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COMBANK introduces Flash – Sri Lanka’s first fully-fledged Digital Bank Account

July, 17, 2018

Offers never-before-seen personal financial management tools

 

The Commercial Bank of Ceylon has launched Sri Lanka’s first fully-fledged Digital Bank Account designed to be the next evolution in digital financial services and financial wellness.

Branded ‘Flash,’ the product was developed in partnership with the Singapore-based company ‘Kashmi’ that introduced an innovative social payments app in Singapore in 2016.

The Bank said the Flash Digital Bank Account hopes to bring a simple, seamless banking experience to Sri Lankan users,wherever they are. It offers never-before-seen personal financial management tools that encourage, empower and embolden users to better engage with their finances, make wise choices about spending and saving and, in so doing, enrich their own financial wellness.

A prospective account holder can download the Flash app from the App Store or Play Store. This will open the world of financial services to a whole new base of customers that were otherwise unwilling or unable to engage with the traditional banking system. In this way, Commercial Bank and Kashmi are working together to promote both financial inclusion across Sri Lanka.

Once signed up, account holders can enjoy a range of services straight from their mobile phones – anytime, anywhere.

In addition to basic Online Banking facilities such as balance checks, fund transfers and bill payments, the app focuses specifically on promoting the financial wellbeing of its users. To this end, special functions have been developed to help users engage with their money and manage these funds in an accurate and responsible way.

The all-new real-time Budgeting Tool will be linked directly to the user’s Flash Debit Card, and will track and reflect all spending in real-time, allowing the user to categorise, manage and better understand his or her daily spending.  The Savings Management Tool allows for goal setting and automated savings, thereby promoting and facilitating the savings habit and long-term financial wellness. The Group Payments Management Tool allows for multiple payments to be sent and received simultaneously for the first time in Sri Lanka. Finally, an Investment Management Tool allows for immediate creation of fixed deposits and, in the future, will allow users to instantaneously apply for insurance cover, stocks and many other wealth management instruments.

Commenting on the launch of the Flash Savings Account, Commercial Bank’s Managing Director Mr Jegan Durairatnam said: “Commercial Bank is proud to introduce this unique state-of-the-art Digital Bank account with features such as financial management tools never experienced by Sri Lankan banking customers.We are confident that this breakthrough product will appeal to millennials who are known to be active on social, mobile and digital media platforms and that it will revolutionise the traditional banking industry. The features of the Flash Digital Bank account will add value to their banking experience by making it much more convenient and personal, in keeping with our promise to introduce technology that matters in the lives of our customers.”

In addition to these cutting-edge personal financial management tools, the Flash Digital Bank Account makes standard banking processes simpler and more seamless than ever before. Payments can now be made via QR codes to both individuals and merchants. NFC-based payments allow for simple tap-and-go spending where users do not wish to use cash. The Flash ATM/Debit card also allows for physical and virtual spending. Price sensitive users will also be able to avail themselves of location-specific marketing alerts, allowing them to make the most of offers and promotions in their location. For additional security, Flash users can also register their biometrics for even greater peace of mind.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for eight years consecutively, Commercial Bank operates a network of 261 branches and 775 ATMs in Sri Lanka. The Bank has won more than 30 international and local awards in 2016 and 2017 and 16 international awards in the first six months of 2018 from a number of local and international institutions and publications.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake and Italy, where the Bank operates its own money transfer service.