People’s Bank digitisation drive crosses yet another milestone

People’s Bank Chairman Sujeewa Rajapakse (left) and People’s Bank CEO/GM Ranjith Kodituwakku

People’s Bank the pioneers of Sri Lanka’s digital banking sphere, reached yet another milestone by launching its 100th People’s Wiz credit facility at the Bandarawela branch on 24 December.

‘People’s Wiz’ Retail Loan Originating System (RLOS) is one of the bank’s key innovative digital banking projects which enables bank to disburse personal loans within 24 hours with minimal documentation. Traditionally, a 15-step procedure had to be followed to grant a personal loan making the process take as long as a month. 

People’s Bank has always focused on offering a high quality customer experience using digital banking technology keeping in line with modern banking practices. Also, the bank’s digitisation projects were executed ensuring the maximum security and convenience for customer transactions. The People’s Bank Chairman Sujeewa Rajapakse commenting on this momentous achievement stated: “As per the Government’s ‘Vistas of Prosperity’ policy framework, every person in the country will be empowered by digital technology to face the modern world. As a state bank our intention is to take the benefits of digital banking to touch the lives of ordinary citizens and help them realise their dreams. Even during the lock down periods, despite the COVID-19 pandemic, the bank took up the challenge to provide a continuous service to their customers through their digital banking platform.”

People’s Bank CEO/General Manager Ranjith Kodituwakku stated: “The main objective of the People’s Bank launching its digital banking systems is to provide simple yet effective solutions to our customers while enhancing security and efficiency.”

Further commenting on this aspect, he said: “With this revolutionary system the bank now has the capability of offering banking and financial services on par with the international industry as well. 

The project hopes to fill the gap between its customers and banking services, while bringing every stakeholder closer to the bank. Asia Money, Asian Banker and International Business Magazine and other leading award conferring institutions have honoured People’s Bank multiple times for its digital banking projects especially as they strive to cater to not just to businesses but to ordinary citizens as well.”

People’s Bank currently has established 240 Self Banking Units across the country to enhance accessibility and convenience to customers. These units include ATMs, CDMs and utility bill payment kiosks. Since these are open 24 hours a day, 365 days a year, customers can do most of their banking without visiting a branch.  

In addition to this People’s Bank has incorporated mobile technology to its banking services. People’s Wave app was introduced as their first step in this direction. 

It became the most downloaded financial app in Sri Lanka with over 900,000 downloads within a short period. People’s Wave and People’s Web lets customers carry out their transactions from the comforts of their homes. 

People’s Bank opened their first digital branch at York Street in Colombo. Since then, it has added most of the digital capabilities to all 348 branches.

People’s Bank acquired the ISO/IEC 27001/2013 from the Sri Lanka Standard Institution and this certification is recognised as one of the highest honours for information security and management around the world.