Pan Asia Bank’s Kanchana Devasurendra, Assistant General Manager of Information Technology, and Rajith Thoradeniya, Assistant General Manager of Operations & Administration, share insights into the bank’s technology strategy driven by a focus on personalization, enhanced security, and operational agility. The bank recognizes the shift in traditional banking models towards digital-first experiences and increased competition from fintech and digital-only banks. To align with these trends, Pan Asia Bank leverages AI and data analytics to refine customer insights, adopts cloud-based infrastructure for improved efficiency, and automates routine processes. Prioritizing scalable projects, the bank balances shareholder expectations with tech investments. With plans to expand AI-driven initiatives and enhance digital platforms, Pan Asia Bank aims to offer secure, accessible, and future-ready financial solutions.
What trends shaping the future of banking have the biggest influence on Pan Asia Bank’s digital and technological strategy?
Kanchana: Several factors influence our digital and technological strategy, including the rising demand for personalized digital experiences, the integration of AI and data analytics to refine customer insights, a heightened focus on cybersecurity, and the transition to cloud-based infrastructure to enhance agility. Regulatory changes and the need for sustainable banking solutions also drive ongoing innovation and improvements in operational efficiency within our strategic planning.
How does the bank’s digital strategy align with its long-term objectives of promoting economic growth, financial inclusion, and supporting a digital economy?
Kanchana: Our digital strategy aligns with our long-term objectives by advancing financial inclusion through accessible digital channels, supporting economic growth with streamlined services for individuals and businesses, and fostering a digital economy through technology investments that improve efficiency and reach. This approach enables the delivery of inclusive, scalable, and sustainable financial solutions for broader economic development.
As traditional banking models evolve globally, how is Pan Asia Bank experiencing this constant shift?
Kanchana: We recognize the global shift in traditional banking models driven by rising customer demand for seamless, digital-first experiences and increased competition from fintech, telecom providers, and digital-only banks. In response, we are rethinking service delivery, adopting agile technologies, and prioritizing personalized, data-driven insights to align with evolving expectations. Additionally, we are leveraging automation and digital partnerships to streamline operations, improve customer engagement, and remain relevant in a changing financial landscape.
How do you balance shareholder expectations with returns on tech investments while building teams skilled in the latest technologies?
Kanchana: Prioritizing initiatives that deliver both short- and long-term value is essential to balancing shareholder expectations with the ROI of tech investments. We focus on high-impact, scalable projects that ensure cost-effectiveness and measurable outcomes. At the same time, we invest in upskilling our teams and attracting tech talent, recognizing that a skilled workforce is critical for maximizing these investments. This strategy enables us to meet shareholder expectations while building a resilient and future-ready organization.
How has technology impacted both the bank and its customers?
Rajith: Technology has transformed banking operations, improving efficiency, accessibility, sustainability, and customer satisfaction. The introduction of digital platforms such as the Credit Approving System and the e-signature system has streamlined operations, reduced paper usage by approximately 50%, and minimized manual errors and associated costs.
We have also automated routine processes, allowing employees to focus on customer needs and new business opportunities. Data analytics now play a key role in central monitoring, trend analysis, risk management, and compliance, enhancing operational efficiency. Additionally, data insights help us understand customer behaviour and preferences, enabling targeted solutions that boost customer satisfaction and loyalty.
Digital channels, including the Mobile Banking App and Self-Service Machines such as Cash Deposit Machines, Cash Recycler Machines, and Cheque Scanners, have reduced operational costs while providing 24/7 access to customer accounts. This shift has led to a 60% increase in digital payments and over 75% of counter-based transactions transitioning to self-service machines.
What sets apart your digital approach from competitors, and what are your plans for the future?
Rajith: We differentiate ourselves with a digital strategy centred on intuitive, customer-first solutions, making banking faster, safer, and smarter. Our focus on simplicity and accessibility ensures that our digital platforms are user-friendly across all customer segments. This approach to personalization not only streamlines the banking experience but also empowers customers to make informed financial decisions.
Leveraging advanced analytics and AI, we deliver customized solutions and proactive financial insights to strengthen client relationships. Enhanced security measures, such as biometric authentication and real-time fraud detection, provide a secure environment for digital transactions.
Looking ahead, we aim to expand our AI-driven initiatives to enhance online banking platforms and self-service machines, enabling more seamless transactions and financial management. Strengthening cybersecurity remains a key priority, ensuring security and peace of mind for customers. With all this, we are setting a standard for customer-centric digital banking that adapts to the evolving needs of our diverse customer base.