BOC Innovlab to unleash futuristic solutions in revolutionising digital banking

Bank of Ceylon recently launched BOC Innovlab with an aim of disrupting Sri Lanka’s financial services industry by enabling the Bank to unleash futuristic solutions for its customers by bringing in the best professionals in the industry and academics into a common platform. This initiative will provide a test ground to experiment new ideas till they are further developed, ready to be executed. 

The ceremonious opening of the newly established BOC Innovlab recently took place with the patronage of the Bank’s Chairman Kanchana Ratwatte, General Manager K.E.D. Sumanasiri, Additional General Manager/Chief Financial Officer W.P. Russel Fonseka and participation of the Bank’s other key officials. 

BOC Innovlab which is expected to offer range of new digital services to BOC customers is headed and guided by the Bank’s Deputy General Manager - Product and Banking Development Ajith Karunarathne and Assistant General Manager - Product Development and Business Process Re-engineering Project Suresh Perera.

As innovative financial technologies are increasingly becoming critical for the banking sector to remain on par with fast evolving market demands, BOC’s Innovlab will be setting the future path for disruptions in Sri Lanka’s financial services industry by re-energising innovations in products and services while providing smarter banking experience. The initiative is also a symbol of the innovative and digital culture in the Bank and the commitment.

With the establishment of Innovlab at BOC, It would become a focal point in the country’s financial services industry in accommodating collaborations among different stakeholders including Fintechs, universities and other technical institutions in identifying and experimenting emerging technologies and business models. 

It would create a permanent platform for the dissemination of technological knowledge among professionals and academics, allowing them to form partnerships, leading to potential innovations.  Specifically, the Common Platform would grant the much-needed space for the experts to explore technology based innovations on new products/processes, deliver innovations/value added digital solutions, forecast customer demands and come up with solutions to existing problems with the use of data analytical tools. Ultimately, BOC customers stand to immensely benefit from such new products and services which is to be delivered through BOC’s own platforms or via third party platforms. 

Over the years, BOC pioneered in bringing range of cutting-edge digital solutions to the customer which includes BOC Smart online banking, B-APP mobile banking SmartPay QR scan mobile app, Branch on Wheels, Smart Zone, BOC Digi, Smart Pass Book, SmartGen Digital account as well as facilities to open deposit accounts online and to apply for housing/personal loans online. BOC’s Innovlab aims to further enhance these services in bringing greater convenience and ease for BOC customers to conduct their daily banking transactions. 

BOC believes Innovlab Hub would create potential pathways for the Bank to leapfrog its digital transformation drive and emerge even stronger in the challenging business environment. Moreover, it would also open pathways for more customers to reach bank seamlessly. Overall, the initiative is expected to fuel the future growth of the country’s banking industry as a knowledge hub for the industry.

Bank of Ceylon has already experimented with a similar concept; InnovBank with an international symposium on innovative banking conducted in year 2020, under the theme ‘Innovative Banking in a Smart World’. Following the international symposium which was named also ‘InnovBank’, the Bank entered into partnerships with State universities for development of innovative products and some number of innovative products/processes are scheduled to be launched in near future.