Announcing the landmark, the Bank said the award-winning platform continues to lead digital transformation in Sri Lanka’s banking sector as the most widely used digital channel that serves retail, SME and corporate clients.
Driven by Commercial Bank’s ‘Digital by Default’ business model, ComBank Digital currently processes more than 5 million transactions a month, with a digital penetration of 45% and 48 million customer interactions, and was processing transactions averaging Rs 400 billion in value per month by the end of October this year.
Offered via a responsive web application and three native mobile applications (iOS, Android and Huawei), ComBank Digital encompasses functionalities ranging from banking needs, wealth investment, payments and lifestyle, with access across all devices such as desktop PCs, laptop computers, tabs and smartphones.
Commenting on the progress made by the platform, Commercial Bank’s Assistant General Manager – Digital Banking Mr Pradeep Banduwansa said:
“It is almost impossible to grasp the full-extent to which ComBank Digital has transformed the way Sri Lankans, not just here but around the world, are now managing their finances and banking needs without visiting a branch.
The figures speak for themselves, but don’t quantify the value generated by the incredible saving in time, the convenience, and the positive impact on the planet.”
Commercial Bank customers enjoy the convenience of self-registration for ComBank Digital, gaining instant access to a banking platform that is secured with industry-level security standards to provide a convenient, swift, and safe digital 24x7 365-day banking experience in their preferred language, wherever they are in the world.
ComBank Digital is also the first in Sri Lanka to offer loyalty points for digital banking transactions.
Encompassing all new registrants as well as existing users of ComBank Digital, the Max Rewards enables users to accumulate points that can be redeemed for purchases or other benefits.
ComBank Max Rewards offers a comprehensive points structure combining one-time payments and monthly rewards, and the process of redeeming points is similar to the redemption of points accrued on credit and debit cards issued by Commercial Bank. A single Max Reward point is equivalent to Rs. 1/-.
Enhancing user convenience, ComBank Digital features a range of built-in options that allow users to customise their digital banking preferences on their own without the assistance of a bank agent.
They can increase the security level of ComBank Digital by enabling biometric login access, device registration for secure login and device management, selection of alerts with One Time Passwords (OTPs) and setting up of alert delivery methods via push notifications.
Designed to offer seamless and personalised banking experiences for Retail, SME and Corporate customers, ComBank Digital provides services such as investment opportunities like opening and managing Fixed Deposits, share trading settlements with instant transfers to brokers, applying for Personal Loans, requesting loans against Fixed Deposits, cash advances against Credit Cards, and blocking or replacing cards in case of loss or theft.
It also supports credit card and transactional activities, including settling other bank credit card payments, instant transfers to any account within the banking network, and opening eSavings accounts.
Additionally, ComBank Digital facilitates bill payments to nearly 100 entities across nine categories, including Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Education, Schools, and Rates.
For corporate customers, ComBank Digital offers Host-to-Host (H2H) payment services – an automated and secure solution that integrates directly with a client's Enterprise Resource Planning (ERP) system.
ComBank Digital already enables payments of corporate customers to government authorities such as the Department of Commerce (DOC), Import and Export Control Department (IECD), 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), Board of Investment of Sri Lanka (BOI), and the Sri Lanka Standards Institution (SLSI).
These payments are routed through the LankaPay Online Payment Platform (LPPOP).
Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalization in the Banking Sector in the Colombo Stock Exchange (CSE).
The Bank is the largest lender to Sri Lanka’s SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon neutral bank.
Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.