National Development Bank (NDB) PLC announced it will be the first company in Sri Lanka to commence development of a Video Know-Your-Customer (vKYC) solution.
The bank appointed Axion Solutions, an international enterprise software solutions partner specialising in digital transformation, to implement world-class vKYC solutions built by OneConnect Financial Technology Co., Ltd (OneConnect, NYSE:OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Group.
With OneConnect’s vKYC, NDB Bank will be the first in Sri Lanka to roll out AI-based vKYC enabling customers to access banking services such as opening bank accounts, and applying for loans and credit cards remotely and safely, so that Sri Lankans can live their lives and run their businesses as usual amidst the Covid-19 pandemic.
NDB Bank Director/Group CEO Dimantha Seneviratne claimed that while digitisation has improved substantially during the recent past in Sri Lanka’s banking industry, NDB has continued to remain at the forefront, constantly introducing novel methods to the bank’s clients. “With this engagement, we are taking steps to align with the National Roadmap for Digitalization of Payment Services by enabling e-KYC and video KYC/based customer onboarding. As the Best Digital Bank of 2021 we are frequently at the forefront of technological changes and are involved in exploring, investing in and developing the digital arena in banking and have dedicated ourselves to become Sri Lanka’s Digital Bank of Choice.”
OneConnect’s vKYC platform goes beyond traditional video conferencing platforms, and is designed to meet the stringent requirements of the banking and insurance sector.
Axion Solutions Co-Founder/CEO Sharada Kirinde said: “Technology is borderless, and we’re delighted to have successfully bridged the needs of local businesses in Sri Lanka with world-class solution providers like OneConnect. NDB Bank has chosen OneConnect for its extensive domain expertise and proven technologies that have helped financial institutions across Southeast Asia to succeed in their digital transformation. Today, we are heartened to witness the satisfaction of a client and a partner. We look forward to more collaboration with NDB Bank and OneConnect where we introduce more innovative solutions for the greater good of the people.”
OneConnect Financial Technology CEO (Southeast Asia) Tan Bin Ru said: “Today’s event is very meaningful for OneConnect on multiple fronts. It marks our second collaboration in Sri Lanka and our capabilities in understanding the stringent FI requirements and building innovative vKYC solutions within a short span of time.
“I’m equally heartened to see our vKYC solution being picked by a leading bank in Sri Lanka to deploy vKYC for the first time in the country. It is truly a mark of confidence that financial institutions have for our technologies and capabilities. We are confident that our vKYC will give a strong competitive edge as a quick-to-market solution that allows NDB Banks to tap on this emerging need for remote banking, scale and deliver superb onboarding and credit application experience for Sri Lankans.”