With a legacy that spans over 65 years, DFCC Bank has grown as a full-service Commercial Bank and one of Sri Lanka’s most outstanding financial institutions A series of awards and credentials, such as being listed among Brand Finance’s Top 100 Most Valuable Brands and an A+ (lka) Stable by Fitch Ratings Limited, has brought DFCC clear distinction as it pursues enriching the lives of its customers through digital transformation and innovative solutions being. The onset of the ongoing pandemic has now motivated the bank to innovate towards further convenience for its customer base and the industry.
During a period where people were looking at several month-long lockdowns, the problem was apparent; it was simply impossible to leave the house to open bank accounts of any nature. Therefore, the bank has now introduced the Non-Face to Face (NF2F) digital account opening process, becoming the first bank in the nation to do so.
With its service implementation being launched on the 7th of May 2021, the NF2F account opening process now brings peace of mind and convenience to DFCC customers. It enables customers to open new bank accounts with ease, whether you reside locally or internationally, using the official website (www.dfcc.lk).
With the introduction of this fully integrated and seamless onboarding process, customers need to visit the banks’ website, submit their NIC (which then gets verified via the Department for Registration of Persons (DRP) database) and select an account type of their choosing.
Once either a Savings, Foreign Currency, or Special Deposit Account has been opened, the customer will be prompted to select a convenient time for a video call with the bank representative to complete the due diligence and verification in line with the CBSL guidelines on the e-KYC process.
As one of the nations most customer-centric and digitally driven financial institutions, DFCC had initially constructed a semi-digital customer onboarding process all the way back in 2019. However, with a renewed directive on non-face to face onboarding was issued by the Central Bank of Sri Lanka (CBSL), DFCC Bank was able to leverage its existing position to initiate this new NF2F process.
The process of going to market with this new service was also greatly expedited primarily due to the DFCC Bank having already taken tangible steps towards digitisation over the past few years.
The new NF2F process being implemented is built upon the existing cutting edge & trilingual website that DFCC Bank has developed in the past. While the website forms the foundation for the new NF2F process, it was the brands’ ‘DFCC Video Chatz’, service and technology that proved to be the fulcrum with which DFCC was able to gain leverage and its first to market advantage.
VP of DFCC Digital Strategy at DFCC, Dinesh Jebamani also had this to say, “All stakeholders came together and iterated, agreed on a clear process, mapped the customer journey to ensure there won’t be any challenges. Further, since existing technologies were leveraged with customisations to comply with the regulatory requirements bank was able to develop the required solutions in a timely manner…kudos to all team members from IT, Operations, lean, Digital, Contact Centre, Customer experience, Compliance who collectively played a role along with our collaborative partners. “
In addition to innovating the customer onboarding process nationally, the new technology behind the NF2F protocol pushes the envelope towards another critical company milestone. The DFCC Bank has a very clear bank sustainability goal that reiterates its desire to drive down paper use and create an environment that is paperless and eco-friendly.
With the introduction of this landmark service, the DFCC Bank is looking keenly towards the future. With a clear mission to provide relevant, personalised and digitally driven solutions to its’ customers, DFCC bank is focused on creating utility value for its user base.
As the year flies by, DFCC bank is driven by its vision of crafting digital solutions that revolutionise the digital banking space in Sri Lanka and provide absolute convenience to its customers. It also plans to steadily progress through the digital roadmap that has been drawn up for the bank and unveil more digital innovations in the months and years to come.