DFCC Bank’s Digital Transformation Journey Continues
February 27, 2019
Recognising that technology is changing the way in which Banks interact with customers, DFCC Bank has embarked on a dynamic digitalisation strategy in line with global digital trends, to bring tangible benefits to its customers, with convenience taking precedence.
Keeping abreast of the latest digital trends, the Bank has launched a variety of technologically advanced products and services in the recent past, some of which were the first to be launched in the industry. This includes the DFCC Virtual Wallet – Sri Lanka’s first digital wallet in the banking sector; Lanka Money Transfer – the first bank-owned web-based remittance system; the Premier Go Mobile App – the first interactive premier App for Premier customers and more recently, DFCC iConnect, a cutting-edge Payments and Cash Management Solution for businesses of all sizes.
The DFCC Virtual Wallet was the Banks most revolutionary product. Before its implementation, consumers were used to more basic digital payment solutions, whilst using mainly cash, or credit and debit cards as modes of payment. The introduction of the Wallet was a paradigm shift, as customers were given the opportunity to use a secure product backed by a Bank. The Bank eventually extended this service to non-DFCC Bank customers who use a smart phone, delivering on its commitment to financial inclusion. This product keeps evolving with value enhancements being introduced on a frequent basis and the Wallet now facilitates a far greater level of interaction with the Bank via features such as a basic Chatbot service, and payment and fund transfer systems.
Lanka Money Transfer (LMT) is a state of the art web based Remittance system designed by DFCC Bank and developed by DFCC Group’s IT subsidiary, Synapsys Limited. Launched in 2014, this service is currently in the process of being deployed across the globe to establish worldwide correspondence arrangements for inward remittances to Sri Lanka. The LMT system is capable of disbursing remittance proceeds as cash payouts and account credits and has been rolled out to other Sri Lankan banks/financial institutions that don’t have their own Remittance system. What is unique is that these institutions can have direct arrangements with it to receive direct remittances for their account holders, as remittance transactions received from exchange companies to LMT will be re-transmitted to the respective partner bank via a secured network.
Designed to accommodate the future needs of premier clients, DFCC Premier Go has witnessed rapid adoption due to the array of benefits it offers. This App provides an exclusive customised experience, expert financial advice and guidance, and a global outlook that enables strategic financial investment to premier customers. Furthermore, through this app Premier customers can instantly contact their Relationship Manager at the click of a button via video conferencing. In the event that a face-to-face meeting is required, this App can assist with scheduling appointments with the Relationship Manager at a time convenient to the customer. They are also able to chat with the Relationship Manager and leave messages for follow-up after working hours, providing them with access to DFCC Banking services anytime and anywhere in the world. DFCC Bank aims to provide new and differentiated features on the App to meet evolving needs of customers.
DFCC iConnect; a fully integrated Payments and Cash Management System was launched more recently, with the objective of delivering a superior service experience to businesses of any size, whether it is an enterprise business, mid-sized business or small business. This solution empowers DFCC Bank’s business clients with access to their account transaction information from any location; be it local or global. DFCC iConnect positions DFCC as a Bank that offers best-in-class transaction banking products and specialised services to all types of businesses.
DFCC has also been making waves in the Credit Cards space. In 2018 it re-launched its card range and was the first Bank to launch Visa payWave contactless technology with EMV chip across the entire range. The Bank also became the first in Sri Lanka to be certified for Visa QR payments and launch Visa Corporate Credit Cards. To provide more value for cardholders, the Bank also introduced the Credit Card interactive eStatement, another first which provides comprehensive information on customers’ credit card spending patterns at the click of a button.
Promoting financial inclusion amongst the rural communities of Sri Lanka, DFCC Bank in collaboration with Synapsys – the Bank’s fully- owned Fintech subsidiary, introduced the Tea Integrated Payment & Supplychain (TIPS), an AgriFintech platform initially aimed at the tea industry. Through this system workers in the tea industry can take advantage of features such as mobile harvest collection through identification of the supplier/worker using an NFC card, RFID tags for food traceability, accurate weighing with Bluetooth-enabled weighing scale, SMS alerts to farmers. Available funds are updated in real-time, while cash is available from ATMs and along with better access to credit.This solution is receiving high demand from small, medium, and large-scale factories both locally and internationally.
In addition to these innovative products and services, the Bank also offers Mobile Teller, a doorstep banking service where staff representatives visit the customer to collect real time cash deposits facilitated by a mobile device. This offers customers the option of completing cash deposits at their preferred location provided its within a 10 Km radius for the branch that offers the service.
The Bank’s comprehensive range of products and services are further complemented with consolidated eStatements and SMS/email alerts to keep customers updated with information related to their financial transactions at the Bank, providing them with transparency, accessibility and convenience.
With all these and more in store, DFCC Bank is proud to spearhead unique digital innovations that are revolutionalising the digital payments space in the banking industry. The Bank remains focused on the overall value proposition it delivers to customers – with convenience being key. It is committed to enhancing functionalities, creating user value to increase adoption and above all ensuring that the products and services introduced are customer centric. In this light, DFCC Bank is strongly forging ahead in its journey of digitalisation and has drawn up an exciting road map to roll out more innovative products and services that bring unmatched convenience for its customers.