Damitha Silva, Assistant Vice President of Digital Financial Services at NDB Bank, shares insights into the bank’s digital transformation strategy and innovative banking solutions that are changing how people and businesses experience banking in Sri Lanka.
Can you tell us about NDB Bank’s technology strategy and how it aligns with its business goals and objectives?
The banking sector is undergoing a significant digital transformation. We aim to make NDB the best digital bank in Sri Lanka by continuing to pioneer innovative banking solutions with new-age technology, having commenced our Digital Transformation in 2017. We are beginning to reap the rewards of the considerable resources and investments committed to developing innovative digital platforms, and our digital strategy aligns with the National Digital Roadmap of Sri Lanka with deep collaborations with the Central Bank of Sri Lanka and other regulatory bodies to accelerate Sri Lanka’s digital journey.
We have streamlined our internal processes and workflows with Robotic Process Automation and introduced a new IT architecture with fewer external components to give us better control over our aggressive digitalization drive.
Having better control and visibility over technology is crucial. The tech brain drain and high turnover among tech workers is hindering banks from successfully deploying new technology while breaking out of the traditional, siloed mindsets to build relevant digital solutions is also a challenge. NDB has tackled both of these challenges admirably.
The Central Bank and LankaClear play crucial roles in shaping the future of banking. The Central Bank has been particularly proactive in encouraging digital financial services while ensuring the stability and security of the banking system. With the growing reliance on technology, ensuring data security and privacy are critical concerns for banks in Sri Lanka, and our prime objective is to protect customer information, comply with data protection regulations and implement robust cybersecurity measures, factors essential for solidifying trust in the digital banking eco-system.
How is NDB Bank leveraging digital transformation to enhance customer experience and improve operational efficiency?
Our digital transformation is purpose-driven, creating better user experiences for customers who want access to banking services on the go from wherever they are.
As a customer-centric bank, we consistently adapt to evolving consumer needs, aspiring to keep up with the latest digital banking technology. We believe in creating an eco-system to add more value for our customers and have partnered with financial institutes, fintech, the government, and private institutions in our quest to develop digital solutions and leverage data analytics tools and techniques to gain insights into customer behaviour, preferences, and needs. We can personalize our services, offer targeted products, and provide seamless customer experiences by analyzing customer data and acting on the insights.
Can you tell us about some of your digital transformation initiatives and their impact on operations and customer experiences?
We have introduced many innovative digital solutions to the Sri Lankan market. Our signature mobile app NEOS offers one app to cater to all banking needs of the customer. NEOS delivers an omnichannel experience to customers where they can seamlessly move between mobile and online banking channels with the same user experience while accessing the same payment functions. We have augmented the banking experience with NeosPay, an innovative e-wallet with QR payment capabilities. NeosPay is available to anyone with the NEOS mobile app, including nonNDB customers. We have also introduced a mobile app called NeosBiz targeting SME clients, initiated vKYC and AI-based online account opening journey, enabled loan applications online via NEOS DigiLoan along with online fixed deposit opening requests, online registrations for CRIB and obtaining credit score reports. The bank has generated significant efficiency gains with Robotic Process Automation (RPA) and Workflow to streamline operations and improve efficiency. Currently, NDB has implemented 56 workflows and over 15 RPAs.
How is NDB Bank addressing the challenges and risks associated with digital transformation, such as cybersecurity threats and data privacy concerns?
NDB has implemented robust cybersecurity measures to safeguard customer data and protect against cyber threats, including adopting industry-standard encryption protocols, secure authentication methods, and firewalls. Further, we conduct regular security audits, vulnerability assessments, and penetration testing to identify and mitigate potential vulnerabilities. We have comprehensive training programmes to instil cybersecurity best practices and safe digital behaviour among our employees while conducting frequent customer awareness sessions on social engineering and cybercrimes.
NDB has a dedicated team and systems to continuously monitor our digital infrastructure for any signs of security breaches or cyber threats with solid incident response plans and protocols to neutralize potential security incidents. Furthermore, we recently received ISO 27001 ISMS certification, an international standard dedicated to information security management systems.
How will the bank continue to innovate and stay ahead of the curve in an ever-evolving digital landscape?
The transformative impacts of the rapid upheavals in digital technology are undeniable, with countries adopting digital solutions to enhance governance structures, payment infrastructure and financial inclusion. Regulators have become more flexible, encouraging banks to invest in digital technology. An increasing number of consumers demand that businesses respect their unique lifestyle choices. For example, people are conscious of how businesses impact the environment, so going paperless is now a priority, even for banks. As demand for a more seamless banking experience increases, sustained digital transformation is imperative. New-age technologies such as AI, machine learning, blockchain, and crypto have created the need for digital-only new-age banks, and the increasing need to secure customer data and transactions has compelled banks to upgrade their technological capabilities. At NDB Bank, we eagerly anticipate these trends, investing resources to build a future-ready bank.