Sri Lankan banks are expanding their digital banking capabilities with new mobile applications that support various financial services, including the registration of mobile foreigner registration cards. The digital transformation follows Sri Lanka’s broader adoption of digital identity initiatives, including the recent implementation of India’s DigiLocker system. Bank of Ceylon (BOC) has emerged as a leader in this transformation with its BOC Flex mobile banking app, launched on March 21, 2023, at the Lotus Tower Colombo.
The BOC Flex app introduces comprehensive features designed to enhance banking accessibility and security. Users can self-register and access their accounts through biometric authentication, a technology that has become increasingly common in financial services following the acceleration of digital transformation during the COVID-19 pandemic. The platform enables customers to open Flex savings accounts remotely without visiting physical branches, reflecting a global trend toward remote onboarding in banking. The platform facilitates instant loan services against fixed deposits and supports various fund transfer options, including one-to-one, multiple, and scheduled transfers.
“This next generation app is designed to provide seamless, secure, and convenient banking experience at fingertips,” said BOC Deputy General Manager Y A Jayathilaka. “We continue to evolve with technology to provide the benefits of tech revolution to our nation.”
The application incorporates customizable widgets and themes, allowing users to personalize their dashboard interface. Additional features include financial management tools such as expense tracking, payment reminders, and financial memos to assist users in managing their finances effectively. The biometric authentication matches industry best practices, similar to implementations by other financial institutions using platforms like Daon’s IdentityX, which supports multiple biometric modalities for enhanced security.
Other financial institutions in Sri Lanka are similarly advancing their digital capabilities. Bahrain Islamic Bank (BisB) has implemented a range of digital services, including mobile banking, contact centers, digital branches, and WhatsApp services, along with new products such as Tejoori Premium and Special Investment Deposit. The digital transformation mirrors broader regional trends, with institutions across Asia increasingly adopting mobile-first banking solutions.
The launch event for BOC Flex was attended by prominent figures including Dr. Hans Wijayasuriya, Chief Advisor to the President of Sri Lanka on Digital Economy, BOC Chairman Kavinda de Zoysa, and General Manager/CEO Russel Fonseka, along with the bank’s Corporate and Executive Management team.
Sources: Bank of Ceylon, Bahrain Islamic Bank
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