- vKYC timely addresses the imperative need for Sri
Lankans to open bank accounts, apply for loans and credit cards
remotely amidst the pandemic
- First AI-based vKYC to roll out in Sri Lanka following the new
regulation
- OneConnect's vKYC will be deployed on an agile SaaS model
that is intuitive and scalable
SINGAPORE, June 2, 2021 /PRNewswire/ -- National Development
Bank PLC (NDB Bank), the fourth largest listed commercial bank in
Sri Lanka, today announced at a
signing ceremony that it has appointed international enterprise
software solutions partner specialising in digital transformation,
Axion Solutions, to implement world-class Video Know-Your-Customer
(vKYC) built by OneConnect Financial Technology Co., Ltd
(OneConnect, NYSE:OCFT), the leading technology-as-a-service
platform provider and an associate of Ping An Group. As the first
bank in Sri Lanka to roll out
AI-based vKYC that complies with the nation's new regulation
announced in October 2020, NDB Bank
will enable its 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.
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. It is designed to meet the stringent
requirements of the banking and insurance sector. The salient
features of OneConnect's vKYC solution include:
- Standardises interview workflow for different lines of business
such as lending, banking and insurance.
- Saves post-interview verification time using Electronic
Know-Your-Customer (eKYC) tools such as facial recognition 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.
A recent report by the Central Bank of Sri Lanka[1] stated that although 90 per cent
of the Sri Lankan population have account with licensed banks,
banking services such as loans and payment cards remain
underutilised as only approximately a quarter of the survey
respondents reported borrowings from banks and the use of debit and
credit cards by respondents were at the lows of approximately 15
per cent and 10 per cent respectively. In light of the current
pandemic, this move by NDB Bank timely addresses the pressing need
to digitalise and improve customer experience in bank account
opening and loan and credit card applications. It also enhances
staff productivity while it continues to keep banking services
accessible out of the banking hours, as well as safeguard the
wellbeing and safety of its customers and employees as Covid-19
rules continue to constrict in-person transactions at a bank
branch.
OneConnect vKYC solution is easy to deploy and allows data to be
securely hosted by a telecommunications company in Sri Lanka. NDB Bank's customers can look
forward to the first seamless vKYC experience in Sri Lanka.
Mr 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 Bank 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 Digitalisation of Payment Services by enabling eKYC 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," he added.
Mr 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 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
collaborations 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
vKYC 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."
[1] https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/NFIS%20Summary_%20English_2.pdf
About NDB Bank
NDB was recently 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. The Bank 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 Bank is the 4th largest listed bank in Sri Lanka and the parent company of the NDB
Group. As 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.
About Axion Solutions
Axion Solutions is a Digital Transformation Catalyst, providing
technology services via Digital Advisory & Consulting, Software
Development, Software Product Distribution and System Integration.
Axion Solutions serves customers and partners in ANZ, East Africa, UK, South East Asia, and USA.
About OneConnect Financial Technology
OneConnect (NYSE: OCFT) is a leading technology-as-a-service
platform for financial institutions. The Company's platform
provides cloud-native technology solutions that integrate extensive
financial services industry expertise with market-leading
technology. The Company's solutions provide technology applications
and technology-enabled business services to financial institutions.
Together they enable the Company's customers' digital
transformations, which help them increase revenue, manage risks,
improve efficiency, enhance service quality and reduce costs.
Our technology-as-a-service platform strategically covers
multiple verticals in the financial services industry, including
banking, insurance and asset management, across the full scope of
their businesses – from sales and marketing and risk management to
customer services, as well as technology infrastructure such as
data management, program development, and cloud services.
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