Business News from Sri Lanka: Bank of Ceylon as the leading commercial bank in Sri Lanka commemorating its 80th anniversary this year unveiled a symposium on Innovative Banking on 04th November 2019, which is a first-of-its-kind in the industry, under the theme “Innovative Banking in a smart world”.
This international symposium named ‘InnovBank’ intends to bring forth timely, significant and decisive aspect of future banking innovations in the industry towards a revolutionary future banking landscape in line with an atmosphere that is disruptive and inevitable.
Innovative technologies are creating an unprecedented revolution in the banking sector, accelerating the adoption of market changes. Through this initiative, Bank of Ceylon expects to boost Industry growth by energizing the innovations, providing a smarter banking experience for the customers whilst bringing in the professionals and academics onto a common platform. On top of all this, this is considered as a Corporate Social Responsibility initiative of the Bank towards the betterment of the entire banking industry.
The applied research papers, concept papers or Proposals are invited from Universities, Institutions, Practitioners, Enthusiasts including novel thinkers and Fintech Innovators, as well as from Schools on the disciplines of future banking under the defined Symposium categories. The papers and proposals can be submitted online via www.innovbank.lk from November 04, 2019 to December 31, 2019, under the defined Symposium categories.
The launch was graced by the General Manager/CEO, Bank of Ceylon with the participation of professionals and academics.
Addressing the gathering, the General Manager/CEO of Bank of Ceylon stated the importance of innovative banking for the economic growth of the country. Commenting on this, the General Manager/CEO of BOC Mr.Senerath Bandara said “This symposium creates a forum on future banking for industry growth in the disciplines of Fintech Solutions in banking, Business Process Re-Engineering in banking services, Innovative financial products and services, Impact of Artificial Intelligence in Financial Services and application of MIS and Big Data Analytics for Decision Making”.
Dr. Samantha Rathnayaka, Faculty Member / Management Consultant, Postgraduate Institute of Management, the University of Sri Jayewardenepura who is one of the Co-chairs stated that there is an outdated idea that academia’s sole purpose is the pursuit of knowledge while the industry is enslaved to profit. The reality is that academia is an industry in and of itself, and industry cannot generate profit without innovation. The gap between the two serves no purpose other than to ensure that the best and brightest ideas are lost between the pages of academic journals. Let us take research to reach out to unreached domains so that it can flourish. This initiative would be just the agile and nimble vehicle for ground-breaking research to grab onto and reach its full potential in the banking industry.
Delivering a special speech, Dr. D A S Atukorale , Deputy Director of the University of Colombo School of Computing and the Co-Chair of the symposium briefed the gathering with regards to Information Technology (IT) and digital transformations in the banking industry and emphasized the requirement of technically innovative financial service offerings that disrupt the existing financial services market. He further highlighted the use of disruptive technologies like Artificial Intelligence (AI), Blockchain, and the Internet of Things (IoT) to map the customer journey in a 360-degree view which gives banks deeper insight on where they can provide a higher level of service and create more value.
In the future, the banking sector will be mainly focused on technology based solutions, digitalized processes, innovative products and services along with artificial intelligence support by data analysis.
This symposium is open internationally-those resident overseas are welcome to participate. Those interested must develop their papers under the categories as, Fintech Solutions in banking, Business Process Re-Engineering in banking services, Innovative financial products and services, Impact of Artificial Intelligence in Financial Services and application of MIS and Big Data Analytics for Decision Making in the banking industry.
The Bank ensures transparency and clear assessment though out the evaluation process incorporating the insights of the independent external evaluators. The evaluation process consisting of three main phases is involved with initial screening by industry experts, presentations of short-listed applications to screen and recognize the best papers/ proposals based on expediency and viability. The applicants of the best papers will have the opportunity to showcase their presentations at the final event scheduled in March 2020 in front of a large audience with industry veterans and academics. Attractive rewards are lined up for the top performers with special recognition awards and certificates.
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