IronOne Technologies to empower BOC with cutting-edge iPad enabled banking analysis solution for top decision-makers
Dec 2016
Leading software solutions company, IronOne Technologies achieved yet another milestone recently when Sri Lanka’s largest banking entity, Bank of Ceylon (BoC), entered into an agreement with the company for a comprehensive iPad enabled banking analysis solution for its top decision-makers. The user-friendly iPad enabled banking solution offers analytics of Non Performing Assets (NPAs), deposit enhancement drives, inward remittances monitoring to risk analysis, and is poised to revolutionize the banking industry in Sri Lanka. Awarded prestigious recognition as the Best ISV partner in 2015 by Microsoft Sri Lanka, IronOne Technologies will provide this banking business intelligence tool by Microsoft Corporation to BoC be better equip it to analyze its information in real-time in order to empower its senior management to take informed and immediate decisions in real-time. A key challenge faced by most banks is the need for accurate information to be shown on the automated dashboards. By delivering this uniquely customized Microsoft Business Intelligence (BI) technology stack to BoC, IronOne has empowered it to make the most of the large volumes of data that are available within the bank.
The General Manager of BoC, Mr. Gunasekera stated, “Simplicity is the key to success. Our management takes up automation with a practical approach and ensures 100% successful adoption by the senior management. We are excited to use these upto-date dashboards for further enhancing BOC’s decision-making across regional management levels. Availability of this vital information will be a game-changer, especially for provincial managers who would not need to experience delays as they wait for information and reports to be prepared, verified and sent to them. Now their daily updates will be in their hand through the iPads that are provided.”
The banking sector has a wealth of information in the core banking and peripheral systems with historical information available down to transaction level. Areas such as the Non Performing Loans (NPLs) or NPAs are sensitive areas crucially important to banks.
The Chief Executive Officer of IronOne, Lakmini Wijesundera, commented, “Banking Business Intelligence has tremendous potential of helping to control assets before they become ‘Non performing’ as BI tools indicate NPLs in an organized manner by region, branch and so on, so that they can be addressed immediately before reaching ‘NPA stage. This BI tool will enable BoC to have a clear idea of the NPA risk weightage across any geography or product category and therefore make it possible for the bank to take early action to control any such high risk loans that could potentially cause a risk.”
In addition to operational level improvements, this tool being supplied by IronOne has the power of showing important trends for sales and marketing of banks, and even analyzing social media and online sentiments which will help in paying more attention to the products with better sentiments and removing those without lower sentiments in the market early on.
Furthermore, this solution will put control bank in the hands of regional managers who can complete review meetings without having to wait for upto-date reports to reach them, thereby bringing in significant time savings and increased productivity across the bank, which is spread across all districts in the country.
BOCs market reach consists of 626 Branches, 15 SME Centers and 550 ATMs and CDMs which are spread throughout the country and currently serve customers ranging from individuals from all walks of life to corporate businesses. The Bank of Ceylon has earned global recognition as one of the top 1000 banks in the world, (Country rank No.1) as listed by “The Banker Magazine” (UK) respectively in 2012, 2013, 2014, 2015 and 2016. The Bank claimed its award as the only Sri Lankan brand recognized as one of Asia’s Best Brands in 2013 by the Chief Marketing Officer’s Council (CMO Council) based in Mumbai, India. Focusing on the Banks achievement, Fitch Rating Lanka ranked the Bank of Ceylon at AA+(lka) which is the highest rating awarded to a local commercial bank and ICRA (lk) awarded AAA rating which is the highest credit quality rating issued by ICRA Lanka. Bank of Ceylon, is the largest bank in Sri Lanka.
Ironone is a leading technology company which is listed in the 2016 Most Respected Entities list in Sri Lanka that counts Fortune 500 companies amongst its clients. Its operations have expanded overseas with offices in the US, Malaysia and Singapore coupled with partner offices in 20 countries.