Sri Lanka’s leading private sector bank, the Commercial Bank of Ceylon PLC, which commenced its digital annual reporting journey more than fifteen years ago has launched an AI-powered Annual Report Assistant (AIPARA) Chatbot, for its annual reports beginning with the 2023 edition.
AIPARA addresses a persistent issue that makes reading annual reports easier. Readers will no longer need to go through pages to find information of interest and significance to them. They can now simply ask questions from the new tool and obtain answers.
Sanath Manatunge, Managing Director/Chief Executive Officer of the bank says that integrating AIPARA into the bank’s annual report aligns perfectly with their ongoing investments in digital transformation, technological innovation, and data-driven decision-making. Excerpts of the interview are as follows:
Can you share the inspiration behind AIPARA and how it aligns with Commercial Bank’s vision for technological innovation in its annual report?
At Commercial Bank, we are dedicated to making banking smarter and more accessible. Leveraging the innovative AI-powered Annual Report Assistant Chatbot integrated by Smart Media, The Annual Report Company, we have transformed our annual report from a static document into an interactive experience. Powered by Generative AI, this assistant allows users to easily engage with the report and quickly access the information they need. This innovation brings our report to life, enhancing transparency and efficiency further. It marks a significant step in our journey of digital innovations, setting a new standard in Sri Lanka’s banking sector by leveraging technology to improve user experience and accessibility.
What specific benefits does AIPARA offer to stakeholders?
Think of AIPARA as your personal assistant for navigating our Annual Report effortlessly. With increasing compliance and disclosure requirements, annual reports have become bulky and challenging, especially for those less familiar with financial jargon. AIPARA simplifies this by allowing you to ask direct questions and get instant answers. Whether you need to know “When is the AGM?”, “What is the profit for the year?”, or “What is the CASA ratio?”, AIPARA has you covered. It also provides analytical insights into broader topics like the bank’s strategic direction, asset quality, IT roadmap, and sustainability initiatives. Powered by OpenAI, AIPARA is both fast and intuitive, transforming your interaction with financial data into a smoother, more engaging experience. This innovative tool has significantly enhanced user experience, making reading our annual report enjoyable and efficient.
Could you provide insights into the technical workings of AIPARA, particularly how it processes user queries and ensures data security?
AIPARA processes user queries by leveraging advanced AI algorithms from OpenAI to understand and respond accurately. When you ask a question, AIPARA analyzes the query, retrieves relevant data from the annual report, and presents it in an easy-to-understand format. To ensure data security, AIPARA uses robust encryption and strict access controls, safeguarding your information throughout the interaction. This combination of cutting-edge AI and stringent security measures ensures you get precise answers while keeping your data safe.
In what ways do you foresee AIPARA shaping the future of corporate reporting and stakeholder engagement, both locally and globally?
AIPARA is probably a world first, revolutionizing how we interact with stakeholders. This innovation marks a new era in corporate reporting, both in Sri Lanka and globally. As the first Sri Lankan bank to launch such a tool, we are proud to lead in financial reporting innovation. AIPARA makes information more accessible and engaging, setting a new standard for financial communication. It’s about making reports not just informative but interactive and responsive to stakeholders’ needs. This leap forward enhances transparency and engagement, shaping the future of financial reporting worldwide.
What role do you believe AI and innovation play in Commercial Bank’s commitment to meeting evolving customer needs and advancing Sri Lanka’s banking sector?
AIPARA represents a leap beyond customer journeys, embracing stakeholder journeys through technological innovation. Embracing AI is crucial for leading in today’s digital age and enhancing user experience. AIPARA exemplifies how Commercial Bank anticipates stakeholder needs using advanced tools. As the CEO, I believe AI and innovation are vital for growth, enabling us to swiftly respond to customer needs and improve efficiency by proactively addressing gaps. Implementing technologies like AIPARA goes beyond trends; it enhances our services and transforms Sri Lanka’s banking sector. This commitment exceeds stakeholder expectations, showcasing Commercial Bank’s leadership and dedication to innovation.
How does Commercial Bank plan to raise awareness and promote active engagement with AIPARA among its target audiences?
We are thrilled to introduce AIPARA and have planned a series of activities to showcase its capabilities. Through social media, interactive webinars, and hands-on workshops, we will demonstrate how AIPARA transforms financial data interaction. Our goal is to ensure everyone, from local stakeholders to international investors, understands how to utilize this powerful tool fully. By enhancing financial literacy and decision-making, AIPARA makes reading the Annual Report an engaging and joyful experience.