The Quality of Manufactured Resources
The Bank’s Information Technology (IT) systems are reviewed and upgraded periodically to ensure a safe, secure and stable environment for its customers and employees. We are also now able to collect deposits from customers in any location and issue receipts immediately by using mobile devices. Following the automation of the loan process for greater expedience and customer convenience we introduced a number of new digital initiatives during the year under review.
UPay digital payment app
To enhance customer convenience and experience, we acquired UPay, a multifaceted digital payment platform through which customers can make secure bill payments, channel doctors, and top up mobiles among other transactions. By registering multiple bank accounts and multiple cards to this app, customers simply link their bank accounts and credit/debit cards to the app which allows them to automate, track and manage all recurring payments to vendors and service providers. The app allows them to seamlessly purchase products or services without having to physically handover cash or swipe a card.
This payment app marks a new chapter in the Bank’s digital journey as well as that of its customers. We are proud to be actively involved in driving grassroots communities towards a cashless society, directly contributing to the country’s development. We also believe that digital innovations of this nature are important in reaching out to the underbanked population, a goal that’s embedded at the very heart of SDB bank. This app also prepares us to meet the oncoming FinTech storm head on.
Business internet banking solution
Our Business Internet Banking solution is designed to facilitate corporate customers. This customer segment consists of firms, companies, trusts, partnerships, proprietorship concerns and others. Our internet banking platform provides them with a simple dashboard to keep track of their transactions. It also allows multiple users to manage the account. This allows designated officers in an organisation or group company to keep track of its financial position and transaction history while carrying out day-to-day banking activities including cash transactions, government payments, salary uploads and bulk transfers.
We also provide online assistance to these customers, with many of them attempting online banking for the first time through this platform. Internet banking provides them with 24/7 access to their bank accounts, flexible reporting and an alternative solution to conventional document processing. It is a convenient, comprehensive and highly secure corporate banking solution providing them with instant validation of incoming payments and real-time alerts of transactions. This service is also mobile-ready, meaning that it is able to take users to the next level of convenience.
Mobile banking solution
In a bid to heighten customer convenience and broaden their digital banking experience, we created a mobile banking app that is simple, fast and secure. Combining in-house technological know-how and our in-depth knowledge of the people we serve, we designed the app to provide a seamless, intuitive experience. The app allows customers to carry out a number of essential transactions, such as obtaining information related to their accounts, loans and fixed deposits, from the palm of their hand. It simplifies complicated and tedious banking transactions.
A significant milestone in the Bank’s fast-tracked digitalisation programme, the mobile banking app will change the way our customers bank. As recorded by the Department of Census and Statistics while more than one in five households in Sri Lanka own a computer or laptop, two out of every five people between the ages of 5 and 69 are digitally literate – able to use smartphones and/or tablets. As with many other developing countries in the region digital appreciation remains high in Sri Lanka though the availability of technology remains low. Contributing towards nation building, SDB bank is utilising technology to change the way people bank for the better.
The SDB mobile app allows transactions with own or third party bank accounts, real time interbank money transfers and the ability to check account/loan transaction history among others. Customers can obtain a detailed analysis of their transactions and make recurring fund transfers to other banks while creating and saving a payee through “Create Payee”. Our mobile app complies with high security standards in mobile banking.
While we currently cater to the most essential of customer requirements we will shortly introduce more features to provide a 360 degree experience for our customers.
In addition to the UPay, SDB Business Internet Banking and SDB Mobile app we provide two other digital products namely SDB Debit card and SDB SMS banking.
Property
SDB bank maintains a profitable mix of owned and rented buildings aided by the Federation’s SANASA Engineering. Reflecting our keen focus on digital banking during the year under review, no new branches were opened . Our customers continued to enjoy access to our 94-strong branch network and nearly 5,000 ATM points through LankaPay. Our combined physical and digital presence takes us that much closer to the end consumer. Our direct connection with over 8,500 co-operatives will be a key factor in allowing us to make an internationally recognised mark in this sector.