has helped push online care providers into the mainstream. Yet, this is just the beginning.

The World Health Organization (WHO) has declared

and rightfully so because more than any other group, they are at the frontlines risking their own health caring for those seemingly increasing numbers of patients with Covid.

According to WHO, “the YHCW is an opportunity to draw attention to the need for greater investments in health and care workforce readiness, education and learning to manage the pandemic and its consequences and to roll out the COVID-19 vaccine.

Beyond COVID-19, investments are also needed in health and care workers’ ability to deliver primary health care, manage noncommunicable diseases, and provide mental health services, maternal and child health care, long-term care, and palliative care.”

Healthcare IT: Technology More Than Plays Its Part

Further, WHO also states, “Investments in education, continuing professional development, well-being, and occupational safety in all of these areas are important preconditions for retaining and attracting health and care professionals. Without making health and care work a desirable and supported career path. Countries will also struggle to attract newcomers, including in rural areas. Moreover, it will also be challenging to progress towards universal health coverage and stronger, more resilient health systems.”

While Exist Healthcare and Medcurial have committed to developing the systems to promote better patient outcomes and better care delivery, YHCW is also a timely reminder of the need for better-designed systems that support positive user experiences enabling happy and productive care providers.

Healthcare IT systems have time and again mitigated the risks of spreading infection for patients and users alike. This is due to the increasing use of online technology. Things are not likely to go back to normal soon. Along with this, the use of telemedicine and remote care portals and protocols will likely continue and spur further improvements.

Unsung heroes for years, the pandemic now gave care workers the attention they deserve. By equipping them with the tools, healthcare IT will always provide them with needed help. This will let them discharge their medical duties the best they can safely while at the front lines—not only for their patients but for their families waiting for them at home.

Check Out Medcurial

Check out our healthcare product, MEDCURIAL. See how it helped some of the biggest hospitals in the country provide better patient outcomes.

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