The Commercial Bank of Ceylon (ComBank) has won three prestigious awards — the ‘Best Private Bank’ in Sri Lanka in 2021,’ the ‘Best Digital Transformation in Banking’ and ‘Best Mobile Banking Application’ –from Business Tabloid Magazine, a leading business magazine of the UK.
The Commercial Bank was the only bank to win three awards in the Banking category and was honoured alongside contemporaries such as Deutsche Bank in the Philippines, the Emirates Islamic Bank of UAE, the MBSB Bank in Malaysia, and the Gulf Bank in Kuwait.
This is the third time Commercial Bank has been recognised by Business Tabloid. In 2020, the Bank was presented the award for the ‘Most Innovative Banking Services in Sri Lanka’ and in 2019 was adjudged the ‘Most Innovative Commercial Bank in Sri Lanka.’
In the digital sphere, ‘ComBank Digital’ offered through a responsive web application and two native mobile applications, enables access to the Bank’s services across all devices such as desktop PCs, laptop computers, tabs, and smartphones. It consists of internationally recognised user security features with industry standards and a range of facilities including services such as checking balances of Current Accounts, Savings Accounts, Investments, Loans, and Credit Card accounts and transactional activities such as applying for Fixed Deposits, instant payments across the banking network, and share trading settlements.
Meanwhile, ‘Flash,’ Commercial Bank’s fully-fledged digital bank account enables customers to enjoy a complete suite of financial services and wealth management tools in one seamless application. This ground-breaking digital banking app was also recently equipped with a Quick Response Payment module that enables users to scan a LANKAQR code of any merchant to make payments directly from the account to the merchant for goods or services purchased. It also includes the revolutionary ‘Save the Environment’ feature that promotes an understanding of the social carbon footprint of consumption by assessing each transaction a user carries out via the app.
Furthermore, the Bank’s ePassbook app was the first ever digital passbook in Sri Lanka’s and South Asia’s banking industry. With an upgrade involving a self-registration feature, the app has users in more than 100 countries who now log in at the rate of 20 per second, averaging more than 1,000 active users per minute, and has over 1 million customer registrations.
Another mobile application positioned as the future of QR code payments in Sri Lanka, is the ComBank Q+ app which is the first payment app launched on LANKAQR, the national Quick Response (QR) Code platform. It supports both Visa and Mastercard QR Code payments and enables customers to register their Credit, Debit, or Prepaid cards issued by the Commercial Bank to make payments.
The Commercial Bank is the largest private sector commercial bank and the third largest bank in Sri Lanka. The Commercial Bank Group ended 2020 with total assets of Rs 1.762 trillion, gross income of Rs 151.966 billion, profit before tax of Rs 24.52 billion, net profit of Rs 17.087 billion, a loan book of Rs 961.859 billion and deposits of Rs 1.287 trillion.
The Business Tabloid Awards are open to companies of all sizes across the globe regardless of location, size, and ownership, and recognise companies on an international level, purely based on the merits and expertise they hold in their respective industries. Nominations for the awards are evaluated based on various criteria such as innovations, accomplishments, and contributions of an organisation. The evaluating Awards Committee consists of the publisher, research team, and an editorial team led by the chief editor.
Business Tabloid is a print and online news magazine built for the current fast-paced generation looking for encapsulated, accurate, and informative content. It provides comprehensive coverage and analysis of an array of industries, international business, and global economy including information on finance, real estate, technology, health care, and banking.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank operates a network of 268 branches and 932 automated machines in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.