Manipal Technologies in partnership with Lake House Printers and Publishers rolls out unique digital bank branches
Prime Minister Ranil Wickremesinghe yesterday officiated over the launch of a digital banking solution provided by Manipal Technologies Ltd. (MTL) India, in Colombo.
The digital bank branches are an innovative solution to cater to the changing needs of the banks and their customers. It provides banks and financial institutions with an easy front-end solution to convert their traditional banking system into a cashless, technology-driven and easy-to-use digital bank branch. It appeals to next-generation banking customers as well as reduces the overall cost of operations for the bank.
Prime Minister Ranil Wickremesinghe ceremoniously launching the Digital Banking Branch solution in Sri Lanka yesterday. Manipal Technologies CEO Abhay Gupte (right) and Lake House Printers and Publishers Security Cards Division Deputy General Manager Tony Johnpillai look on - Pic by Ruwan Walpola
Manipal Technologies Ltd. (MTL) has launched this cutting-edge solution in Sri Lanka in association with Lake House Printers and Publishers PLC (LHPP). The solution will help customers to open an account and complete the validation and account activation process as well obtain a personalised debit card instantly.
The facility has the capability to issue replacement cards in case of lost or damaged cards. The banks can extend the capabilities to offer loan account processing as well as credit card issuance. Customers can also obtain a digital card (virtual card) for use at online and retail outlets.
The ‘ManipalPay’ is an innovative virtual card solution for card-less payments. The customer will be able to generate a unique ‘virtual card number’ for every transaction. The card number is automatically void after every transaction thus eliminating any risk of card data being compromised. The solution also provides the capability to make payments without a POS machine through digital technology at the retail outlets. The solution uses leading technology provided by Miri Inc.
Speaking at the occasion, MTL Chief Executive Officer Abhay Gupte stated: “Our innovative solutions using state-of-the-art technology have been driving changes in the banking industry in India for the last 75 years. With the launch of digital bank branch-related technologies in Sri Lanka, the growing banking and financial service sector now can deploy world-class solutions and provide a digital experience to customers. With the recent success of the implementation of an end-to-end digital bank branch solution at 250 branches across 37 cities for the leading bank in India, the solution is now being explored by major banks in Sri Lanka. With the changing scenario in the country’s economy and digital banking expectations of the customer, we feel that banks in Sri Lanka will also move in this direction. These solutions are mutually beneficial to banks as well as their customers.”
Lake House Printers and Publishers Plc Chairman Ranjith S. Wijewardene commented that MTL and LHPP had been associated with over a decade of providing solutions for banks in Sri Lanka.
“Together we serve more than 12 major banks in Sri Lanka with 40% market share in the issuance of banking cards. With the launch of the digital bank branch solution, we are taking our association to the next level of digital offerings to our valued customers in Sri Lanka,” he said.
The function was attended by Central Bank of Sri Lanka Governor Dr. Indrajit Coomaraswamy, High Commissioner of India Taranjit Singh Sandhu and leading bankers of the country. The solution, along with the related technologies, was demonstrated by Vice President and Business Head - Banking, MTL, Rajesh Shet, to the banking community. MTL Vice President-Sales and Marketing Nagendra Rao was also present at the occasion.
The recent trends show that consumers of financial services were turning to computers, smartphones, and tablets more for their business interactions with banks. With the wider availability of high-speed telecom networks across large geographies, technology adoption was much faster across various customer segments. The younger generation is expecting digital interactions, complex banking products and ease of doing business through multiple channels in the banking industry.