SDB bank first to adopt latest Signature core banking platform from Fiserv

• To enhance operational efficiencies and deliver service excellence

SDB bank continued its established relationship with Fiserv, Inc., a leading global provider of payments and financial services technology solutions, becoming the first local bank to upgrade to the latest Signature core banking platform from Fiserv. 

This allows the bank to further its commitment to enhancing financial inclusion islandwide in the micro, small and medium enterprises (MSME) space, by creating a superior customer-first banking experience.

With a reputation industry-wide for their distinct savings and wealth creation products plus parallel support initiatives, particularly within its significant MSME customer base, SDB bank’s expanded relationship with Fiserv allows for continued emphasis on the bank’s focus on affording more impactful, efficient, and convenient banking services to all its customer segments. 

“As a bank with strong roots across Sri Lanka’s rural and urban communities, we are committed to driving      technological innovation that empowers these communities,” said SDB bank CEO Thilak Piyadigama. “Digital transformation increasingly forms the core of our operations as it enables us to connect seamlessly with our customers.”

The long-standing relationship between SDB bank and Fiserv goes back to 2010, when the bank initially implemented transaction processing and branch teller functionality by leveraging the Signature platform from Fiserv, adopting a more contemporary and flexible account processing solution.

A bank that’s increasingly gaining recognition as a digital pacesetter in the local industry, SDB bank’s incorporation of the unique features of the upgraded Fiserv core banking platform allows it to strengthen its already formidable digital banking and operational capabilities. This also enhances their digital reach significantly, allowing for greater multi-sector engagement across the bank’s characteristically diverse customer base.

The latest Signature core banking platform from Fiserv offers multi-currency and multi-entity features supporting complex financial environments across all channels, from tellers, branches, internet banking, mobile banking, ATMs, point-of-sale (POS) to back office. 

SDB bank’s adoption of the latest Signature iteration will afford the bank enhanced capabilities across its numerous financial products including savings and term deposits, current accounts, loans, overdrafts, and mortgages, plus in areas such as imaging, document management and card products.

The solution’s flexible and service-oriented architecture (SOA) also includes a modern micro services layer facilitating efficient API-enabled integration with external applications, allowing for accelerated roll outs of new banking products to the market. Further, its novel solutions framework enables continuous deployment of fresh functionality with the system still online, considerably reducing the need for and impact of a full system upgrade.

“Financial institutions across the globe are seeking flexible technology that allows them to quickly and effectively respond to digitisation and rapidly evolving customer needs,” said Fiserv General Manager of India and Sri Lanka Rishi Chhabra. “SDB bank is committed to digital transformation to help their customers better manage their finances.”

The deepened relationship with Fiserv is geared to reinforce SDB bank’s position industry-wide as a digital trailblazer and afford greater financial connectivity and possibilities to its significant MSME customer base — a segment contributing over 52% of Sri Lanka’s total GDP — while transcending mere finance in creating an inclusive culture of advancement islandwide where each individual is valued.