BOC Leasing becomes largest automated leasing network in Sri Lanka
Bank of Ceylon, the largest State-owned bank in Sri Lanka, is now online with its leasing system. As part of the bank’s corporate strategy, the bank is re-engineering its customer delivery capability through ICT channels to offer faster and efficient customer service both at the front and backend.
Among several such initiatives, BOC Chairman Dr. Gamini Wickremesinghe ceremonially launched the new lease management solution ‘Skylease’ system from OpenArc, one of the leading leasing software solutions providers in Sri Lanka.
Now, more than 300 branches are online and connected to fully-automated processing work flows, claiming to be the largest online leasing network in the country. The new software solution not only brings efficiency of services to the bank’s existing business processes, but will also enable the bank to position itself as a leading leasing business partner to achieve its future growth plans.
‘SkyLease’ will provide BOC a unique competitive advantage in the market place, enabling it to continue with internet-based direct marketing at a rapid pace of expansion while establishing proper business procedures and controls.
“This is a milestone of the bank’s commitment to developing the automated ICT solution to shape the bank for the future. Many more initiatives of this nature are in the pipeline. As the popularity of leasing grows in the market day by day, we have given priority to automate our leasing product, BOC Leasing,” said W.A. Nalani, General Manager/CEO of BOC.
The new system is 100% internet browser based, database independent software solution and the process design of the system, analytical information power together with fully-automated credit approval and disbursement process, excellent audit trails on each step of the lease processing lifecycle will substantially cut down the processing time and improve the checks and balances throughout the process.
“No manual approval hereafter and everything from the initial customer registration to the offer letter and disbursement is automated and free of internal manual documentation. The system has a lot more capabilities to handle customers in a central location which can facilitate a centralised collection unit. It also facilitates integration with internet and call centre delivery channels while the ability to monitor vendor relationships and counter party performances are some of the strong features of the system,” said H.M. Mudiyanse, DGM Sales and Channel Management.
“Through our core-banking system, we have automated most of our banking activities, with leasing being the most recent. Recently, the bank has identified lease-financing as an important support area because of the bank’s commitment in helping the SMEs in particular. This comes with a bundle of complete financial solutions to our customers with BOC being a one-stop-shop. We are committed to provide our customers a quality and efficient service. Process automation is one of the strategies we adopt in this regard,” said D.M. Gunasekara, Deputy General Manager of Retail Banking.
T.P.G. Ranaweera, Assistant General Manager who heads the Consumer Product Management Team, is geared to engage with anyone who requires a speedy solution to leasing.