Future of retail banking comes alive thro’ MTL, Lake House Printers
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Prime Minister Ranil Wickremesinghe examines a debit card which has been instantly printed at a digital printing kiosk.
The future of retail banking came alive at the launch of Digital Banking Solution provided by Manipal Technologies Ltd (MTL), India in association with Lake House Printers and Publishers PLC (LHPP) in the presence of Prime Minister Ranil Wickremesinghe on Thursday in Colombo.
Speaking at the occasion, Abhay Gupte, CEO of MTL stated that “Our innovative solutions using state of the art technologies are driving changes in the banking industry in India for last 75 years. With the launch of the digital bank branch related technologies in Sri Lanka, the growing banking and financial service sector now can deploy world-class solution and provide digital experience to the customers”.
He said that with the recent success of implementation of end-to-end digital bank branch solution at 250 branches across 37 cities for the leading bank in India, the solution is now being explored by major banks in Sri Lanka. “With the changing scenario in the country’s economy and digital banking expectations of the customer, we feel that banks in Sri Lanka will also move in this direction. These solutions are mutually beneficial to banks as well as their customers.”
Ranjith S. Wijewardene, Chairman, Lake House Printers & Publishers PLC, noted that that MTL and LHPP have been associated over a decade in providing solutions to the banks in Sri Lanka. “Together we serve more than 12 major banks in Sri Lanka with 40 per cent market share in the issuance of banking cards. With the launch of Digital Bank Branch solution, we are taking our association to the next level of digital offerings to our valued customers in Sri Lanka,” he added.
The Digital Bank Branches are an innovative solution to cater to changing needs of the banks and their customers. It provides banks and financial institutions an easy front-end solution to convert their traditional banking system into cashless, technology driven and easy to use Digital Bank Branch.
The facility has the capability to issue replacement cards in case of lost-card or damaged cards. The banks can extend the capabilities to offer loan account processing as well as credit card issuance. The customer can also obtain a digital card (virtual card) for use at online and retail outlets.
The “ManipalPay” is a leading edge virtual card solution for card-less payments. The customer will be able to generate unique ‘virtual card number’ for every transaction. The card number is automatically void after every transaction thus eliminating any risk of card data being compromised.
The event was attended by Central Bank Governor Indrajit Coomaraswamy, Indian High Commissioner Taranjit Singh Sandhu and leading bankers of the country. The solution along with the related technologies was demonstrated by Rajesh Shet, Vice President & Business Head-Banking, MTL, to the banking community.