DFCC Bank’s Online Onboarding Process Crowned Best by Global Banking and Financial Review
December 29, 2023
DFCC Bank has recently secured the prestigious award for Best Banking Process at the Global Banking and Finance Review for its implementation of eKYC (electronic-know-your-customer) technology. This award underscores the Bank’s unwavering commitment to digital innovation, security, and operational efficiency, particularly in eKYC. This sets the stage for seamless and secure 100% digital customer onboarding, removing the need for physical branch visits and enabling superior digital enablement and service delivery.
This prestigious accolade recognises DFCC Bank’s adept utilisation of advanced digital technologies to swiftly, seamlessly, and accurately digitally verify and authenticate customer identities – both during new customer onboarding and existing customer identity verification. This accomplishment reinforces the Bank’s compliance with regulatory standards while delivering a seamless and exceptionally convenient onboarding experience for its customers, allowing DFCC Bank to provide innovative, secure, modern, and customer-centric services in the digital era.
Recognising the imperative for convenience, particularly for Sri Lankans living and working overseas, DFCC Bank introduced its groundbreaking eKYC (electronic-know-your-customer) technology. The Bank’s recent achievement of the Best Banking Process award at the Global Banking and Finance Review underscores its commitment to digital innovation and operational efficiency. This accolade is especially significant as it acknowledges the Bank’s dedication to providing seamless and secure 100% digital customer onboarding, eliminating the necessity for physical branch visits. The service caters to the needs of the global Sri Lankan community, enabling them to open accounts in Sri Lanka effortlessly. Expressing pride at this achievement, Thimal Perera, CEO at DFCC Bank PLC, said, “This award recognises our relentless pursuit of tech-driven digital service delivery and financial inclusivity. Beyond revolutionising our processes, initiatives like eKYC and others are redefining the essence of customer convenience in the digital age. Thus, we are proud to be at the forefront of innovation, ensuring our customers enjoy a banking experience that is secure, efficient, and tailored to their contemporary needs. We are pleased to invite anyone, anywhere in the world, to open a DFCC Bank account wherever they like, at any time convenient to them.”
In response to the evolving technological landscape and the preferences of a digital native generation, DFCC Bank has strategically embraced eKYC for savings account openings. This move was fueled by its desire to empower new customers, enabling them to bank from anywhere at any time. Through the adoption of eKYC, DFCC Bank has eliminated the need for physical branch visits, allowing individuals, including teens, with a valid NIC/EIC to be effortlessly onboarded using this revolutionary technology. This technology makes banking incredibly convenient for customers in Sri Lanka and DFCC Bank’s growing base of expatriate customers residing abroad, facilitating opening accounts in LKR and other foreign currencies. The entire process is characterised by its paperless nature, and customers benefit from live agent assistance, ensuring a smooth and secure onboarding experience.
The technology underpinning eKYC at DFCC Bank also incorporates various other useful security features such as OTP-verified save and apply later functionality, video verification with live detection, and an AML-compliant account approval process. Upon completion, this comprehensive digital transformation has streamlined customer onboarding and allows instant activation of additional digital banking and related services, such as debit cards.
Thus, this groundbreaking implementation of technology across critical processes addresses challenges in customer onboarding and heralds a new era of convenience for DFCC Bank’s customers, aligning with the Bank’s overarching sustainability strategy. Thanks to eKYC, customers no longer need to endure the inconveniences of branch visits, saving valuable time and contributing to a more sustainable and eco-friendly banking experience. Beyond its practical benefits, this initiative also cements DFCC Bank’s position as a leader in digital enablement and service delivery in financial services, aligning seamlessly with the demands of the modern banking landscape.
About DFCC Bank
DFCC Bank is a full-service commercial bank with a rich history of 68 years and offers a diverse range of commercial and development banking services. As part of its Sustainability Strategy 2020-2030, the Bank aims to become a leading institution contributing to greater resilience by creating resilient businesses and supporting green financing and sustainable, socially responsible entrepreneurship. The Bank has received numerous accolades, including being named the ‘Most Trusted Retail Banking Brand’ and the ‘Best Customer Service Banking Brand’ in Sri Lanka in 2021 by Global Brands Magazine UK and ‘Market Leader and Best in Service in Cash Management 2022’ by Euromoney. Additionally, DFCC Bank is ranked among Business Today’s Top 40 Corporates in Sri Lanka, is rated A- (lka) by Fitch Ratings Lanka Limited and is regulated by the Central Bank of Sri Lanka. Attesting to its commitment to sustainability, DFCC Bank is also the first, and presently only, entity in Sri Lanka to have received accreditation from the Green Climate Fund (GCF), granting it access to concessionary funding worth USD 250 million to support climate mitigation and adaptation projects across the Island.