NCS partners Ceylinco Consolidated to introduce Sri Lanka’s first palm top banking
ConvergenceAsia staff
30/10/2007

NCS Group, a regional information technology and communications engineering service provider in the Asia Pacific and Middle East regions has announced that it has successfully implemented the Mobile Banker System, enabling Ceylinco Consolidated’s subsidiaries Seylan Bank and The Finance Co Ltd the choice of conducting banking and financial transactions at the home or work place instead of going to a branch or near-by ATMs.

Deshamanya Dr Lalith Kotelawala, Chairman of Ceylinco Consolidated said, “The Mobile Banker System offers new business opportunities as it is a means to reach the mass market. With the system, customers need not have to travel to the bank for a loan. The new system will cut cost and build greater relations between our customers and us.”
 
This system will revolutionise the way of conducting banking and financial transactions especially in developing countries where customers in villages may need to take hours to commute from home to a near-by branch for banking or financial services. It also provides the bank and the finance company a new channel that can be used to expand the customer base and enhance loyalty.

“We are harnessing the market potential of wireless applications, and in doing so, we can deliver the kind of convenience and value-added services that are most important to consumers in today’s competitive market,” said Kotelawala.

The contract was awarded to NCS in January 2007. NCS is responsible for the design, development and implementation of the Mobile Banker System. It only took NCS less than 10 months to implement the Mobile Banker System. The system will be rolled out on a progressive basis across the island.

The Mobile Banker System enables the business development officer (BDOs) of the Seylan Bank and The Finance Co Ltd to carry out secure banking and financial transactions on the Personal Digital Assistant (PDA). Each BDO will be equipped with a PDA and a small portable printing device. They can perform functions such as cash and cheque deposits, cash withdrawal, remittance disbursement, loan application and account opening at this stage.

Additional services will be introduced in the future. Through the Mobile Banker System, the BDO is able to retrieve relevant customer information, aiding his understanding of the customer’s total relationship with the bank or the finance company. If a customer wishes to apply for a loan, the BDO can submit the loan application electronically, and the system will perform customer credit checking. Once the customer creditworthiness is ascertained, he will be able to provide an in-principle approval to the customer on the spot.

The system is built on NCS’ iConnect.Net Framework based on Microsoft.Net platform, and uses wireless technology to update information like the account balance real time. NCS’ solution also incorporates multi-level security features such as stringent encryption, authentication and E-signature.

Dr Chong Yoke Sin, CEO, NCS Group said with the mobile device becoming the branch, it will allow Ceylinco Consolidated to reach out to the customers beyond the current branch network rapidly and without the burden of physical infrastructure. “The Mobile Banker System offers anytime, anywhere information and services for its people on the go and provides reliable, secure transaction service.”

Ceylinco Consolidated is one of the oldest and renowned business conglomerates in Sri Lanka. It is also the largest conglomerate in Sri Lanka with 256 companies of which nine are listed in the Colombo Stock Exchange. Ceylinco Consolidated’s subsidiary Seylan Bank, a fully fledged commercial bank which commenced operations in 1988, is the third largest private indigenous bank in Sri Lanka. The Finance Co Ltd, since inaugurated in 1940, is the oldest and largest non-bank financial institution.

Ceylinco established its international headquarters in Singapore in 2006.

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