COLOMBO: A digital banking platform, data analytic and robotics is helping Sri Lanka’s Nations Trust Bank increase productivity and expand without incurring huge infrastructure and environmental costs, the bank told shareholders.
In 2017, Nations Trust launched FriMi which allows customers to open savings accounts from their mobile phones without visiting a branch.
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Customers on digital platforms increased to nearly 28 percent of Nations Trust’s total customer base in 2017, up from 19 percent a year earlier.
The transacted cash value on digital platforms excluding ATMs rose to 21 percent of total transaction value, up from 16 percent from a year earlier.During the year Nations Trust also launched Kaffeine Labs, an innovation centre to explore and deliver futuristic banking solutions.
A number of digital solutions were introduced for small and medium businesses including internet banking, cash management and PDC (post-dated cheque) management solutions.
Around 47% of total cash related banking transactions were on digital platforms, the bank said.The bank deployed data analytics to improve branch efficiencies. The bank has 93 branches.
“By using data analytics we were able to get deeper insights to the requirements of our customers, thereby enabling us to customize our offers and solutions in a more relevant manner,” Fernando said.
“During the year the bank also enabled access to real time data on sales volumes, transactions, assets and liability movements at a segment, product and channel level.
