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

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

What is Predictive Analytics, and why does it matter?

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

The Role of Data Warehousing in Predictive Analytics in Banking

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

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Embracing the Cloud for Scalability and Flexibility

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

From Data Analytics to Data-Driven Decision-Making

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

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

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

Conclusion

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

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

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

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

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

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

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

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

1. The Rising Tide of Fraud in Digital Banking

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

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

2. The Imperative of Enhanced Security Measures

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

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

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3. Leveraging AI and Machine Learning

How can AI and machine learning technologies help combat fraud?

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

4. Educating Customers and Raising Awareness

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

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

5. Collaboration within the Industry

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

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

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

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

Contact Us Today to Learn More about Digital Banking!

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

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

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

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

Contact Us Today to Learn More about Digital Banking!

Begin the digital banking revolution.

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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!

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    Exist Software Labs, Inc.’s Panel Discussion about Digital Banking enlightened PH’s Banking & Finance Companies the Importance of Digitalization
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    Exist Software Labs, Inc.’s Panel Discussion about Digital Banking enlightened PH’s Banking & Finance Companies the Importance of Digitalization
    Exist Software Labs, Inc.’s Panel Discussion about Digital Banking enlightened PH’s Banking & Finance Companies the Importance of Digitalization 650 486 Exist Software Labs

    Last June 16, 2022, Exist Software Labs, Inc. in partnership with YugabyteDB and DAON, held an online panel discussion entitled, “Fast Track: Digital Banking Trends in the Post-Pandemic Era”. The discussion talked mainly about the bank’s digitalization, digital security, & the preparedness of Philippine banking and financial industry technical infrastructure in scaling and technology flexibility to match the digital innovations.

    Michael Lim, President & CEO of Exist welcomed the attendees of the discussion and provided them an overview of the objectives, the topics to be covered, and industry updates.

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

    Given that we have panelists that are industry leaders, participants of the event engaged to a great extent that made the discussion more interesting. 

    While these attacks (hacking) are going up, username and password are just a first line of defense and what we, as a vendor suggest to our customers is to look for a multi-factor transaction journeys…It could be biometrics, use their fingerprints, use a voice for second factor authentication, or even sending notification on apps.”

    Trilochan Sehgal - Regional Vice President, Southeast Asia - DAON

    “The whole idea is, it’s not about just moving to an infrastructure that provides scale and flexibility, but it’s about how do you utilize the data effectively to differentiate and provide personalized services is one of the key aspects and that is where the banks can actually be able to innovate much faster.”

    Vish Phaneendra - Head of Solution Engineering, Asia-Pacific & Japan - YUGABYTE

    “We also worked with the regulators because the regulators become aggressive in allowing banks to open accounts with minimum documentation. Unbanked customers with no government IDs can open basic deposit account and customers can choose to bank without really having to present all these documentary requirements in the past.”

    John Howard Medina - Chief Operating Officer, PBCOM

    “We see the whole digital is nothing but about data – It starts with data & ends with the data”

    Basudev Banerjee - APAC Financial Services Leader, MICROSOFT

    “Banks would probably decrease but banking will always be there. There will still be physical branches but I think more and more banking app will be hidden behind other shopping or even travel apps.”

    Ramon Abasolo - SVP and Digital Retail Banking Group Head, ROBINSONS BANK

    “They said, “Data is the new oil” but it will not be of value if you will not be using it at the right time, at the right place, and at the right opportunity.”

    Melecio Valerio - Head of Data Governance, MAYA

    “In Exist, when building a software, security is part of it, especially when we are building banking application. The good news is, there are a lot of ways to do security, a lot of ways to predict threats around the infrastructure. Those are the things as an organization we provide and help our partners with.”

    Michael Lim - President & CEO, Exist Software Labs, Inc.
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