introduces digital signatures for internal and external usage in Sri Lanka
National Development Bank PLC has made a significant contribution to the digital arena by providing new and innovative solutions with every step. In this journey towards a digitally enhanced Bank, NDB becomes the first bank to implement digital signature for both internal and external usage.
NDB has always been at the forefront of technological and digital revolution, combining the most advanced technology and innovation to redefine what the future of banking would look like for its customers. The Bank, together with LankaSign, the only authorized Certification Authority (CA) in Sri Lanka that currently issues Digital Certificates in the country, aims to replace or provide an alternative to the physical signature of a user to digitize the document signing process, which will be convenient, authenticated, secure and error free.
A Digital signature is based on cryptographic technology and offers greater document security and signer authenticity than a physical signature especially making a signature tamper proof. While a physical document can be altered in transition, if a digital signature is affixed to an electronic document, it can be made tamper-proof. Digitally signing of documents with LankaSign digital certificates ensures authentication, integrity and non-repudiation.
With the aim of becoming the most digitally enabled bank in Sri Lanka, NDB Bank’s Director/Group CEO Mr. Dimantha Seneviratne stated “This process will drive both internal and external digitization simultaneously supporting the national mission of creating a digital nation by creating a paperless environment internally while also providing greater convenience to our customers going forward.
“NDB Bank is on a journey of limitless opportunities, where we strive to provide our valuable clientele with the most advanced of digital innovation. With this latest development, the financial wellbeing of our customers is secure and error free with a dash of convenience added in.”
Speaking of the partnership with NDB towards introducing LankaSign Digital signatures to NDB customers, Mr. Channa de Silva, GM/CEO of LankaClear stated “LankaSign digital signatures have been in use for many years, however the expediency of such a solution has been felt the most with the outbreak of Covid-19 pandemic. LankaSign Digital Signatures provide a secure, convenient and a cost-effective solution to the difficulties in obtaining physical signatures when working remotely, in obtaining approvals when the signatories are traveling or remotely located etc. NDB’s adoption of Digital Signatures could be considered as a significant step towards automating business processes to be efficient and productive. More importantly, LankaSign complies with the Electronic Transactions Act and therefore, documents signed using LankaSign Digital Signatures are admissible as electronic evidence in Courts of Law. This will protect the interest of both the Bank and its customers, whilst bringing in greater efficiency and convenience across all customer interactions.”
Adding to the many firsts the Bank has achieved in its digital evolution, is the launch of the latest video KYC (vKYC) based account opening process. vKYC verification utilizes artificial intelligence (AI) technology enabling customers to open NDB accounts from the comfort and safety of home, without having to visit a branch. Additionally, the Bank also became the first in the industry to tie up with the Credit Information Bureau (CRIB) in order to create a hassle free and convenient service in which the Bank’s customers can register and request for their individual credit reports (iReport) and individual credit score reports (CRIB Score) from wherever they are in Sri Lanka through NDB NEOS.
NDB has continued to remain at the forefront of digital banking even amidst competition, constantly introducing novel methods to the Bank’s clients as well as all Sri Lankans. Accordingly, the Bank was awarded the “Best Digital Bank 2021” at the Asiamoney Best Bank Awards for Sri Lanka in addition to being crowned “Sri Lanka’s Best Bank 2021” by the prestigious Global Finance Magazine of USA, and “The Bank of the Year Sri Lanka”, by The Banker Magazine UK. NDB is the 4th largest listed bank in Sri Lanka and the parent company of the NDB Group. The only financial services conglomerate in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of the Sri Lankan financial market to provide its customers seamless access to the product and service offerings of all its group companies.