Value added benefit for the remittance recipients which encourages savings habit
About
Applicant name: Commercial Bank of Ceylon Plc
Innovation Name: Remittance Card
Innovation Type: Service
Website: http://www.combank.net/newweb/
Mission: The Remittance Card is a value added benefit the remittance recipients which encourage savings habit
Innovation Description: This product is aimed at solving issues with related to both the Bank and the remittance receiver.
Problems solved for the Bank
-Eliminating counter traffic at branches
-Prevent shifting of customers to competitors
Problems solved for the Customer
-No Need to visit a bank branch to get cash
-No hassle of carrying cash in bulk
-Routing remittances through Commercial Bank ensures security of remitted funds.
Advantages to Bank (branches)
-Opportunity to cross sell other products
-Generates ATM and POS transaction fee
-Service quality improvements due to less counter traffic
-Improves risk prevention mechanisms, such as know your customer and Anti Money Laundering and it also encourage the use of formal channels for sending money
Advantages to beneficiary
-Encourage habit of savings amongst a low banked segment of the society and influenced financial inclusion.
-Enjoy value added services (loyalty scheme, special discount, loan scheme)
Status of Innovation: In-market
Innovation Active Since: 06/16/2016
Applicant Type: Public Company
Headquarter City: Colombo
Headquarter Country: Sri Lanka
Year Founded: 1969
Main Category
Main Category Choice: End-user Experience
Why do you think you should win this category?:
Target market for the Remittance Card is the local recipients of remittances from the blue collar migrant workers. The recipients are usually from rural areas and are not familiar with Banking. The Remittance Card with its value additions encourages this unbanked population to use the proper banking channels for remittances and encourages the savings habit amongst them.
It also enables retaining all or a portion of the remittance funds instead of cashing the whole remittance for spending.
Funds are easily accessible 24/7 through this card and it can be used for direct purchases at over 15,000 merchant establishments across the country whilst enjoying the benefits and discounts.
After launching Remittance Card, 14% and 13% remittances were converted to Remittance Cards in 2016 and 2017 respectively.
Commercial Bank Remittance Card is the only Card of its kind in Sri Lanka. No other Bank or Financial Institute offers a Card or value additions which are offered through this product
Secondary Category
Secondary Category Choice: Remittances For Social Impact
Why do you think you should win this category?
The primary impact of remittances is on the living standards of the direct remittance beneficiaries; nevertheless they can affect the financial system in several ways.
Target market for the Remittance Card is the local recipients of remittances from the blue collar migrant workers. The recipients are usually from rural areas and are not familiar with Banking. The Remittance Card with its value additions encourages this unbanked population to use the proper banking channels for remittances and encourages the savings habit amongst them.
The Remittance Card also enables the recipient of the remittances to retain all or a portion of the funds in his or her account and use the card to make purchases.
Remittance Card holders can also obtain an emergency loan facility in times of need.
Commercial Bank Remittance Card is the only Card of its kind in Sri Lanka. No other Bank or Financial Institute offers a Card or value additions which are offered through this product
Team Members
Full Name: MR. PRADEEP BANDUWANSA
Role: Head of Digital Banking
Linkedin: https://lk.linkedin.com/in/
Full Name: MRS. RANGIKA CHANDRASENA
Role: Manager – Global Remittances
Full Name: MR. JAGATH RENUKA
Role: Business Relationship Executive – Global Remittances
Full Name: Mr. ROSHAN MORRIS
Role: Compliance Executive – Global Remittances
Supporting Links
Media – News paper article (Online): http://www.ft.lk/financial-
Media – News paper article (Online): http://businesstoday.lk/
You tube: https://www.youtube.com/watch?
Media – Newspaper article (Online): http://www.sundaytimes.lk/
