National Development Bank PLC will be the first company in Sri Lanka to commence development of a Video Know-your-customer (vKYC) as a part of the significant strides the Bank has made in Sri Lanka's fast evolving digital landscape.
The Bank appointed international enterprise software solutions partner specialising in digital transformation, Axion Solutions, to implement world-class Smart Interview built by OneConnect Financial Technology Co., Ltd (OneConnect, NYSE:OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Insurance Group.
With OneConnect Smart Interview, NDB Bank will be the first in Sri Lanka to roll out Video Know-your-customer (vKYC) enabling customers to access banking services such as opening bank accounts, and applying for loans and credit cards remotely and safely so that Sri Lankans can live their lives and run their businesses as usual amidst the Covid-19 pandemic.
Dimantha Seneviratne, Director/Group CEO of NDB Bank stated that while digitisation has improved substantially during the recent past in Sri Lanka’s banking industry, NDB has continued to remain at the forefront, constantly introducing novel methods to the Bank’s clients. “With this engagement we are taking steps to align with the National Roadmap for Digitalization of Payment Services by enabling e-KYC and video KYC based customer onboarding. As the Best Digital Bank of 2021 we are frequently at the forefront of technological changes and are involved in exploring, investing in and developing the digital arena in banking and have dedicated ourselves to become Sri Lanka’s Digital Bank of Choice.”
This is the first time a Sri Lankan bank is able to leverage the best-in-class features to engage customers remotely, securely and efficiently. OneConnect’s vKYC platform goes beyond traditional video conferencing platform and is designed to meet the stringent requirements of the banking and insurance sector.
The salient features of OneConnect’s vKYC solution:
• Standardises interview workflow to minimise human biasness. Bank agents from different lines of business such as lending, banking and insurance, will be able to design and upload interview questions.
• Saves post-interview verification time using Electronic Know-Your-Customer (eKYC) tools such as facial recognition and liveliness detection to verify in real-time a customer’s identity against an ID card.
• Complies with banking regulatory guidelines with built-in audit workflows. All video recordings of the interviews are geo-tagged, time-stamped, and stored securely.
• Enhances customer experience with appointment scheduling function to skip the queue and shorten waiting time.
• Ensures a seamless experience for customers as vKYC platform uses web mobile interface and customers do not have to download separate mobile app unnecessarily.
Sharada Kirinde, Co-founder and CEO of Axion Solutions said: “Technology is borderless, and we’re delighted to have successfully bridged the needs of local businesses in Sri Lanka local with world-class solution providers like OneConnect. NDB Bank has chosen OneConnect for its extensive domain expertise and proven technologies that have helped financial institutions across Southeast Asia to succeed in their digital transformation. Today, we are heartened to witness the satisfaction of a client and a partner. We look forward to more collaboration with NDB Bank and OneConnect where we introduce more innovative solutions for the greater good of the people.”
Ms Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, said, “Today’s event is very meaningful for OneConnect on multiple fronts. It marks our second collaboration in Sri Lanka and our capabilities in understanding the stringent FI requirements and building innovative Digital KYC solutions within a short span of time. I’m equally heartened to see our vKYC solution being picked by a leading bank in Sri Lanka to deploy vKYC for the first time in the country. It is truly a mark of confidence of which the financial institutions have for our technologies and capabilities. We are confident that our vKYC will give a strong competitive edge as a quick-to-market solution that allows NDB Banks to tap on this emerging need for remote banking, scale and deliver superb onboarding and credit application experience for Sri Lankans.”
NDB is on the path to becoming the Digital Bank of Choice in Sri Lanka having won numerous awards including the Best Consumer Digital Bank Sri Lanka 2020 award under the Global Finance World's Best Digital Bank Awards 2020 program for the second consecutive year, as well as the title for the “Best Digital Bank in Sri Lanka 2021 at Asiamoney Awards. NDB was also named the “Most Innovative Digital Transformation - Sri Lanka 2021” award felicitated by the Cosmopolitan - The Daily a UK.
The Bank was also crowned as Sri Lanka’s Best Bank 2021 by the prestigious Global Finance Magazine of USA, fresh on the heels of being recognized as The Bank of the Year Sri Lanka, by The Banker Magazine UK. NDB Bank is the 4th largest listed bank in Sri Lanka and the parent company of the NDB Group. The only financial services conglomerate in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of the Sri Lankan capital market to provide its customers seamless access to the product and service offerings of all its group companies.