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Paradigm of the Next-Gen Banking: The Era of Neobanks
Paradigm of the Next-Gen Banking: The Era of Neobanks 1200 630 Exist Software Labs

A new player has emerged, poised to go above and beyond Traditional Banking models and redefine the way we manage our finances. Enter the Era of Neobanks – Digital-first, Customer-centric Financial Institutions that are set to lead the Paradigm of the Next-Gen Banking.

Delving into the Neobank Phenomenon

Neobanks, also known as Challenger Banks, are redefining the banking experience with their seamless digital platforms and innovative services. These agile newcomers leverage cutting-edge technology to provide customers with a range of financial solutions tailored to their needs, all accessible at the touch of a button.

The Revolutionary Role of Neobanks

In a world where convenience reigns supreme, Neobanks are quickly gaining traction for their user-friendly interfaces, personalized offerings, and competitive rates. By eliminating the overhead costs associated with brick-and-mortar branches, these digital liberators are able to pass on the savings to customers in the form of higher interest rates, lower fees, and enhanced rewards programs.

Some of the Neobank Giants in the Philippines such as Tonik, GoTyme Bank, Maya Bank (and more) are democratizing access to financial services, catering to a diverse range of customers, including millennials, freelancers, and small businesses. With features such as instant account opening, real-time transaction tracking, and AI-powered financial advice, Neobanks is empowering individuals to take control of their finances like never before.

One of the most significant contributions of Neobanks to the banking and financial industry is their role in promoting financial inclusion. By leveraging technology to reach underserved populations, including the unbanked and underbanked, Neobanks are bridging the gap and providing access to essential banking services to those previously excluded from the traditional banking system.

Through partnerships with Fintech companies and innovative solutions such as mobile wallets and peer-to-peer lending platforms, Neobanks is expanding its reach and making financial services more accessible to marginalized communities worldwide. This inclusive approach not only benefits individuals but also stimulates economic growth and fosters social development.

Banks’ Digital Storefront: Mobile Internet Banking (MIB)

In the face of the rising popularity of Neobanks, traditional and commercial banks can leverage Mobile Internet Banking (MIB) to stay competitive. By focusing on innovation, convenience, and personalized experiences, Mobile Internet Banking can keep up with Neobanks by offering features such as:

1. Seamless User Experience
Streamlined interfaces and intuitive design for easy navigation and transactions.

2. Advanced Security Measures
Robust security protocols, including biometric authentication and encryption, to safeguard customer data.

3. Personalized Financial Management
AI-driven insights and budgeting tools to help customers manage their finances effectively.

4. Quick and Convenient Services
Instant fund transfers, bill payments, and account management functionalities, accessible anytime, anywhere.

5. Integration with Fintech Solutions
Partnerships with fintech companies to offer innovative services such as digital wallets, investment platforms, and peer-to-peer lending.

6. Continuous Innovation
Regular updates and enhancements to adapt to changing customer needs and technological advancements.

By embracing these strategies, Mobile Internet Banking can keep pace with Neobanks and  reinforce the relationship between traditional banks and their customers, providing a seamless and secure banking experience tailored to modern lifestyles.

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Takeaways

The rise of Neobanks represents a seismic shift in the Banking and Financial Industry, with far-reaching implications for customers, businesses, and society as a whole. By harnessing the power of technology and prioritizing customer experience, Neobanks are redefining the way we think about banking and setting new standards for innovation and inclusivity.

As we navigate the complexities of an increasingly digital world, embracing the Neobank revolution is not just a choice but a necessity for traditional banks and financial institutions looking to thrive in the digital age. Together, let us grasp the future of banking, where convenience, accessibility, and innovation converge to create a more inclusive and equitable financial ecosystem for all. Gone are the days of lengthy queues and cumbersome paperwork!

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Banks that embrace predictive analytics and data-driven decision-making are forging a path towards becoming the "extraordinary" banks of the future.
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Predictive Analytics & Data-Driven Decision: Building up the “Extraordinary” Banks of the Future
Predictive Analytics & Data-Driven Decision: Building up the “Extraordinary” Banks of the Future 1300 972 Exist Software Labs

In the fast-evolving landscape of digital banking, staying ahead of the competition and delivering exceptional customer experiences require more than just technology. Banks that embrace predictive analytics and data-driven decision-making are forging a path towards becoming the “extraordinary” banks of the future. As a technology company providing digital banking solutions, Exist Software Labs, Inc. is committed to empowering banks with the tools they need to harness the potential of data and achieve scalable success.

What is Predictive Analytics, and why does it matter?

Predictive analytics leverages historical data, machine learning algorithms, and statistical modeling to forecast future outcomes. For banks, this means harnessing vast amounts of customer data, transaction history, activity patterns, and market trends to make well-informed decisions. By adopting predictive analytics, banks can anticipate customer needs, identify potential risks, and personalize services, paving the way for smarter and more proactive banking experiences.

The Role of Data Warehousing in Predictive Analytics in Banking

Data warehousing acts as the backbone of predictive analytics initiatives. It involves the centralization and integration of data from various sources, enabling banks to access a holistic view of their operations and customer interactions. With a well-structured data warehouse in place, banks can efficiently extract, transform, and analyze data, fueling the predictive modeling process for informed decision-making.

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Embracing the Cloud for Scalability and Flexibility

Cloud technology offers the scalability and flexibility necessary to support the vast amount of data required for predictive analytics. Banks can store and process data real-time, ensuring faster and more accurate predictions. Cloud-based solutions also enable seamless integration with existing banking systems, making it easier for banks to adapt to evolving customer needs and market trends.

From Data Analytics to Data-Driven Decision-Making

While data analytics provides valuable insights, the true value lies in translating these insights into actionable decisions. Banks must foster a data-driven culture, where decisions are based on evidence and data-backed reasoning

How can banks transition from data analytics to data-driven decision-making?

Banks can transition from data analytics to data-driven decision-making by fostering a data-driven culture within their organization. This involves investing in data literacy, promoting a mindset of evidence-based decision-making, and integrating data-driven insights into their strategic planning processes. By embracing data-driven decision-making, banks can unlock the full potential of their data, make informed choices, and achieve greater efficiency and competitiveness in the digital banking landscape.

Conclusion

Predictive analytics and data-driven decision-making are redefining the future of banking. By leveraging the power of data, banks can unlock unprecedented potential — delivering personalized experiences, minimizing risks, and gaining a competitive edge in the market. As a leading digital banking solutions provider, Exist Software Labs, Inc. is committed to empowering banks to participate in the data revolution and helping pave  the way for them to become “extraordinary” banks of the future.

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On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft
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On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft
On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft 1300 972 Exist Software Labs

As the digital banking revolution continues to gain momentum, banks and financial institutions are witnessing unprecedented growth in the use of mobile internet banking solutions. The Philippines, in particular, has seen a surge in the adoption of digital banking, especially among the tech-savvy Gen Z and millennial target market.

The adoption of digital banking among Filipinos is soaring, reaching unprecedented levels. As per the BSP’s study, more than half of Filipino adults (56%) now own a bank account, with 36% of these accounts being digital. Additionally, electronic payments have seen a remarkable surge, with an assumption increase to 50% in 2023, a substantial increase from a mere 1% in 2013. The growing popularity of digital banking can be attributed to the increasing awareness of its advantages, including convenience, security, cost savings, and health and safety reasons, especially during the COVID-19 pandemic.

While this rapid shift towards digital banking offers numerous benefits such as enhanced user experience, convenience, and automation, it also presents a pressing challenge: an alarming increase in fraudulence and identity theft.

A study in 2021 by TransUnion, a global transformation company, said that a 31% increase was observed in digital fraud attempts against enterprises in the Philippines from March 2019 to March 2020, compared to pre-pandemic levels. The sectors with the highest number of suspected digital fraud attempts were telecommunications, logistics, and financial services. 

The article also states that scammers are using fraudulent credit cards to purchase high-end phones and sell them back in the black market. Up to this day, numerous risks exist that banks should be aware of and manage, if not eliminate, by adapting banking solutions and  technologies designed to address these.

As a technology company providing digital banking solutions for banks, Exist Software Labs, Inc. is well aware of the risks associated with this paradigm shift. In this blog, we delve into the complexities of fraud in banking and present actionable strategies that C-levels and CTOs can implement to safeguard their institutions and customers.

1. The Rising Tide of Fraud in Digital Banking

What are the key factors contributing to the surge in fraudulence and identity theft in digital banking?

The rapid transition towards digital banking is attracting the attention of fraudsters seeking to exploit vulnerabilities in the system. Factors such as inadequate security measures, weak user authentication, and the growing sophistication of cybercriminals have contributed to this surge in fraudulence.

2. The Imperative of Enhanced Security Measures

How can banks fortify their digital banking platforms against fraud and identity theft?

To dismantle fraudulence and protect customers’ identities, banks must prioritize security at every step. Implementing multi-factor authentication, biometric identification, and robust encryption protocols are some of the measures banks can adopt. Exist Software Labs’ digital banking solutions make use of cutting-edge security features to provide a shield against potential threats.

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3. Leveraging AI and Machine Learning

How can AI and machine learning technologies help combat fraud?

AI-powered fraud detection systems can analyze vast amounts of data in real time, identifying suspicious patterns and transactions. By continually learning from new data, these systems can adapt to evolving fraud tactics. Exist Software Labs, Inc., integrates AI and machine learning algorithms into its digital banking solutions, providing an extra layer of protection for banks and their customers.

4. Educating Customers and Raising Awareness

How can banks empower their customers to protect themselves from fraud?

Empowering customers through education is vital in the fight against fraudulence and identity theft. Banks should regularly communicate security best practices, raise awareness about common scams, and offer tips on safeguarding personal information. By fostering a sense of vigilance among their customer base, banks can create a collective defense against fraudsters.

5. Collaboration within the Industry

To combat fraud effectively, the entire banking industry must collaborate. Banks can share threat intelligence and best practices with each other, creating a united front against fraudsters. Additionally, forming partnerships with industry-leading digital banking solutions providers like Exist Software Labs, Inc., enables banks to access the latest security advancements and stay one step ahead of potential threats.

As digital banking continues to redefine the financial landscape, the battle against fraudulence and identity theft is only intensifying. C-levels and CTOs must recognize the urgency of this issue and take proactive steps to safeguard their institutions and customers.

Exist Software Labs, Inc., a leading digital banking solutions provider, understands the challenges faced by banks in this rapidly evolving landscape. By prioritizing security, leveraging cutting-edge technologies, and fostering a culture of awareness, banks can dismantle fraudulence and protect their customers, allowing them to embrace the full potential of mobile banking with confidence.

Contact Us Today to Learn More about Digital Banking!

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Microservices
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Microservices in Digital Banking 2023 – What are the Impacts?
Microservices in Digital Banking 2023 – What are the Impacts? 650 486 Exist Software Labs

Microservices are becoming increasingly popular in digital banking due to their ability to facilitate agility, scalability, and flexibility in software development.

Technology innovations shaped the world that we live in. It is now a necessity. This is also applicable in the Banking and Financial industry. With the new game-changers in this vertical, the competition became stiffer. Now that the competition rises, dynamic innovations and adapting digitization are now becoming the standard in the banking and financial industry. 

Time to Market is very crucial as well as ensuring the stability and security of the application. To keep up with the demands of the market and at the same time balance the importance of these three factors, applications should now be built using Microservices.


MICROSERVICES

Microservices are a modern approach to software whereby application code is delivered in small, manageable pieces, independent of others (Spring). Having said that, using microservices architecture, could help developers implement each component individually. They can execute innovations into one certain application without the involvement of other applications. It is not a large-based code that when something wrong happens, will affect the whole project.


WHY
MICROSERVICES?

WHY MICROSERVICES?

Since Microservices operate as a variety of applications that have a specific functionality under one system, microservices are easier to maintain, scale, a faster turnaround time in deployment and have a better resilience to technical faults.

WHAT ARE THE IMPACTS OF MICROSERVICES?

  • SCALABILITY 

Microservices Architecture develops single software systems which are running independently enabling the banking businesses to evolve as they scale without difficulty. When there are new offerings and features in their mobile banking application, they can still operate even if some parts are under development. By doing so, users can still use the mobile app and do other transactions.

  • AGILE SOFTWARE DEVELOPMENT

Projects are developed incrementally. New features can be broken down as small projects which can be done in parallel by different teams. Using DevOps, microservices are being optimized and can be deployed smoothly. This approach allows banks to introduce new innovations to the public faster. Moreover, banks can now update their mobile banking applications while operating transactions simultaneously. 

  • FLEXIBILITY OF USING DIFFERENT TECHNOLOGY STACKS

When it comes to integrating different technologies to use for multiple features in a digital bank, software developers can easily push frameworks, databases & etc,. In addition, new technologies can be employed in the application when there are major changes. Banks with specific requirements can be tailor-fit based on their needs.

At Exist, we want you to go where the possibilities are boundless. Since being superior in digital experiences are essential in staying relevant, we are empowering banks and financial institutions in digitalization to rapidly grow and make their business future-ready.

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 is to enable corporations to go on digital and have a competitive advantage in this fast-changing world.

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Two (2) Ways to Know that your Mobile Banking is Safe
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Two (2) Ways to Know that your Mobile Banking is Safe
Two (2) Ways to Know that your Mobile Banking is Safe 650 486 Exist Software Labs

Today, mobile banking is part of our daily lives today but, is it safe and secure to handle our online transactions? Users like the convenience of mobile banking as it gives them benefits that they can also have in physical branches. To name a few, they can use their smartphones to check their account balance, transfer money, pay their bills, shop online, etc. 

However,  Several Philippine Banks were hacked last year. It created fear not only for the users but for the financial institutions as well. It became the focus of the media for quite some time. Luckily,  the perpetrators were arrested. Financial Institutions’ online security was strengthened and users became more vigilant. There are two ways to know if Mobile Banking is safe.

1. END-USER’S SECURITY FEATURE

These features are essential to the end-users when it comes to mobile banking. It will give them multiple options to secure their accounts while enjoying the convenience of online banking.

  • ONE TIME PASSWORDS (OTP)

One Time Password (OTP) is a secure code sent real-time to your mobile number when performing a transaction. For every transaction, it generates a different security code. 

  • BIOMETRICS AUTHENTICATION

Biometric authentication is a security method that depends on the unique biological characteristics of the user to verify the identity of the person. Biometric login gives extra security to the user because it’s impossible to hack, steal, copy or share. In comparison with OTPs, Biometrics are not number-based. 

  • CHANGING PASSWORDS REGULARLY

Protecting user’s bank accounts begins with changing passwords. As cybercrimes increase, password formats changed over the years like adding symbols & numbers (eg. Alphanumeric with special characters). Although some mobile apps require changing passwords frequently, we should change when:

  1. There’s a suspected unauthorized access
  2. The virus entered your device/s
  3. Logged in to other device/s

More than these three end-users’ security features, mobile banking users should also be aware of scammers who are using fake emails to hack their accounts. Users needs to be aware and cautious to avoid incidents like these from happening.  Moreover, we can say that mobile banking’s safety features assure us that our data, money, and  identity are secure

2. INTERNAL SECURITY FEATURES

These internal security features are part of the system when building a digital bank. Implementation of these security features is essential to provide high protection for the users against hackers, scammers, and identity fraudsters.

  • SECURE SOCKETS LAYER (SSL)

Secure Socket Layer or SSL is a security system implemented to a website or mobile application that integrates protection, privacy, and coherence. SSL encrypts the data transmitted across the web of a platform. In banking, SSL initiates an authentication process between two systems to make sure that both systems are legitimate.

SSL was created to protect user privacy by doing encryption that the user operates inside a platform. It ensures that the data inputted in the web or app will not be exposed and safe. Meaning, it is only visible and available to a platform the user operates.

  • ROBUST AUDITING MECHANISM

Aside from business process audits, a robust auditing mechanism is placed both in the system level transactions and system user activities to ensure data integrity and faster resolution of concerns. Multiple software frameworks and technical architecture are in place to ensure data traceability and immutability of audit logs.  Modern implementation also allows banks and financial institutions to take advantage of these  logs for real time monitoring and implement processes such as real time fraud detection. 

  • OWASP COMPLIANCE

OWASP (Open Web Application Security Project) compliance makes sure that web applications are not vulnerable to security breaches like phishing, malwares & hacking. Moreover, OWASP updated Top 10 security risks last year. The top 10 list provides guidance and education to developers, designers, architects and business leaders concerning web security risks to avoid.

There are more security systems integrated in a digital bank to protect our data, identity, and money. SSL, Robust Auditing Mechanism & OWASP are only three of the other security requirements. Banks & financial institutions that plan to upgrade their system and are transitioning to digitalization must be aware and knowledgeable on the requirements needed.

At Exist, we believe that superior digital experiences are essential in staying relevant. Our software expertise establishes and empowers banks to rapidly grow their business.

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

Two (2) Ways to Know that your Mobile Banking is Safe. Java, Java Philippines
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Will Mobile Banking Ever Rule the World?
Will Mobile Banking Ever Rule the World? 650 486 Exist Software Labs

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

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

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

AVAILABILITY FOR EVERYONE (MOBILE BANKING)

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

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

DIGITAL ROADMAP

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

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

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

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

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

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

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

DIGITAL BANKING

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

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

The truth is:

1. DIGITAL BANKING IS FOR EVERYONE

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

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

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

3. CUSTOMERS WANT A REAL-TIME BANKING EXPERIENCE

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

4. DIGITAL BANKING IS POWERFUL

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

FINAL THOUGHTS:

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

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

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

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