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| Tuesday, 30 March 2004 |
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DFCC Bank launches SYMBOLS - new technology platform DFCC Bank, the pioneer development bank at the forefront of providing specialist investment, advisory, and financial services to Sri Lanka's growing business sector, announced its deployment of the core banking technology solution, SYMBOLS from Systems Access, Singapore. The new technology platform will complement and support DFCC's mission to provide superior financial solutions and value added services to their clients. DFCC Bank, which is listed on the Colombo Stock Exchange, has the highest market capitalisation among listed banks and financial institutions. Its total assets as at December 32, 2003 was Rs. 33 Billion. The Bank commenced live operations on the SYMBOLS core banking system on October 1 2003, with Client Management, Loan Origination, Commercial Lending, and Deposit Mobilisation modules at the end of an implementation period of 16 months. Initially, the Deposits Module was rolled out across all the branches together with the Commercial Lending module in the Headoffice and three other branches. Subsequently, the Commercial Lending module was rolled out to four more branches. The rollout of the Commercial Lending module across the rest of the branch network is to be completed by August in this year. The total project capital cost (hardware and software) is about Rs. 300 million. "Our bank whilst expanding its operations in commercial lending, corporate and trade finance, plans to leverage its valuable customer base by offering new personalised products and services. SYMBOLS has the flexibility to deal with the introduction of various new financial products through an integrated suite of business modules that can evolve to meet the changing business needs of our customers", said CEO of DFCC Bank Nihal Fonseka. He said that "SYMBOLS application architecture is customer-centric and it facilitates enhanced customer knowledge, interaction, relationship development and at the same time enables the bank to proactively manage risks at the operational level. With the introduction of SYMBOLS, the bank has replaced and consolidated several legacy sub-systems running on multiple technology platforms." The project started with vendor selection and thorough evaluation of leading universal banking solutions available in the international marketplace. |
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