Home / Front Page/ COMBANK sets new digital banking record with Rs. 663 b in transactions

COMBANK sets new digital banking record with Rs. 663 b in transactions


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 15 February 2018 00:55

Facebook

A whopping Rs. 662.95 billion was transacted through digital banking channels alone, by customers of the Commercial Bank of Ceylon in 2017.

This is the highest value the bank has handled digitally in a single year since the launch of its mobile and online banking platforms, which make up its ‘anytime, anywhere’ digital banking offering. 

The remarkable growth in the use of these channels was reflected in an increase of 31.31% in digital transaction values, and a 16.45% increase in the number of digital transactions conducted in 2017 over the previous year, the bank said.

The value of online banking transactions increased by Rs. 155.8 billion in 2017, while mobile banking transactions recorded an increase of Rs. 2.28 billion, leading to a Rs. 158.08 billion increase in total digital transaction values. 

The increase in total digital transactions during the year was 1.85 million transactions.

Commercial Bank’s Online Banking customer base in both the retail and corporate segments grew by 16.44% in 2017 over 2016.

“These figures attest to the degree to which digital banking has become a viable alternative to brick and mortar banking,” Commercial Bank Chief Operating Officer S. Renganathan said. “Our success in digital banking is based on the depth of the effort taken to understand customer requirements and to offer the fastest, most secure and most user-friendly solutions to cater to those needs.”

Commercial Bank was recognised as the ‘Best Digital Bank’ in Sri Lanka, and was also presented the award for the ‘Best Mobile Application’ in Sri Lanka in 2017 by the prestigious London-based ‘World Finance’ magazine for its success in this sphere.

The accolades were 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.

Commercial Bank was also adjudged the ‘Best Digital Bank’ in Sri Lanka in 2017 by ‘Asiamoney,’ considered the most authoritative voice for the banking industry in the Asia Pacific region.

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.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for seven years consecutively, Commercial Bank operates a network of 261 branches and 756 ATMs in Sri Lanka. The bank has won more than 30 international and local awards in 2016 and 2017 and has over the years received multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank and Most Respected Bank from a number of local and international institutions and publications.

Commercial Bank’s overseas operations encompass Bangladesh, where the bank operates 19 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the bank has a fully-fledged Tier I Bank with a majority stake and Italy, where the bank operates its own money transfer service


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Will power cuts solve electricity crisis?

Tuesday, 23 April 2019

The country faced electricity power cuts, reminding citizens of early 1990s, which resulted in private power producers supplying electrical power with long-term power supply agreements. Today, most have completed their agreement period, but some were


Easter attack: Going beyond condemnation

Tuesday, 23 April 2019

Yesterday was Easter Sunday; 227 persons [at the time of writing] have been killed, and many times more injured. The primary targets were churches and international hotels. It seems clear that the extremist group ISIS (Islamic State of Iraq and Syria


Easter Sunday nightmare

Tuesday, 23 April 2019

This is the most important day of the year for Christians – the Peaceful Easter Sunday or Easter Day was shattered by deadly explosions in several Christian churches throughout the country; and we excoriate such hatred in our beloved country. We th


Poignant pondering on a patriarch

Monday, 22 April 2019

Almost five months have gone. It is with a profound sense of sadness that we experienced the demise of our veteran teacher, respected author, legal luminary, an accomplished ambassador, an eminent public servant and an amazing human being, Dr. Wickre


Columnists More