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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

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.

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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.  

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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.

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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.

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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.

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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.

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