SDB Bank implements lean, digital signature process to boost economic value creation

Thursday, 7 January 2021 00:00 - - {{hitsCtrl.values.hits}}

SDB bank pushed ahead with its program of digital advancement with the recent introduction of a fully-digital loan agreement signing process. The development is set to greatly benefit the bank’s extensive cross-segment customer base, tending to the personal and entrepreneurial goals of individuals across all walks of life.

The introduction of a simpler and swifter loan process will allow their customers to embark on entrepreneurial ventures with ease, leading to the creation of great economic value and aiding national development. Similarly, much social good will also be generated, as the new process promises an easier pathway to secure funds to drive personal and family goals. This further reinforces SDB bank’s position country-wide as a bank for everyone and a bank ‘where you’re valued’.

The bank had successfully implemented a system of digital signatures in the lead up to this landmark event in local banking, allowing for a streamlined loan approval plus signature process and considerable efficiency improvements in loan disbursements. With the successful trialling of the digital signature process within the bank, the digital signing of loan agreements convenience was extended to its customers for the first time in the New Year. The digital signature process was utilised to great effect by SDB bank’s customers from several regions around the country, across co-operative, SME, and retail segments.

The bank, while ensuring strict adherence to both internal and external loan agreement regulations, leveraged their growing cross-functional digital capabilities to enable this innovative loan agreement process. The new process involves multiple signature control and verification steps, unified by a lean, digital signature system to promote accuracy and mitigate processing hold-ups.

Acknowledged as an industry development, SDB bank CEO Thilak Piyadigama added, “We’re extremely pleased with how the application of this technology has helped us streamline our loan approval process while setting advancing an industry standard, and even more, about how it allows for a leaner loan disbursement process to assist our customers to more smoothly access loans and propel their entrepreneurial and personal ambitions.”

The bank’s continued focus on digital innovation has paid great dividends in recent years, allowing their customer base islandwide a series of novel banking conveniences, while positioning SDB bank strongly as a digital pacesetter in Sri Lankan banking.