SDBL invests Rs 400m to integrate branches

Sanasa Development Bank Ltd (SDBL) has invested Rs 400m to integrate all its branches through a core banking system. The core banking system was purchased from Fiserv, the global provider of technology solutions for financial services based in USA.

Chairman SDBL Dr P.A. Kiriwandeniya was confident that by implementing this technology the bank will be able to become number one in the micro mix global 100 ranking. Last year the bank was ranked number two from among 955 institutions. Dr Kiriwandeniya said that even though the bank uses one of the most sophisticated IT systems, it serves the low income and below the poverty line people in the country.

Manager IT Indika Ranasinghe said that the first branch to be connected to the system was Jaffna. Within the next four months all 66 branches will be connected. Once the system is connected a customer in Jaffna can attend to all banking transactions at any time of the day as the system is real time on line.

The project was started early last year while implementation was from early this year.

ATMs, Internet banking, mobile banking and SMS banking are to be integrated in the system.

Ranasinghe said that the bank selected Fiserv since they are a proven, robust account processing solution integrated to a range of financial service solutions. Fiserv has a strong history globally as well as locally. Vice President Sales and Marketing Fiserv Mathew Togher said that the bank is moving completely from a non branch banking system with standalone back office processes to a modern flexible account processing solution.

The conversion to Fiserv solutions allows the bank to implement more efficient processes and enhance the customer experience through streamlined services. He said that future products and services can be added to the platform with ease.

SG