NDB first in SL to develop video KYC

National Development Bank PLC will be the first company in Sri Lanka to commence development of a Video Know-your-customer (KYC) as a part of the significant strides the Bank has made in Sri Lanka’s fast evolving digital landscape, a news release from the bank said a news release from the bank said.

The Bank appointed international enterprise software solutions partner specializing in digital transformation, Axion Solutions, to implement world-class KYC solutions built by OneConnect Financial Technology Co., Ltd (OneConnect, NYSE:OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Group.

“With OneConnect’s vKYC, NDB Bank will be the first in Sri Lanka to roll out AI based KYC enabling customers to access banking services such as opening bank accounts, and applying for loans and credit cards remotely and safely so that Sri Lankans can live their lives and run their businesses as usual amidst the Covid-19 pandemic,” the release said.

Dimantha Seneviratne, Director/Group CEO of NDB Bank stated that while digitisation has improved substantially during the recent past in Sri Lanka’s banking industry, NDB has continued to remain at the forefront, constantly introducing novel methods to the Bank’s clients.

“With this engagement we are taking steps to align with the National Roadmap for Digitalization of Payment Services by enabling e-KYC and video KYC based customer onboarding. As the Best Digital Bank of 2021 we are frequently at the forefront of technological changes and are involved in exploring, investing in and developing the digital arena in banking and have dedicated ourselves to become Sri Lanka’s Digital Bank of Choice.”

This is the first time a Sri Lankan bank is able to leverage the best-in-class features to engage customers remotely, securely and efficiently. OneConnect’s KYC platform goes beyond traditional video conferencing platform and is designed to meet the stringent requirements of the banking and insurance sector.

Sharada Kirinde, Co-founder and CEO of Axion Solutions said: “Technology is borderless, and we’re delighted to have successfully bridged the needs of local businesses in Sri Lanka local with world-class solution providers like OneConnect. NDB Bank has chosen OneConnect for its extensive domain expertise and proven technologies that have helped financial institutions across Southeast Asia to succeed in their digital transformation. Today, we are heartened to witness the satisfaction of a client and a partner. We look forward to more collaboration with NDB Bank and OneConnect where we introduce more innovative solutions for the greater good of the people.”