Fintechs can grow wallet share for banks Join the Fintech Forum for partnerships

• Sumudu Gunawardhana - Chief Information Officer of Commercial Bank of Ceylon PLC

Sumudu Gunawardhana, Chief Information Officer of Commercial Bank of Ceylon PLC, stressed the importance of joining the Fintech Forum as a means of strengthening collaboration between banks and fintech companies and supporting the evolution of digital financial services in Sri Lanka. He pointed out that the Forum creates space for dialogue and partnerships that can help financial institutions expand their role beyond traditional banking and offer customers access to a wider set of services.

He explained that banks today are seeking to shift from being custodians of money to becoming lifestyle partners. He described how the industry has entered a phase where wallet share has become the measure of competitiveness, with banks working to position themselves as central hubs of consumer spending. In his view, this shift is about providing loans or savings products as well as connecting to a larger ecosystem of goods and services that customers require in their day-to-day lives. He said this transition is possible only through collaboration with fintechs, which bring agility, speed, and innovative thinking.

“All the banks are now looking at lifestyle banking. The focus is on growing wallet share. Banks are no longer only custodians of money. They aspire to be the central hubs of consumer spending, and they are evolving into aggregators of services. A bank cannot make and sell all these things consumers want to buy. Tech providers connect these services and we, as banks, aggregate. That is where fintechs play an important role.” he said.

The question of why customers would choose to purchase services through a bank rather than directly from the provider was also addressed by Gunawardhana. He explained that the strength of a bank lies in the reputation it has built over time and the trust it holds with customers. He said this trust is a valuable advantage that banks can use to anchor partnerships with fintechs. According to him, customers may experiment with digital services from new providers, but when it comes to making financial decisions or linking services to their finances, trust in established institutions carries significant weight.

The Fintech Forum has been designed to facilitate this kind of collaboration by bringing together stakeholders from across the financial sector. Membership is open under several categories, including Corporate Members for financial institutions, banks, and non-banking financial institutions; Startup Members for emerging fintech firms; Investor Members such as venture capitalists and angel investors; Academic and Research Members from universities and research bodies; and Individual Members representing professionals in the industry.

“Banks cannot do everything. The speed at which innovation can happen is fast. So, we will consume or buy things. What we tell fintechs is simple: come with a good idea and we will make it enterprise grade. That way, they can scale their solutions and we can give customers access to them within a stable and regulated environment.” Gunawardhana said.

He also noted that fintechs bring the ability to design new concepts and user-friendly solutions at speed, but that they sometimes face challenges when it comes to scaling or meeting compliance requirements. In his view, banks are well placed to provide that support by giving them the infrastructure, customer base, and regulatory knowledge needed to grow. He was clear that this is a relationship of mutual dependence rather than competition. “Fintechs are not a threat. They become a threat only if we fail to adapt. Instead, we see them as an opportunity to grow together, offering customers better financial solutions.”

He predicted that advances in artificial intelligence and machine learning would transform personal finance in Sri Lanka. He suggested that intelligent mobile banking could soon provide customers with real-time financial advice, helping them manage savings and investments based on data analytics. At the same time, he said increased reliance on technology raises the risk of cyberattacks, and that it is essential for banks and fintechs to work together to strengthen cybersecurity measures and protect customers.

As Sri Lanka moves toward a cashless society, Gunawardhana said the Fintech Forum will play an important role in driving adoption and building trust among customers, regulators, and businesses. He encouraged industry participants to consider joining the Forum, so that they can access new opportunities and be part of the broader efforts to shape the future of digital banking.