ComBank Digital wins AFTA award for ‘Best Frictionless Credit Evaluation Initiative’

Representatives of Commercial Bank accept the AFTA award (from left): Commercial Bank Senior Manager – Digital Banking Unit Chamindaa Fernando, the Bank’s Manager – IT Nadika Nagahawatte, Fintech Association of Sri Lanka President Rajkumar Kanagasingam, the Association’s Senior Advisor Dr. Tissa Jayaweera, Central Bank of Sri Lanka Assistant Governor Dharmasri Kumaratunge and the Bank’s Executive Officer – Integrated Risk Management Department Malinda Liyanage 

A facility provided by the Commercial Bank of Ceylon for personal loans to be applied for online, has been adjudged the ‘Best Frictionless Credit Evaluation Initiative’ in Sri Lanka by the Asian FinTech Academy (AFTA).

The award was presented to the Bank at the ‘Asian Digital Finance Forum and Awards’ at the Hilton Colombo recently, in recognition of the strides made by ComBank Digital, the Bank’s single omni-channel digital banking platform, to improve the digital banking experience for customers with enhanced functionality, convenience and security.

The Personal Loan Request feature on ComBank Digital makes it possible for customers to request a personal loan without visiting a bank branch. All correspondence is conducted via the online platform, eliminating paperwork and there by promoting eco-friendly practices in addition to enhancing convenience.

“We are delighted to win this award, which reaffirms the success of our efforts to provide frictionless access to services as part of our digital transformation,” Commercial Bank’s Head of Retail Products and Digital Channels Pradeep Banduwansa said. “We are constantly looking to push the boundaries in terms of functionality, without compromising security and user-friendliness. Many exciting new features are in the pipeline for ComBank Digital users.”

One of the top five financial apps in use in Sri Lanka, ‘ComBank Digital’ was launched in 2020, is fully compatible with iOS, Android and Huawei operating systems and complies with international standards and best practices adopted to provide utmost user security. The platform provides seamless transitions across all devices including desktop computers, tablet computers and mobile phones for ComBank Digital Customers. Anyone with a Commercial Bank account can self-register online for this facility, and enjoy its features, which include opening new accounts and applying for loans without visiting a branch.

ComBank Digital is designed to enable users to manage their finances swiftly and securely on the go with a range of built-in options that allow them to self-manage their digital banking preferences on their own without the assistance of a bank agent. Standard services such as checking balances of current, savings, investment, loan and credit card accounts, applying for Fixed Deposits, Personal Loans and Housing Loans, investing in Treasury Bills and effecting payments for share trading can be carried out securely via ComBank Digital.

Additionally, ‘ComBank Digital’ effects all transactions between own accounts, to third-party Commercial Bank accounts and to accounts in other banks on a real-time basis, and customers can request for a credit card cash advance facility via the platform. ‘ComBank Digital’ also supports bill payments to more than 68 entities in nine categories such as Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Education, Schools and Rates.

For those in business, ComBank Digital has enabled payments to government authorities such as the Inland Revenue Department (IRD), Sri Lanka Ports Authority (SLPA) for cargo, vessel and entry permit payments, Sri Lanka Customs, Employees Provident Fund (EPF), Employees Trust Fund (ETF), Import and Export Control Department (IECD) and the Board of Investment of Sri Lanka (BOI).