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Western union wu cash to account was introduced in

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Western Union (WU) Cash to Accountwas introduced in 2020 and is yet anotherexample of how the pandemic acted as acatalyst for the technological progress of theBank.WU Cash to Accountwas introducedduring the lockdown period in the first halfof the year to permit customers to claim WUcash remittances without visiting branchcounters.Since then it has seen significantgrowth.WhatsApp BankingThe Bank launched itsWhatsApp bankingsolution in December 2020, and thisproduct represents perhaps the easiest andfastest form of mobile banking. By sendinga simple ‘Hi’ to a designated WhatsAppnumber, the user will receive a simple setof instructions on how to access severalservices including viewing account balanceand account history, requesting a chequebook, information about fixed deposits,housing loans, and foreign exchange rates,and self-registration with ComBank Digital.Another crucial feature of this product is theability for potential customers to completeregistration to open a new account with
Commercial Bank of Ceylon PLCAnnual Report 202056Management Discussion and AnalysisLeading Through Innovationthe Flash app. This product is positionedas a simple pathway to the world of digitalbanking for customers that can subsequentlylead to deeper and more sustained forms ofdigital engagement.Within just six weeks ofuse, the app has had 8,167 new registrationsand 35,411 total transactions.ePassbookThe Bank upgraded itsePassbookapp toinclude features like self-registration, real-time transaction notifications, and biometriclogin, significantly increasing the flexibility ofaccount management, user-autonomy andconvenience. The app, which was introducedin 2016, was the first Digital Passbook in theSri Lankan banking industry and remains theonly mobile application of its genre to date.Process ImprovementsWhile the Bank’s efforts were concentratedon responding to the contingent and shiftingsituation brought about by the pandemic,it introduced several new automatedprocesses focused on building robustback-end digital processes. Noteworthydevelopments include:zIntroduction ofe-slipsfor cash andcheque deposits improved the customerturn-around time and also increased theaccuracy.zThroughcentralisation of Transfer Chequeprocess, the Bank managed to reduceoperational cost through staff reductionat branches and improve the operatingefficiency by speeding up the process.zTheautomation of Post-Dated Chequehandling process, through which the Bankmanaged to increase the efficiency of anormally cumbersome process.zLaunched the Bank’s first everHyperAutomation projectto fully automate theUser ID Management of the Bank usingIBM BAW (Business Automation Workflow)and IBM RPA (Robotic Process Automation).

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Term
Winter
Professor
NoProfessor
Tags
Balance Sheet, Capital requirement, Chartered Bank, Canti, Bank of Ceylon PLC

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