On the spot banking for Sri Lanka

Nov 6, 2007: Small business owners and those applying for a loan in Sri Lanka can get approval on the spot from the bankт€™s officer. This is particularly convenient in the countryside where villagers often take hours to travel to a banking branch.

The banking-on-the-move system has been implemented in Sri Lankaт€™s Ceylinco Consolidated, offering banking and financial services for customers of its two subsidiaries, Seylan Bank and the Finance Co Ltd.

NCS Group was awarded the project in January 2007 to design, develop and implement the Mobile Banker System. In less than 10 months the system was ready and would be rolled out on a progressive basis across the island from November.

The Mobile Banker System enables business development officers of Seylan Bank and the Finance Co Ltd to carry out secure banking and financial transactions using a PDA (personal digital assistant). Each officer is equipped with a PDA and small portable printer. At the initial phase of the roll-out, the officer is able to make cash and cheque deposits, cash withdrawal, remittance disbursement, approval of loan application and opening of accounts. Additional services will be introduced in the future.

When someone applies for a loan, the officer uses his PDA to submit the application electronically, and the system performs a background credit check. Once the customerт€™s creditworthiness is ascertained, the officer gives in-principle approval on the spot.

The system is built on NCSт€™s iConnect.Net framework, based on Microsoftт€™s .Net platform. It uses wireless technology to update information like account balance, in real time. The solution also incorporates multi-level security features such as encryption, authentication and electronic signature.

Deshamanya Dr Lalith Kotelawala, chairman of Ceylinco Consolidated (picture), says the Mobile Banker System offers new business opportunities as it is a means to reach the mass market. Customers need not travel to the bank for a loan, and the new system will cut cost and build a better relationship with the customer.

NCS Groupт€™s CEO, Dr Chong Yoke Sin, says: т€œNCSт€™s solution provides Ceylinco Consolidated a convenient new channel for conducting banking and financial business, giving it an advantage over the competition by being first to market. With the mobile device becoming the branch, it allows Ceylinco to rapidly reach out to customers beyond the current branch network, and without the burden of physical infrastructure.

т€œThe Mobile Banker System offers any time, anywhere information and services for people on the go, and provides reliable, secure transaction service т€“ the ultimate in banking convenience in a secure IT environment.т€

The launch of Mobile Banker System reinforces NCSт€™s position as a top-tier IT services provider in both Asia and the Middle East, she added.

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