Modern Banking

China Trust Banking Corporation (CTBC) Signs a Contract with Exist for their Digital Banking Modernization

China Trust Banking Corporation (CTBC) Signs a Contract with Exist for their Digital Banking Modernization

China Trust Banking Corporation (CTBC) Signs a Contract with Exist for their Digital Banking Modernization 650 486 Exist Software Labs

Exciting changes awaits to China Trust Banking Corporation (CTBC)  clients as they partner with Exist Software Labs, Inc., a renowned IT Solutions Provider in the Philippines. Through this partnership, they can expect a number of innovative digital solutions that will be available for CTBC’s clientele. For a sneak peek, they can expect a more seamless, convenient, and secure Onboarding and Loan Application System this year.

The contract signing happened in One Bonifacio, BGC, Taguig City participated by Exist Software Lab’s President & CEO, Michael Lim, VP for Engineering, Jonas Lim, and China Trust Banking Corporation (CTBC’s) Senior Vice President and Group Head for Retail Banking Group Remo Romulo M. Garrovillo Jr., Senior Vice President & Group Head for IT, Jereven Adriano and other members of their management.

After almost a year of discussion and brainstorming for the selection process, this partnership came to fruition.  There will be several digitization initiatives in CTBC that will help thousands of Filipinos make their CTBC day-to-day online banking transactions seamless while using their smartphones and computer devices anywhere, anytime. But the good news doesn’t end here for this innovation is not exclusive to retail clients but includes enterprise clients as well.

Exist Software Labs will effectively enable CTBC to better serve their clients and more Filipinos with their financial needs.  Digital Banking technologies, as a better way,  to assist in the drive for Financial inclusion in the Philippines.

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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.

Exist joined 10th World Financial Innovation Series at Sofitel Philippine Plaza

Exist Joined 10th World Financial Innovation Series at Sofitel Philippine Plaza

Exist Joined 10th World Financial Innovation Series at Sofitel Philippine Plaza 650 486 Exist Software Labs

Exist Joined 10th World Financial Innovation Series at Sofitel Philippine Plaza

In this year’s event, Exist Software Labs, Inc. joined one of the biggest conferences for the Banking, Financial Services & Insurance industry – the 10th World Financial Innovation Series at Sofitel Philippine Plaza, Pasay. Hundreds of decision-makers, chief executives and managers attended the event to learn, acquire, and engage with speakers and solutions providers that will help them in their digital transformation journey.

As digital banking became one of the major topics, Banking Executives and Decision makers dropped by at Exist Booth to check our main Banking Solutions: Onboarding Solution, Mobile Internet Banking and Loans Management Solution and other services that are relevant for their digitalization needs. 

For mobile banking, all the participants who dropped by our booth got to experience Exist’s mobile internet banking and accounts onboarding/enrollment as they tried our digital banking prototype.

Through this event initiative, our hope as one of the fastest growing digital banking solutions provider in the country is to empower Financial Institutions in the Philippines in serving and reaching more clients through various digital platforms.

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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 Trends in the Post-Pandemic Era

Fast Track 2022: Digital Banking Trends in the Post-Pandemic Era

Fast Track 2022: Digital Banking Trends in the Post-Pandemic Era 650 486 Exist Software Labs

Staying updated on innovations and technology makes financial institutions stay on top. Exist Software Labs, Inc. will be hosting an event about digital banking trends in the post-pandemic era that will surely help the banking & other financial institutions across our country in shaping a future-ready digitalization.

OBJECTIVES:

  1. Help the BFSI sector identify a clear roadmap for digital transformation.
  2. Give insights on the newest digital banking trends.
  3. Address infrastructure and security concerns in Online Financial Applications.

WHO SHOULD ATTEND?

This webinar is specifically designed for digital banking executives, decision makers, IT leaders, information security experts and business end users in the Banking and Financial Services sector in the Philippines.

This event will be held on June 16, 2022 at 2:00PM (PHT) via Airmeet Platform. We only have limited slots available so sign up as soon as possible. We also advise you to block your schedule on your calendar to make sure your attendance on the event.

PROGRAM:


2:00-2:05 – Welcome Remarks

2:05-2:25 – Post-Pandemic Digital Banking Innovations

  • What are the new innovations that the public can expect from Digital Banking?
  • A lot of consumers shifted from traditional to digital Banking but here in the Philippines, a big part of the population is still unbanked. How do you plan to reach the unbanked & underbanked?

2:25-2:35 – Q&A
2:35-2:55 – Readiness of Philippine Financial Infrastructure

  • Are Philippine Banks’ infrastructures scalable and flexible enough to match their digital innovations?

2:55-3:05 – Q&A
3:05-3:25 – Security in Digital Financial Platforms

  • During the pandemic era a rise in Digital Fraudsters, Hackers, and Phishing was observed, how does the BFSI sector address this concern?

3:25-3:35 – Q&A
3:35-3:40-  Closing Remarks
3:40-3:45 – End of Discussion

Strengthening their Digital Insurance Offerings: Exist and Comarch Partnership 2022. Java, Java Philippines

Strengthening their Digital Insurance Offerings: Exist and Comarch Partnership 2022

Strengthening their Digital Insurance Offerings: Exist and Comarch Partnership 2022 800 507 Exist Software Labs

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

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

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

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

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

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

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

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

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

Robinsons Bank Took a Big Step in Advancing their Mobile Banking System. Java, Java Philippines

Mobile Banking System in 2022: Robinsons Bank Took a Big Step in Advancing their MIB

Mobile Banking System in 2022: Robinsons Bank Took a Big Step in Advancing their MIB 768 487 Exist Software Labs

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

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

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

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

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

In our fast-paced environment, Robinsons Bank has successfully thrived and has innovated their banking systems that truly allow their customers to do transactions online.

With the help of Exist, they launched different programs in mobile banking. This partnership has a lot of opportunities to grow and both institutions agreed to engage and further add new plans for the project.

With regards to improving the online banking experience, the said companies collaborated again. Robinsons Bank sought to improve its online banking experience and needed a partner that embraced the same agile principles.

Exist Software Labs uses top-of-the-game open-source technologies like Kubernetes and in-memory data structure stores. This improvement enabled Robinsons Bank users to experience faster, smarter, and easier banking.

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

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

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

PBCOM-Exist enriches remarkable years-long partnership; Bringing more banking tech upgrades in 2022, Java, Java Philippines

PBCOM-Exist enriches remarkable years-long partnership; Bringing more banking tech upgrades in 2022

PBCOM-Exist enriches remarkable years-long partnership; Bringing more banking tech upgrades in 2022 768 487 Exist Software Labs

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

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

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

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

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

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

PBCOM and Exist

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

PBCOM tapped Exist to develop POP

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

POP was launched to the public

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

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

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

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

Exist developed the OTP platform for POP

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

PBCOM and Exist are under a contract valid until 2025

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

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

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.

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.

Digital Banking. Java. Java Philippines.

Digital Banking in 2020: Is Philippines Ready?

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

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

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

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

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

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

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

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

How does the country forward digital banking locally?

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

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

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

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

Going digital is always a user’s option. 

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

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

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

Banking. Java. Java Philippines.

2020: The Future of Philippine Banking

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

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

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

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

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

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

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

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

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

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

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

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