IronOne Technologies to empower Bank of Ceylon with iPad enabled banking analysis solution

From left: Deputy General Manager Support Services S. Hewavitharana, Assistant Manager IT Suranga Jayasundara, Assistant Director IT – Application Systems H.M.C.M. Maldeni, Chief Legal Officer Gaya Jayasinghe, Deputy General Manager, Finance and Planning W.P. Russel Fonseka, Head of Information Technology M.M.L. Perera, General Manager D.M. Gunasekara, Ironone and BoardPAC CEO Lakmini Wijesundera, Ironone, BoardPAC COO Rajitha Kuruppumulle, IronOne Technologies Manager Operations Shanika Chandrasekera, IronOne and BoardPAC Marketing Manager Rumesh De Silva and Ironone Head of Project Management Ruwan Padukkage 

Leading software solutions company, IronOne Technologies achieved yet another milestone recently when Sri Lanka’s largest banking entity, Bank of Ceylon (BoC), entered into an agreement with the company for a comprehensive iPad enabled banking analysis solution for its top decision-makers. 

IronOne Technologies provides this unique and innovative solution InfoSense with a specialised Banking domain enabled Microsoft Business Intelligence enablement. Microsoft Business Intelligence toolset is ranked by the acclaimed Gartner Inc in the February 2016 publication of the Gartner’s magic quadrant for Business Intelligence platforms with the highest ‘completeness of vision’ outranking all other BI platforms

Sri Lanka’s largest banking entity, Bank of Ceylon (BoC), is the first Bank to enter into an agreement with Ironone Technologies for a comprehensive iPad enabled banking analysis solution for its top decision-makers. The user-friendly iPad enabled banking solution offers analytics of Non Performing Assets (NPAs), deposit enhancement drives, inward remittances monitoring to risk analysis, and is poised to revolutionise the banking industry in Sri Lanka. 

Ironone Technologies has been awarded prestigious recognition as the Best ISV partner in 2015 by Microsoft Sri Lanka and has won many awards of acclaim including a Special Award for recognition of Unique Entrepreneurship and achievement in the field of Exports in the 2016 National Chamber of Exporters awards ceremony that was held in September 2016, Exporter of the year and Gold Award winner of the large category and Entrepreneur of the year for Ironone’s CEO in the recently held Women’s Chamber of industries and Commerce Awards.

A key challenge faced by most banks is the need for accurate information to be shown on decision-making reports. By delivering this uniquely customised Microsoft Business Intelligence (BI) technology stack to BoC, Ironone has empowered it to make the most of the large volumes of data that are available within the bank.

Through the use of Ironone’s innovative InfoSense Banking Performance platform, banks will be better equipped to analyse its information in real-time in order to empower its senior management to take informed and immediate decisions in real-time. The iPad enablement of the performance dashboards further enhances the ease of access on the move. 

BoC General Manager Gunasekera stated, “Simplicity is the key to success. Our management takes up automation with a practical approach and ensures 100% successful adoption by the senior management. We are excited to use these up-to-date dashboards for further enhancing BOC’s decision-making across regional management levels. Availability of this vital information will be a game-changer, especially for provincial managers who would not need to experience delays as they wait for information and reports to be prepared, verified and sent to them. Now their daily updates will be in their hand through the iPads that are provided.”

The user-friendly iPad enabled banking solution offers analytics of Non Performing Assets (NPAs), deposit enhancement drives, inward remittances monitoring to risk analysis, and is poised to revolutionise the banking industry in Sri Lanka. Awarded prestigious recognition as the Best ISV partner in 2015 by Microsoft Sri Lanka, IronOne Technologies will provide this banking business intelligence tool by Microsoft Corporation to BoC be better equip it to analyse its information in real-time in order to empower its senior management to take informed and immediate decisions in real-time. A key challenge faced by most banks is the need for accurate information to be shown on the automated dashboards. By delivering this uniquely customised Microsoft Business Intelligence (BI) technology stack to BoC, Ironone has empowered it to make the most of the large volumes of data that are available within the bank.

Ironone Chief Executive Officer Lakmini Wijesundera commented, “Banking Business Intelligence has tremendous potential of helping to control assets before they become ‘Non performing’ as BI tools indicate NPLs in an organised manner by region, branch and so on, so that they can be addressed immediately before reaching ‘NPA stage. This BI tool will enable BoC to have a clear idea of the NPA risk weightage across any geography or product category and therefore make it possible for the bank to take early action to control any such high risk loans that could potentially cause a risk.”

In addition to operational level improvements, this tool being supplied by IronOne has the power of showing important trends for sales and marketing of banks, and even analysing social media and online sentiments which will help in paying more attention to the products with better sentiments and removing those without lower sentiments in the market early on. 

Furthermore, this solution will put control bank in the hands of regional managers who can complete review meetings without having to wait for upto-date reports to reach them, thereby bringing in significant time savings and increased productivity across the bank, which is spread across all districts in the country.

BOCs market reach consists of 626 branches, 15 SME centres and 644 ATMs and over 100 CDMs which are spread throughout the country and currently serve customers ranging from individuals from all walks of life to corporate businesses. The Bank of Ceylon has earned global recognition as one of the top 1000 banks in the world, (Country rank No.1) as listed by ‘The Banker Magazine’ (UK) respectively in 2012, 2013, 2014, 2015 and 2016. 

The bank claimed its award as the only Sri Lankan brand recognised as one of Asia’s Best Brands in 2013 by the Chief Marketing Officer’s Council (CMO Council) based in Mumbai, India. Focusing on the bank’s achievement, Fitch Rating Lanka ranked the Bank of Ceylon at AA+(lka) which is the highest rating awarded to a local commercial bank and ICRA (lk) awarded AAA rating which is the highest credit quality rating issued by ICRA Lanka. 

Ironone is a leading technology company which is listed in the 2016 Most Respected Entities list in Sri Lanka that counts Fortune 500 companies amongst its clients. Its operations have expanded overseas with offices in the US, Malaysia and Singapore coupled with partner offices in 20 countries.