Java Philippines

Philippine Banks are Slow in Adopting Digital Finance: Mckinsey, Java Developer Philippines

Mckinsey & Co: Philippine Banks are Slow in Adopting Digital Finance

Mckinsey & Co: Philippine Banks are Slow in Adopting Digital Finance 1300 972 Exist Software Labs

Philippine banks are struggling to keep up with the fast-paced digital finance revolution, as traditional banking practices and underinvestment in digital offerings are causing them to miss out on vast untapped customer bases.

A recent report by McKinsey & Co. (a global management consulting firm), highlights that Philippine banks are devoting less than 10 percent of their revenues to information technology, compared to an average of 15 percent in the Asia Pacific region.

Similarly, the digital channels of Philippine banks account for just 5 to 15 percent of their revenues, well below the 25 percent average for their peers in emerging Asian markets.

McKinsey’s Report Emphasizes the Digital Importance to Philippine Banks

McKinsey’s report emphasizes the need for incumbent banks to adapt to the changing landscape quickly or risk losing their market share to digital financial service providers. While the competition in digital financial services is intensifying, McKinsey also noted that dominant players have yet to emerge outside the mobile payments subsector.

However, McKinsey also points out that fintech firms in the Philippines performed especially well during the COVID-19 pandemic, creating more shareholder value than the entire banking sector. As McKinsey’s report suggests, the Philippines presents highly attractive opportunities for expansion in the fintech sector. However, the way foreign firms and existing Filipino conglomerates choose to enter the market will have a significant impact on their growth and competitiveness.

Amid mounting demand for financial services, the banking revenue is expected to triple by 2030, and the country’s banking penetration rate is just 56 percent, significantly lower than emerging markets standards.

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Exist Software Labs, Inc. is at the forefront of this transformation and believes that the country’s shift to digital banking is inevitable, and banks that fail to adapt to the changing landscape will lose their market share to digital financial service providers.

Banks need to capitalize on the vast greenfield opportunities presented in the Philippines’ digital finance market and offer their customers secure, efficient, and innovative banking services. By partnering with Exist Software Labs, Inc., banks can enhance their digital offerings and transform their traditional processes to provide efficient, secure, and innovative banking services.

Having over 2 decades of experience in Java software development, Exist offers scalable and robust digital banking solutions to help banks transition to digital finance.  

Contact Us Today to Learn More about Digital Banking!

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Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines, Philippines

Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines

Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines 1300 972 Exist Software Labs

In today’s digital age, financial institutions are increasingly moving their services online. However, with this comes the risk of fraud and identity theft, which can have severe consequences for both the financial institution and the consumer. This is where eKYC, fraud prevention, and identity verification come into play.

The Partnership Between Exist Software Labs, Inc. and Jumio

Exist Software Labs, Inc., a leading Java developer in the Philippines, and Jumio, a leading provider of end-to-end identity proofing, risk assessment and compliance solutions, have partnered to create a secure and automated online onboarding process for bank consumers in the Philippines. This partnership will allow financial institutions in the Philippines to offer a streamlined and secure onboarding experience for their customers.

“We are thrilled to partner with Exist Software to provide a complete biometric identity verification solution that helps financial institutions in the Philippines create a seamless, secure and innovative onboarding experience.” said Frederic Ho, Jumio VP of APAC.

Jumio’s solutions use artificial intelligence, machine learning and biometrics to verify the identity of individuals quickly and accurately. This will help financial institutions in the Philippines to comply with Know Your Customer (KYC) regulations and prevent fraud. Exist Software Labs will provide consultancy and cutting-edge products and services to support the integration of Jumio’s solutions into existing banking systems.

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How This Partnership Will Benefit Filipinos?

This partnership will benefit Filipinos by providing them with a more convenient and secure way to open and manage their bank accounts online. Since the pandemic, more and more people are turning to online banking services. This partnership will provide a way for Filipinos to access these services without compromising their personal information.

The automated onboarding process will also reduce the time it takes for customers to open a new account, making it more convenient for them. This will help increase financial inclusion in the Philippines, where many people still do not have access to traditional banking services.

“In Exist, we often use the tagline “There’s always a better way”. It’s specially exemplified by our partnership with Jumio.  Jumio’s technology solutions in the identity verification space together with Exist’s technology solution allow us to provide our BFS clients with a better and seamless onboarding experience that is both secure and innovative. We are excited and look forward to expanding this partnership further seeing how their technology can truly benefit the onboarding experience of the Philippine’s financial institutions.” said Jonas Lim, Exist VP of Engineering

Finally, this partnership will help prevent financial fraud, which is a significant problem in the Philippines. By implementing robust identity verification and fraud prevention measures, financial institutions can protect their customers from identity theft and other forms of fraud.

In conclusion, the partnership between Exist Software Labs and Jumio is an exciting development for the Philippines’ banking industry. By providing secure and automated onboarding processes, financial institutions can offer their customers a more convenient and secure way to access banking services online. This will help increase financial inclusion and prevent financial fraud, making it a win-win situation for everyone involved.

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Good Challenge for Bank Revolutionists: Are They Prepared for Gen Z Consumers?

Good Challenge for Banks: Are they Prepared for Gen Z Consumers?

Good Challenge for Banks: Are they Prepared for Gen Z Consumers? 1300 972 Exist Software Labs

As technology continues to advance, Gen Z consumers are becoming increasingly reliant on digital banking solutions. These consumers are born between 1997 and 2012, and they have never known a world without the internet and mobile phones.

Therefore, banks need to adapt to this changing landscape and provide digital banking solutions that cater to the needs of this generation. In this blog, we will explore the challenges and opportunities that banks face when catering to this market segment.

Gen Z doesn’t want to go to a Traditional Bank 

As a digital banking solutions provider, we noticed that many banks are struggling to keep up with the demands of Gen Z consumers. The traditional banking model no longer appeals to this demographic, and they are turning to mobile banking solutions instead.

Banks need to provide a seamless user experience that is personalized and convenient. Mobile Internet banking solution is one such solution that can help banks meet the needs of this new generation of customers.

Data between Banks and Gen Z

Gen Z, the largest generation with approximately 32% of the global population, is also the most digitally native, as revealed by a study by Business Insider Intelligence. The study found that 98% of Gen Z consumers own a smartphone, and 72% use social media multiple times a day. Moreover, a survey by FICO discovered that 72% of Gen Z consumers are keen on using personalized banking services that use their data to offer customized advice and products. These statistics highlight the importance of digital transformation for banks that wish to serve the needs of this emerging demographic.

The key to successful banking for this generation is personalization. Banks need to use machine learning and AI to provide a customized experience that meets the specific needs of each individual customer.

For example, if a customer frequently uses their debit card to make purchases, the bank should be able to offer them targeted discounts and cashback offers on their purchases. This will make the customer feel valued and appreciated, which will, in turn, increase their loyalty to the bank.

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Open Banking Opportunities for Gen Z

Open banking is another area where banks can tap into the Gen Z market. With open banking, customers can give third-party providers access to their financial data. This enables these providers to offer personalized financial services that meet the specific needs of each customer. For example, if a customer is struggling to save money, a third-party provider could offer them a budgeting app that helps them manage their finances more effectively.

However, banks need to be careful when it comes to open banking. They need to ensure that they are protecting their customers’ data and that they are only working with reputable third-party providers. It is also important to note that not all customers will be comfortable with sharing their financial data with third parties. Banks need to be transparent about how this data will be used and offer customers the option to opt out if they wish.

Mobile Banking for Gen Z

Mobile Internet Banking is the future of banking, and banks need to ensure that their MIB is always up-to-date to maintain their competitive edge. These customers expect to be able to access their accounts and make transactions on their mobile phones. They want a seamless and intuitive experience that allows them to complete transactions quickly and easily.

To provide this experience, banks need to invest in automation and AI. This will enable them to offer a faster and more efficient service to their customers. For example, customers should be able to open a new account or apply for a loan using their mobile phone without having to speak to a customer service representative.

Gen Z Target Market

Gen Z is an important target market for banks, and they need to ensure that they are meeting the needs of this demographic. This generation is more tech-savvy than any previous generation, and they expect their banking experience to reflect this.

They want a personalized and intuitive experience that allows them to manage their finances easily.

To achieve this, banks need to invest in the latest technology, such as AI, automation, and machine learning. They also need to ensure that their digital banking solutions are secure and that they are protecting their customers’ data. By doing so, banks can tap into the vast potential of the Gen Z market and ensure that they remain competitive in the years to come.

In conclusion, banks that are prepared for the challenges of serving Gen Z consumers have a significant advantage in the marketplace. By leveraging the latest technology, including machine learning, AI, and open banking, banks can deliver a seamless and personalized experience that meets the unique needs of each individual customer.

As a digital banking solutions provider, we are committed to helping our clients adapt to the changing needs of their target market and stay ahead of the curve.

Exist Software Labs, Inc., provide a future-proof, scalable, and secure banking experience and tailored to your target market. We have 20+ years of IT experience and are committed to providing innovative and personalized digital banking solutions that prioritize customer experience and satisfaction.

Contact Us Today to Learn More about Digital Banking!

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

The Future Energy Show 2023

The Future Energy Show 2023: The largest Energy Event is back this May!

The Future Energy Show 2023: The largest Energy Event is back this May! 650 486 Exist Software Labs


The Future Energy Show 2023 is set to take place on May 15-16, 2023, at SMX Manila, and it promises to be the largest energy event in the country.

After a successful return in 2022, the 9th edition of the Future Energy show is back with a bigger and better agenda. This event is a great opportunity for energy industry professionals to network, learn about the latest industry trends, and showcase their products and services.

The Future Energy Show 2023 & The Solar Show Philippines

The Future Energy Show & The Solar Show Philippines is the most significant event for the energy sector in the country, with over 6000+ attendees from different parts of the country. This two-day event is packed with activities that include in-person networking, exchanging ideas, building brands and partnerships, and growing professional networks.

The Power-packed agenda of the event features more than 150+ expert speakers who will cover big ideas, market disruptors, new industry trends, and innovative technologies in large-scale solar, smart grid, rural electrification, rooftop solar, alternative renewables, energy storage, and more!

Attendees can look forward to gaining insights from these experts and learning about the latest trends and technologies in the energy industry.

Build a fully customized Energy System Solutions Today!

Exist Software Labs, Inc. one of the official exhibitors of the event will also showcase its Cloud-based Billing and Trading Solutions, Internet of Energy Solutions, and Digital Transformation solutions for the energy industry. With over 20 years of experience in developing systems, we are committed to developing energy systems for Traditional Generators, RE Generators, RES, Distributors, WAG, SOLAR, and RES.  Don’t miss the chance to visit our booth at Q24 and learn more about the different industry trends and developments and get a chance to win exciting booth prizes!

The Future Energy Show 2023 promises to be the largest and most awaited energy event in the country. So don’t miss the chance and Get your FREE pass to the event today!

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Philippines' Growth Champions 2023 Exist Software Labs Inc. Ensures Biz Success Thru Tailor fit Solutions, Java Developer Philippines

Philippines’ Growth Champions 2023 Exist Software Labs Inc. Ensures Biz Success Thru Tailor fit Solutions

Philippines’ Growth Champions 2023 Exist Software Labs Inc. Ensures Biz Success Thru Tailor fit Solutions 650 486 Exist Software Labs

“People are the core of every business. Businesses are based on relationships, and relationships are based on people.”

This quote from businessman Marcus Lemonis was taken to heart by the men behind Exist Software Labs Inc. (Exist). Since 2001, Exist has been providing top global enterprises with cutting-edge technologies through consulting and software development. They have become a formidable development expert providing breakthrough solutions to verticals and domains in banking and finance, healthcare, retail, and energy industries.

Exist has also developed two home-grown software products including Anahaw, which brings retail businesses to the forefront of the game, and Healthcare solutions for hospitals and clinics.

MERX is a system to manage hospital information for more efficient operations. Medcurial has enterprise-grade clinic management and electronic medical records systems that ensure smooth transactions and boost the performance of telemedicine services.

Staying abreast of clients’ individual needs and creating IT solutions tailor-fit to their specific needs, Exist has helped top enterprises reach new peaks.

Its services include enterprise software development, mobile app development and management, offshore outsourcing, technology consulting, data solutions, QA and testing, and cloud development, deployment, and management services.

Philippines’ Growth Champions 2023:Exist Software Labs Inc. ensures biz success thru tailor-fit solutions, Java, Java Philippines

Exist Software Labs. Inc.: Service throughout the Pandemic

In 2020, just like any other business, Exist was taken off guard by the sudden disruption in business activities. Its core – its people and strong partnership with its clients – kept it going. Exist’s culture of continuous collaboration with its people and a solid commitment to its client partners showed the company’s resiliency during economic uncertainties, especially during the pandemic. The “Agile Culture” of Exist Software Labs Inc. led them to achieve their annual revenue goal and more.

“The success of Exist in the past years is because of your hard work and dedication,” Michael Lim, President, and CEO, told employees during a town hall meeting at Exist.

Three years later, Exist has increased its revenue year after year and expanded both its clientele and manpower. In this year’s Philippines Growth Champions 2023 of Inquirer and international research company, Statista, where the Top 25 companies with the highest revenue growth are recognized, Exist ranked 20th overall and, for its category, IT and Software, Top 5.

With over two decades of experience, Exist continues to help various companies reach milestones, even in large-scale projects, using modern application design and development, as well as providing world-class support. Clients can prove that the innovations they achieved collaborating with Exist have transformed them for the better and allowed them to build a sustainable advantage in their industries.

“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,” said John Howard Medina, COO of PBCOM.

Exist Software Labs Inc. may have ascended to its current status as a reliable partner, but it plans to help even more businesses. It is ready to serve companies that need a complete revamp of their client IT infrastructure, API services orchestration, and software design; as well as those enterprise users who would like a software application that adheres to their current flow.

A leader in designing for systems integrations, Exist allows software applications from different departments to communicate with each other for better, more informed, and timelier decisions.

Exist’s solutions perfectly fit institutions with unique processes or those that want a competitive advantage; especially those who now find that, rightfully, building software is more flexible, designed to be more scalable through integrations, more secure, and more resilient than buying off the shelf (OTS).

Exist Software Labs. Inc. continues to live by its promise that there’s always a better way by empowering its business partners with innovative solutions and services that give them a competitive advantage by ensuring their individual needs are recognized and addressed with top-notch solutions.

Why Banks with "Customer-First" Mindset Drives Better Revenue

Why Banks with “Customer-First” Mindset Drives Better Revenue

Why Banks with “Customer-First” Mindset Drives Better Revenue 1300 972 Exist Software Labs

Banks that prioritize customer-first approach and satisfaction have a significant advantage over their competitors. They understand that their success depends on the happiness and loyalty of their customers. This blog post will explore why adopting a customer-centric approach is essential for banks and how it can drive better revenue.

Why is customer experience important in banking?

The financial industry has become increasingly competitive, with customers having more options. With the rise of mobile banking and digital transactions, customers have become more tech-savvy and expect seamless and personalized banking experiences. In this environment, customer experience has become a key differentiator for banks.

Customers want banks to understand their needs and provide personalized solutions that meet their specific requirements. They also expect quick and efficient service, whether they are banking online or in person. By prioritizing customer experience, banks can build strong relationships with their customers, which can translate into better revenue and profitability.

What are the benefits of a customer-centric approach in banking?

There are many benefits of adopting a customer-centric approach in banking. Some of the most significant benefits include

  1. Increased customer satisfaction: By prioritizing customer experience, banks can ensure customers are happy and satisfied with their services. This can lead to increased loyalty and retention, as customers are more likely to stay with a bank that meets their needs.
  2. Improved revenue: A customer-centric approach can lead to increased revenue, as customers are more likely to use additional services and products when they are happy with their overall banking experience. This can translate into higher profitability for the bank.
  3. Competitive advantage: By providing personalized banking solutions, banks can differentiate themselves from their competitors and attract more customers. This can help banks to stand out in a crowded marketplace and win new business.

Explore the Power of Digital Banking

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How can banks adopt a customer-first approach?

Banks can adopt a customer-centric approach in several ways. Some of the most effective strategies include

  1. Investing in digital banking solutions: Digital banking solutions, such as mobile banking apps and online banking portals, can provide customers with a seamless and convenient banking experience. By investing in these solutions, banks can meet their customer’s evolving needs and expectations.
  2. Prioritizing user experience: Banks should prioritize the user experience in all their interactions with customers. This means ensuring that their website, mobile app, and other digital channels are easy to use and navigate, with clear and concise information.
  3. Personalizing banking solutions: Banks can use data analytics to understand their customers’ needs and preferences. This can help them to provide personalized banking solutions, such as customized investment portfolios and loan products.
  4. Measuring customer satisfaction: Banks should regularly measure customer satisfaction to identify areas for improvement and ensure that they are meeting their customers’ needs.

In today’s competitive banking industry, adopting a customer-centric approach is essential for driving better revenue and building strong customer relationships. By investing in digital banking solutions, prioritizing user experience, personalizing banking solutions, training staff, and measuring customer satisfaction, banks can ensure that they are meeting their customer’s needs and providing a seamless and personalized banking experience.

At Exist Software Labs, Inc., we understand the importance of customer-centricity in banking. We are committed to providing innovative and personalized digital banking solutions that prioritize customer experience and satisfaction. Contact us today to learn more about how we can help your bank drive better revenue and build strong customer relationships.

Contact Us Today to Learn More about Digital Banking!

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PEPIF 2023

Exist Software Labs, Inc. joins IEMOP’s PEPIF 2023: Shaping the Future of Philippine Energy Industry!

Exist Software Labs, Inc. joins IEMOP’s PEPIF 2023: Shaping the Future of Philippine Energy Industry! 650 486 Exist Software Labs

The Independent Electricity Market Operator of the Philippines Inc. (IEMOP) recently hosted the Philippine Electric Power Industry Forum (PEPIF 2023) on March 20 and 21, 2023 at the Diamond Hotel Manila. Under the theme “Partnering to Achieve a Secure and Reliable Supply of Electricity for the Country”, the two-day event brought together industry leaders, decision-makers, and professionals to discuss challenges, opportunities, and best practices in the Philippine electric power industry.

The PEPIF 2023 was attended by delegates, sponsors, and resource persons who provided invaluable insights and stimulated meaningful discussions among the stakeholders. The forum aimed to strengthen collaboration and forge partnerships among industry participants in support of the objectives of the Electric Power Industry Reform Act (EPIRA) and accelerate programs under the Philippine Development Plan 2023-2028.

One of the key highlights of the forum was the annual Market Participants Update, which apprised the Wholesale Electricity Spot Market (WESM) members of the latest developments in both the wholesale and retail markets. This update provided a comprehensive overview of the current market trends, regulations, and opportunities for the participants.

PEPIF 2023
Chriss Silerio, the VP for Operations of Exist Software Labs, Inc. discussed the Internet of Energy at PEPIF 2023

Chriss Silerio, the Vice President for Operations of Exist Software Labs, Inc., served as one of the esteemed technical resource speakers. His presentation focused on the convergence of informational technology (IT) and operational technology (OT) in the context of the Internet of Things (IoT), and its significance in shaping the future of the energy industry.

According to him — “IoE takes a more holistic approach by connecting people, data, and processes in the interconnected system…by connecting all these energy assets, devices, and systems of the internet, we can create a smart energy network that is capable of self-optimization and self-healing.

He shed light on how the integration of IT and OT in IoT has the potential to revolutionize the energy sector by enabling more efficient, interconnected, and data-driven systems. He elaborated on how the convergence of IT and OT can optimize operations, enhance grid management, improve asset management, and enable predictive maintenance in the energy sector.

Want to learn more about how IoE can help the Energy Industry?

The PEPIF 2023 covered a wide range of topics in the electric power industry, including generation, transmission, distribution, retail, and end-use. Industry leaders and experts shared their insights on the latest trends, innovations, and challenges facing the sector. The forum provided a platform for meaningful discussions, knowledge sharing, and networking among the participants, fostering a collaborative approach toward achieving a secure and reliable supply of electricity for the country.

IEMOP expressed its immense pride and honor in successfully hosting the PEPIF 2023 and extended its appreciation to all the participants for their support and contribution to the event. The forum served as a significant milestone in promoting cooperation and partnerships within the Philippine electric power industry, toward a sustainable and vibrant energy future for the country.

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The New Era of Digitalization in the Banking and Finance Industry

The New Era of Digitalization in the Banking and Finance Industry

The New Era of Digitalization in the Banking and Finance Industry 650 486 Exist Software Labs
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Digitalization in Banking and Finance

If there is something that is only constant in this world, it is CHANGE. As industries evolve and competition becomes more intense, financial institutions are also elevating their offerings.

The banking and finance industry has undergone a significant transformation in recent years with the rise of digitalization. From online banking to mobile payment solutions, digital technologies have revolutionized the way financial institutions operate and interact with their customers. To explore this topic further, join us on our first podcast episode, “The New Era of Digitalization in the Banking and Finance Industry.”

In our first episode, we discuss the latest trends, challenges, and opportunities in the banking and finance industry. Our expert guests share insights on how digitalization has changed the way we manage our finances, and what this means for financial institutions and customers alike. We delve into the benefits of digital banking, such as increased accessibility and convenience, and the risks associated with it, including cybersecurity threats and data privacy concerns.

Contact Us Today to Learn More about Digital Banking!

Begin the digital banking revolution.

Data Ingestion, Data Integration, Data Quality,Driven Organization

The Importance of Data Ingestion, Data Integration, and Data Quality in becoming a Data-Driven Organization.

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

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

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

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

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

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

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

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

 

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

 

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

 

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

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

 

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

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

How Personalized Banking Help Users Enjoy Digitalization?

How Personalized Banking Help Users Enjoy Digitalization?

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

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

Personalized Banking – What is it?

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

Digital Banking Solutions Provider in the Philippines – Leading the Way

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

User Experience – The Key to Success

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

Predictive Analytics and Business Intelligence – A Powerful Combination

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

Process Automation – Streamlining Banking Processes

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

The Power of AI – Enhancing the Personalization of Banking Services

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

Seamless Processes – Delivering Exceptional User Experiences

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

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

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

Conclusion

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

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

Contact Us Today to Learn More about Digital Banking!

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