Flash Digital Bank Account Qorus Banking Innovation Awards 2019

Concept and objectives As a part of Bank’s national digital financial inclusion program, Bank partnered a reputed Fintech Company from Singapore to design, develop and launch an innovative Neo-Banking solution to achieve following objectives: - Provide secured, innovative yet user friendly digital/neo-banking solution mainly targeting un-bank and under bank younger generation (gen Y & Z). - Engage young generation of the country in personal finance management through digital financial inclusion through a mobile based Digital Bank. Reasons behind Commercial Bank’ strategy is to embrace a new fully digital business model whilst maintaining the reputation earned over a century as a traditional banker. The Flash Digital Bank will challenge the traditional Banking model and cater to a new segment of customers who are tech savvy and mobile friendly whilst retaining the traditional customers who still require brick and motor model. State of competition At present in Sri Lanka there are many payment apps but none of these apps provides the full suite of Digital Bank offering for its customers. Main results so far • Flash Digital Bank Account is the first and only mobile banking application to be fully compliant with the minimum compliance standards for payment related mobile applications issued by the Central Bank of Sri Lanka. • Only Digital Bank solution to be in all three languages with over 62,000 downloads. • Only Digital Bank solution to provide budgeting, investments, savings goals and insurance feature. • Only Digital Bank to win 2 International Awards in the year of launch - Best Digital Transformation Initiative – Sri Lanka 2019 by Global Business Outlook Magazine UK. - Mobile Banking Initiative of the year – Sri Lanka 2019 by Asian Banking & Finance Magazine SINGAPORE.