Dinesh Thomas discusses SDB bank’s focus on embracing digital evolution in Sri Lanka

As Sri Lanka embarks on a journey to become a digitally empowered nation, SDB bank is at the forefront of this transformation. In an exclusive discussion, Dinesh Thomas sheds light on the current state of digital literacy and the digital economy in Sri Lanka. He elaborates on SDB bank’s pivotal role in driving digital inclusion, supporting SMEs, leveraging data analytics, and ensuring robust cybersecurity measures. With a strong commitment to embracing the digital evolution, SDB bank aims to foster inclusive growth and innovation, paving the way for a tech-driven future in Sri Lanka.

Q: Can you provide an overview of the current state of digital literacy and digital economy in Sri Lanka?

A: Sri Lanka’s digital economy is at a transformative stage, with the National Digital Strategy aiming to build a digitally empowered nation by enhancing digital infrastructure, digital public infrastructure, digital financial services and digital skills. Increased internet and mobile penetration, as well as growth driven through the digital industry such as in the case of fintechs, have contributed greatly to the current progress, but gaps in workforce readiness and digital inclusion remain challenges.

While critical enablers such as improved legal and regulatory frameworks and digital identity systems start being put in place, affordability and the urban-rural digital divide will continue to need focused attention. Strengthening digital education and upskilling efforts will be key to unlocking Sri Lanka’s full potential in the digital economy. With inclusive growth and innovation, the country is poised to embrace a sustainable, tech-driven future.

Q: How is SDB bank contributing to the digital transformation of Sri Lanka?

A: SDB bank is deeply committed to driving digital transformation across Sri Lanka. We have launched several initiatives, including the UPay Digital Wallet, which offers a range of digital transaction solutions and value-added services. Additionally, we support the digitalisation of SMEs through tailored financial products and mentoring programs. The bank also leverages capabilities such as LANKA QR and JustPay provided by the Central Bank of Sri Lanka through LankaPay in providing solutions to enhance digital inclusivity.

Q: What are the key challenges and opportunities you see in the digital economy of Sri Lanka?

A: One of the main challenges is the digital skills gap. While there is a growing interest in digitally enabled financial solutions, the shortage in skilled technology professionals impedes the speed of innovation. Also, Sri Lanka, being a cash-dependent economy where many small businesses and rural areas still prefer cash transactions, presents both a challenge and an opportunity for digital transformation.

With the initiatives outlined in the National Digital Strategy and the maturing of technologies such as Artificial Intelligence (AI) and Machine Learning, several opportunities are emerging to rethink traditional solutions—especially in e-commerce, digital lending, and digital payments. The increasing adoption of digital solutions by businesses and consumers alike presents a significant opportunity for economic growth and innovation.

Q: How is SDB bank supporting SMEs in their digital journey?

A: SMEs are the backbone of Sri Lanka’s economy, and as a Bank that strongly believes in empowering SMEs, entrepreneurs and progressive individuals, SDB bank is committed to supporting their digital transformation. By providing access to digital tools, training, and tailored financial solutions, the bank helps SMEs enhance their productivity and competitiveness in an evolving market. In addition to financial support, SDB bank conducts workshops and capacity-building initiatives to equip SMEs with the knowledge and skills needed to navigate the digital landscape, ensuring their long-term growth and success in the digital economy.

Q: What role does digital inclusion play in SDB bank’s strategy?

A: Digital inclusion is a key focus of SDB bank’s strategy, ensuring that individuals from all backgrounds have access to digital technologies and opportunities. By promoting financial and digital literacy, SDB bank equips individuals and empowers communities to actively participate in the evolving digital economy. The bank is also extremely focused on simplifying the customer’s digital experiences and enhancing accessibility in its commitment to bridging the digital divide and fostering inclusivity. These efforts support long-term economic growth and create a more digitally empowered society.

Q: What measures is SDB bank taking to ensure cybersecurity and protect customer data in the digital age? 

A: Cybersecurity is our top priority. We have implemented robust security protocols and continuously invest in advanced technologies to safeguard our digital assets. By leveraging Multi-Factor Authentication (MFA) and industry-leading encryption standards, we protect sensitive customer data and prevent unauthorised access.

Our 24/7 Security Operations team plays a crucial role in proactively monitoring and detecting threats, ensuring swift prevention and timely response when needed. Additionally, we conduct regular customer awareness programs to promote safe online practices.

To further enhance security, we empower customers to limit their online risk by selecting transaction profiles that align with their behaviour, helping them mitigate potential threats at all times.

Q: How does SDB bank leverage data analytics to enhance customer experience and drive business growth?  

A: Data analytics plays a crucial role in developing and implementing our business and digital strategies, as well as enhancing customer experiences. By analysing customer data, we gain valuable insights into their preferences, behaviours and evolving needs. This enables us to effectively cross-sell products, enhance services, and create highly tailored financial offerings that align with customer expectations, ultimately leading to greater customer satisfaction.

Additionally, data analytics helps optimise our business processes and inform decision-making, ensuring we improve the customer experience while maximising resource efficiency.

This data-driven approach is key to driving customer satisfaction, optimising operations, and creating innovative business models.

Q: Can you share any upcoming digital initiatives or projects that SDB bank is working on?

A: We are excited about several upcoming projects, including solutions aimed at underserved customer segments to help their productivity and participation in the digital economy. Our UPay digital wallet too will continue to be enhanced in the capabilities and services offered while educating customers on staying safe online. Additionally, we plan to launch new programs aimed at further supporting MSMEs and SMEs and promoting digital literacy across the country.