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Digital Banking in the Philippines

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

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

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

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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.

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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.

    Be where your customers are!

    Transform your bank into an omni-channel platform.

    Contact Us
    Digital Banking Trends in the Post-Pandemic Era
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    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

    REGISTER HERE
    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!

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

    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.

    Get my copy
    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!

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

    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.

    Get my copy
    The Next Big Thing in Internet Banking - Exist Software Labs, Java, Java Developer Philippines
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    The Next Big Thing in Internet Banking 2022
    The Next Big Thing in Internet Banking 2022 768 487 Exist Software Labs

    What is the “Next Big Thing in Internet Banking?”

    Everyone was challenged on how to cope up in the corporate world because of the worldwide effect of COVID-19. Businesses that do their operations physically were forced to close their business and others were bankrupted because of the lockdown. But more than the negative effects of COVID-19, it also opened many entrepreneurs’ eyes to invest in digitalization or, let’s say, digital transformation.

    So what is the correlation of this in the banking industry? Of course, banks were also affected by the pandemic, and a lot of users need to do banking regularly (transferring funds, depositing money, loans, and paying bills). The question is, what is the “Next Big Thing in Internet Banking?”

    Surprisingly, banks have adapted to this technological era by accelerating their operations online. As customers go online, many banks have pivoted their strategies to be present where their customers are. Here is the Next Big Thing in Internet Banking.

    1. Cashless Transactions

    The rise of online shopping gives way to the API tools in using payment gateways to provide users with seamless transactions like capturing a QR Code, saving your debit/credit card in your online shopping app or platform, and giving your ATM card for transactions. For consumers, a lot of payment options and methods would be great! Many people are using more cashless transactions in groceries, shopping, and other financial transactions. This makes the users  more comfortable with the safety and security of their homes. 

    Moreover, cashless transactions let them have thinner wallets & prevent them from having heavy coins! 

    2. From Brick & Mortar to Click and Mortar

    While we are still on lockdown, some banks decline their operations physically. The relevance of Brick and Mortars are not the same as before since we are forwarding into the new normal. The use of digital services via mobile, computer, and tablet is now the trend in doing banking. Even banks are operating digital-only (Neobanks) too! Today, we can do banking, doing our financial errands at the click of a button without going outside of our homes!

    From Brick & Mortar to Click and Mortar, everything in internet banking is possible today.

    3. Micropersonalized Banking

    Have you experienced in the online world that some applications or websites know you as if they are talking to you personally? Like you are the top priority? Well, that is not impossible because of Big Data and Analytics. This AI-driven analytics gives a huge contribution in treating customers right – even virtually! Banks can now offer the users loan or borrow money at the right moment that they need it, dynamic suggestions of products and services, detailed offerings, budget and purchase recommendations (based on your web behavior), and promos around their nearby location!

    Micropersonalized banking is customer personalization. If we can translate “the customer is always right in the digital era, then that is analyzing their behavior and offering what is appropriate.

    There will be more innovations to come in the future, and the opportunity for internet banking is bright and exciting. As part of the solution, let’s expect higher expectations and demand from customers, be agile in future-thinkers, giving them a seamless process of banking and satisfaction.

    Exist Software Labs, Inc and Internet Banking

    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 rapidly shift and compete in the digital economy.

    For those in need of a modern and agile digital banking solution, Exist offers a faster and more flexible way for banks to create and implement a solution that can be tailored to their own unique needs which can deliver a seamless customer experience across any device.

    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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