Sri Lankan economy seen as showing consolidation over past several months

By Hiran H. Senewiratne

The Sri Lankan economy has shown some consolidation in the last several months and its financial sector should be smart when making decisions to harness its potential in order to become a financial hub in the region, a top financial services professional said.

“Sri Lanka has made great progress in the financial sector but it needs to promote electronic transactions and be more digitalized in order to ensure efficient and effective services to the people through financial sector entities, said CEO, Silverlake Symmetri (Singapore) Pte Ltd Dr Gyorgy Tamas Ladics.

Dr. Ladics told the media at a function/panel discussion aimed at urging banking sector decision makers to utilize emerging technologies and digital platforms to improve customer service and their operational efficiency. The event was organized by Silverlake Symmetri and held at Hilton Colombo Residences on Tuesday.

Dr. Ladics said that the right financial leadership is needed for maintenance of the quality asset portfolio, better operational methods, process optimization and operational efficiencies by applying high technology to the financial sector, especially the banking sector.

Dr Ladics, a Hungarian national on a brief visit to Sri Lanka said that if Sri Lanka adopts electronic and digital technology in financial sector decisions, it would increase customer loyalty and therefore banks should invest more in cyber security.

‘To transform the banking sector, Sri Lanka must use the opportunity to delve into the latest trends, strategies and innovations driving the evolution of the banking sector. Silverlake Symmetric leveraged emerging technologies and digital platforms to revolutionize customer experience, enhance operational efficiencies and shape the market dynamic, he said.

‘Sri Lanka should have proper financial leadership, with good governance and professional leverage would improve the overall payment ecosystem to achieve hub status, Ladics explained.