Business
LB Finance partners with POTENZA and UiPATH to transform their Intelligent Automation Capabilities through RPA
LB Finance PLC (LBF), the country’s leading Non-Banking Financial Institution (NBFI), yet again reinforced its vision to be the pioneer in digitizing business processes with revolutionary automation practices of mundane tasks, by partnering up with POTENZA, the Global Digital Transformation Company along with UiPath, one of the leaders in the global Robotics Process Automation (RPA) space.
With the comprehensive stack of digital transformation services covering a vast spectrum of the Finance Industry, POTENZA was able to help LBF unlock the true potential of the business through Digital Transformation and Robotic Process Automation of mainstream activities including Financial Reconciliations and Insurance Payment Processes.
Automation of streamlined workflows resulted in an elevation of the overall ROI of LBF whilst boosting its agility, flexibility and responsiveness. Financial processes including LankaPay channel reconciliations such as Common Electronic Fund Transfer (CEFT), Sri Lanka Interbank Payment System (SLIPS), Common ATM Switch (CAS) and payment transactions pertaining to Visa Cards were also smoothened via the process.
Bank reconciliation could be challenging for any given organization as it involves immense manual tasks to perform from the time the bank statement is downloaded from the corresponding bank or NBFI and compared with the transactions in the core banking system. This equally applies to the daily reconciliation of digital channel transactions such as CEFT, SLIPS, CAS and VISA. The partnership with POTENZA has inculcated a strong sense of agility to the organization along with an ‘automation first’ culture.
POTENZA also automated the entire workflow of Insurance Premium Payments Reconciliation to different insurance companies. As a result, LBF saves more than 5,200+ Man Hours annually and has shown an increase of 364% in the average speed of their operations on the automated processes.
Speaking about LBF’s strategy on Robotic Process Automation (RPA), DGM- IT, Chethana Kahandugoda said “whilst driving the core business with a human touch, LBF strived to provide superior services to our customers by numerous ways of optimizing the time using automation. Utilizing technologies such as UiPath has the potential to change paradigms of how our business operations will evolve along with new capacities that it would create. Our partnership with POTENZA ensured that intelligent automation was not just a mere technological conversation but also a realistic business lead initiative where strong KPIs were the key focus”
Chief Manager – IT/Business Analysis Dinusha Mudunkotuwa commented “through Financial Reconciliation Automation, LBF eliminated reconciliation delays and achieved better customer service by promptly identifying exceptions. Further, Insurance Renewal Automation allowed LBF to handle different data templates of insurance providers seamlessly while achieving fully automated insurance renewal data entry throughout the lease period.”
“Intelligent automation technologies such as RPA are now non-negotiable staples to have in any organization and are ever so relevant than before due to the effects of COVID-19”, stated POTENZA MD/CEO Dhanusha Muthukumarana. He also stated that POTENZA hopes to co-innovate in future with LB Finance to cater to prevailing and potential business requirements by providing more automated and digitized solutions, enhancing the overall productivity of the company.
From its humble beginnings in 1971, LB Finance has seen remarkable growth over the last five decades, establishing its position today as one of the pioneers among the Non-Banking Financiers in Sri Lanka. The hallmark of its success has been the Company’s ability to adapt and innovate its product and service offerings to cater to the ever-changing needs of the local consumer. Company believes the agility and the dynamism in its business model are the key attributes in sustaining its performance at the highest level in this highly competitive financial services space.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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