Commercial Bank of Ceylon: ComBank Digital Wins AFTA Award for “Best Frictionless Credit Scoring Initiative”

A facility provided by the Commercial Bank of Ceylon for personal loans to be applied for online, has been voted “Best Frictionless Credit Scoring Initiative” in Sri Lanka by the Asian FinTech Academy (AFTA).

The award was presented to the Bank recently at the Asian Digital Finance Forum and Awards at the Hilton Colombo, in recognition of the progress made by ComBank Digital, the Bank’s unique omni-channel digital banking platform, to improve the banking experience. customers with improved functionality, convenience and security.

The personal loan application feature on ComBank Digital allows customers to apply for a personal loan without visiting a bank branch. All correspondence is done through the online platform, eliminating paperwork and thus promoting environmentally friendly practices in addition to improving convenience.

“We are delighted to win this award, which reaffirms the success of our efforts to provide seamless access to services as part of our digital transformation,” said Mr. Pradeep Banduwansa, Head of Retail Products and Digital Channels at the Commercial bank. “We are constantly looking to push the boundaries in terms of functionality, without compromising security and usability. There are many exciting new features in the pipeline for ComBank Digital users.”

One of the top five financial apps used in Sri Lanka, “ComBank Digital” was launched in 2020, is fully compatible with iOS, Android and Huawei operating systems, and complies with international standards and best practices adopted for offer maximum security to users. The platform offers seamless transitions across all devices, including desktops, tablets and mobile phones for ComBank’s digital customers. Anyone with a business bank account can register for this facility online and enjoy its features including opening new accounts and applying for loans without visiting a branch.

ComBank Digital is designed to allow users to manage their finances quickly and securely on the go with a range of built-in options that allow them to manage their digital banking preferences on their own without the help of a banking agent. . Standard services such as checking current, savings, investment, loan and credit card account balances, applying for fixed deposits, personal loans and home loans, investing in bonds of the Treasury and payments for stock transactions can be made securely via ComBank Digital.

In addition, “ComBank Digital” performs all transactions between its own accounts, to third-party commercial bank accounts and to accounts of other banks in real time, and customers can apply for a credit card cash advance facility. through the platform. ‘ComBank Digital’ also supports bill payments to over 68 entities in nine categories such as telephone, electricity, water, credit cards, insurance, pay TV, education, schools and prices.

For businesses, ComBank Digital enabled payments to government authorities such as the Inland Revenue Department (IRD), Sri Lanka Ports Authority (SLPA) for freight, vessel and entry permit payments, Sri Lanka Customs, Employees Provident Fund (EPF), Employees Trust Fund (ETF), Import and Export Control Department (IECD) and Board of Investments of Sri Lanka (BOI) .

The commercial bank’s achievements in developing and deploying IT-enabled banking services and products have been recognized with numerous awards, including the most recent, “Best Digital Transformation in Banking Industry” and ” Best Mobile Banking App from Business Tabloid Magazine, a leading UK business magazine; Best Digital Bank – Sri Lanka 2021 from Global Economics Magazine, UK; and Banking and Financial Services category award given by the Sri Lanka Association of Software Service Companies (SLASSCOM) for its case study on Robotic Process Automation (RPA).

The first 100% carbon neutral bank in Sri Lanka, the first Sri Lankan bank to be listed among the world’s top 1000 banks and the only Sri Lankan bank to be listed for 11 consecutive years, Commercial Bank operates a network of 268 branches and 938 machines. machines in Sri Lanka. Commercial Bank is Sri Lanka’s largest SME sector lender and is a leader in digital innovation in the country’s banking industry. The Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he owns a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.

Photo caption:

Commercial Bank representatives accept the AFTA Award (Left to Right) Senior Commercial Bank Manager – Digital Banking Unit Ms. Chamindaa Fernando, Bank Manager – IT Ms. NadikaNagahawatte, President of the Fintech Association of Sri Lanka MrRajkumarKanagasingam, Senior Advisor, DrTissaJayaweera Association, Deputy Governor, Central Bank of Sri Lanka, Mr. DharmasriKumaratunge and the Bank’s Managing Director – Integrated Risk Management Department, Mr. Malinda Liyanage.