As the Chief Information Officer of People’s Bank, one of Sri Lanka’s biggest banks, Dhammika Dasa occupies much of his time looking at crucial trends shaping the future of banking and strategizing.
According to Dasa, cybersecurity is the most pressing concern for banks worldwide, with more frequent and sophisticated attacks putting customer data at risk. The evolving regulatory landscape also poses challenges, with stricter compliance adding complexity and cost. Balancing compliance with efficient service delivery is critical. Shifting consumer expectations demands seamless, personalized digital experiences, pushing banks to adjust, pivot, and continuously upgrade their platforms. Economic uncertainty, driven by inflation and interest rates, further complicates banking strategies.
Dasa says despite these challenges, technology presents banks with significant opportunities. “By leveraging AI, automation, and data analytics, we enhance customer experiences while staying competitive because our focus remains on innovation, security, and compliance to deliver modern, accessible banking services,” he explains.
How does the digital strategy align with the long-term objectives of the bank, like driving economic growth, financial inclusion, and supporting a digital economy?
Our digital strategy supports our long-term goals of promoting economic growth, financial inclusion, and building a digital economy. By streamlining services through digital platforms, we empower businesses and individuals to manage their finances more efficiently, driving local economic growth. Leveraging data analytics helps us identify emerging trends and make more informed decisions in loan underwriting and investments, particularly in high-growth sectors. This approach ensures we meet customer needs and contribute to broader economic development.
A core component of the strategy is improving financial inclusion. Mobile and online banking platforms extend access to underserved and remote areas, offering essential banking services where physical branches are unavailable. Additionally, we provide innovative microloans and alternative financing options that empower small businesses and underserved communities, fostering entrepreneurship.
We have invested in cutting-edge technologies, fintech partnerships, and open banking solutions to foster the evolving digital economy. These initiatives ensure faster, more secure transactions while integrating the bank more deeply into the digital ecosystem. The bank also emphasizes digital literacy through targeted programmes, ensuring that our customers can fully leverage the benefits of digital banking.
How is the bank responding to the rapid changes traditional banking models are confronting worldwide?
The bank has embraced the global shift in traditional banking by adapting to new technologies and customer needs in several ways.
We have committed significant investments in digital transformation to enhance customer experience and improve operational efficiency. From mobile apps and online account management to advanced security measures, our solutions strive to streamline services.
Our solutions, which include mobile apps, online account management, customer onboarding and advanced security measures, are designed to streamline services and deliver greater convenience. We have reached significant milestones, such as achieving a digital customer base of over 3 million through our mobile apps. Currently, more than 75% of conventional banking transactions are conducted through our digital channels, including online banking, mobile apps, CDMs, and ATMs
Our customer-centric approach drives us to leverage data analytics, providing personalized services that improve satisfaction and loyalty. With user-friendly interfaces and responsive service, we continue to attract and retain customers in an increasingly digital landscape by introducing innovative products like digital wallets, peer-to-peer payments, and investment platforms. Our microfinance solutions extend financial access to small businesses and individuals in underserved markets, offering alternative lending options.
Collaboration is vital to staying competitive. We have formed partnerships with fintech companies, allowing us to integrate cutting-edge technologies and enhance our offerings. Our open banking strategy encourages third-party developers to create financial tools that align with modern customer expectations.
All this requires balancing shareholder expectations with returns on technology investments and building skilled teams. Our approach to investment focuses on high-impact projects that enhance customer experience, efficiency, and security. We balance high-risk, high-reward initiatives with more stable, incremental improvements to manage risks effectively while delivering meaningful returns.
Further, we invest in continuous training and development for our teams to maximize the value of our technology investments. Ensuring our workforce is skilled in emerging technologies like AI, blockchain, and automation ensures we maintain a culture of innovation and agility.
What are the impacts of the technology-led strategy so far?
It has transformed the bank and our customers in several ways. Automation has streamlined processes like loan approvals and account management, reducing costs and improving service delivery. Security has also advanced with AI and machine learning, enabling more effective fraud detection and prevention while robust cybersecurity systems protect customer data.
Big data analytics provide us with insights to offer personalized banking services and make smarter decisions, helping us develop products that meet evolving customer needs. Our mobile apps and online platforms give 24/7 access to banking services, giving customers the convenience of managing their finances anytime, anywhere.
Our digital banking initiatives foster financial inclusion by extending services to underserved and rural areas, bridging the gap for those without traditional banking access. These innovations enhance the customer experience and strengthen relationships, driving mutual growth for our clients and the banking business.