The Commercial Bank of Ceylon won four awards at the first ever ‘Asian Banker Sri Lanka Awards’ ceremony that recognised Sri Lankan banks and financial institutions that have excelled in retail banking and technology.
The quartet of awards won by the Bank were ‘Best Frictionless Credit Evaluation Initiative, Application or Programme’ for its personal loan request facility via the Online Banking Platform; ‘Best Productivity, Efficiency and Automation Initiative, Application and Programme’ for its account opening process automation via a core banking system; ‘Remittance Product of the Year’ for its Remittance Card and ‘Automobile Lending Product of the Year’ for its top-up lease facility.
The personal loan request facility of the Bank which won the ‘Best Credit Evaluation initiative’ title recognises the service’s new scoring model with a wide range of transaction, behavioral and alternative criteria processed in a highly automated manner to reach out to more customers previously inaccessible.
The introduction of an automated and simplified account opening process that does not require the customer to fill-out an application form, but captures already available personal data via one’s national identity card details earned the Bank the ‘Best Productivity, Efficiency and Automation Initiative’ award. This process significantly reduces customer turnaround time.
The award for ‘Remittance Product of the Year’ recognised the Bank’s processing of large volumes of instantaneous global transfers at the lowest possible per transaction cost, passed on as a value proposition to a large number of customers. The Remittance Card of the Bank issued free of charge, encourages the habit of savings among the under-banked which is a pivotal client segment that brings in foreign exchange to the country. The fourth award for ‘Automobile Lending Product of the Year’ was for the Bank’s top-up lease facility which is the only one of its kind in the country. It enables customers who have obtained leases to purchase vehicles for personal use to top up their existing lease facility at any point of the lease period, thus conveniently catering to the urgent financial requirements of this segment.
Established in 1996, the Asian Banker is a leading provider of strategic intelligence and builder of platforms on the financial services industry. The Asian Banker Sri Lanka Awards programme was inaugurated this year with the objective of recognising competition that is specific to banks and financial institutions in Sri Lanka.
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