ComBank Digital soars past 1.5 mn registered users in landmark moment

The Commercial Bank of Ceylon has achieved another milestone in its digital revolution, with ‘ComBank Digital’ – the bank’s omni-channel digital banking platform – surpassing 1.5 million registered users.

Announcing the landmark, the bank said the award-winning platform continues to lead digital transformation in Sri Lanka’s banking sector as the most widely used digital channel that serves retail, SME and corporate clients.

Driven by Commercial Bank’s ‘Digital by Default’ business model, ComBank Digital currently processes more than 5 million transactions a month, with a digital penetration of 45% and 48 million customer interactions, and was processing transactions averaging Rs 400 billion in value per month by the end of October this year.

Offered via a responsive web application and three native mobile applications (iOS, Android and Huawei), ComBank Digital encompasses functionalities ranging from banking needs, wealth investment, payments and lifestyle, with access across all devices such as desktop PCs, laptop computers, tabs and smartphones.

Commenting on the progress made by the platform, Commercial Bank’s Assistant General Manager – Digital Banking Pradeep Banduwansa said, “It is almost impossible to grasp the full-extent to which ComBank Digital has transformed the way Sri Lankans, not just here but around the world, are now managing their finances and banking needs without visiting a branch. The figures speak for themselves, but don’t quantify the value generated by the incredible saving in time, the convenience, and the positive impact on the planet.”

Commercial Bank customers enjoy the convenience of self-registration for ComBank Digital, gaining instant access to a banking platform that is secured with industry-level security standards to provide a convenient, swift, and safe digital 24x7 365-day banking experience in their preferred language, wherever they are in the world.

ComBank Digital is also the first in Sri Lanka to offer loyalty points for digital banking transactions. Encompassing all new registrants as well as existing users of ComBank Digital, the Max Rewards enables users to accumulate points that can be redeemed for purchases or other benefits. ComBank Max Rewards offers a comprehensive points structure combining one-time payments and monthly rewards, and the process of redeeming points is similar to the redemption of points accrued on credit and debit cards issued by Commercial Bank. A single Max Reward point is equivalent to Rs. 1.

For corporate customers, ComBank Digital offers Host-to-Host (H2H) payment services – an automated and secure solution that integrates directly with a client’s Enterprise Resource Planning (ERP) system. ComBank Digital already enables payments of corporate customers to government authorities such as the Department of Commerce (DOC), Import and Export Control Department (IECD), the Inland Revenue Department (IRD), Sri Lanka Ports Authority (SLPA) for cargo, vessel, and entry permit payments, Sri Lanka Customs, Employees Provident Fund (EPF), Employees Trust Fund (ETF), Board of Investment of Sri Lanka (BOI), and the Sri Lanka Standards Institution (SLSI). These payments are routed through the LankaPay Online Payment Platform (LPPOP).