Commercial Bank of Ceylon PLC has been recognised as the ‘Best Digital Bank’ in Sri Lanka and has been presented the award for the ‘Best Mobile Banking Application’ by the prestigious London-based ‘World Finance’ magazine celebrating achievement, innovation and brilliance at its annual awards for 2017.
These accolades recognise the giant strides the bank has made in developing and popularising digital banking among a significantly large customer base.
They are based on an evaluation of the bank’s strategy to mould the institution to be a next generation digital bank, the percentage of the bank’s digital banking customers, the split between its online banking and mobile banking base, its digital products and services, its plans for future digitisation, its marketing strategy to convert customers to mobile banking and the bank’s key focus areas for the year ahead.
Commenting on this recognition, Commercial Bank Managing Director/CEO Jegan Durairatnam said, “Technology is evolving at a rapid pace and as a bank that is driven by a commitment to enhancing access and convenience for customers, we are required to be constantly vigilant for opportunities to adopt new technology that can meaningfully add value. These awards affirm the success of these efforts.”
Notably, Commercial Bank’s online banking customer base for both the retail and corporate segments grew by 34 percent in 2016 over 2015, making the bank’s online platform the most subscribed online banking facility in the country. The value of online financial transactions grew by 10 percent and the volume of financial transactions grew by 28 percent in 2016.
Mobile banking too recorded a sharp increase in usage volumes and transaction values in 2016, with the bank’s mobile banking customer base growing by 70 percent and the value of total financial transactions up 36 percent over 2016.
Commercial Bank’s digital banking channels include online banking, mobile banking-USSD, mobile banking-SMS, mobile (WAP), mobile banking-app and the bank’s e-Passbook facility.
Significantly, Commercial Bank was also adjudged the ‘Best Digital Bank’ in Sri Lanka earlier this year by ‘Asiamoney’, considered the most authoritative voice for the banking industry in the Asia Pacific region.
The World Finance Digital Banking Awards combine World Finance’s many years of experience as an award-winning global media company and a leading information provider and mobiliser to the financial markets worldwide. World Finance’s 2017 Digital Banking Awards programme was an effort to showcase banks that embrace change, demonstrate innovation and give prominence to digital experiences, the organisation said.