A DIGITALLY EMPOWERED BANK

DIGITAL

EXCELLENCE

Customer

convenience and

accessibility

Process and

infrastructure

development

Strengthening

security

PRIORITY

AREAS

STRATEGIC

PILLAR

SDGs

IMPACTED

MATERIAL

TOPICS

1,490

digital contact

points

19%

Virtually enabled

customers

46%

Digital transactions

11%

Increase in

digital adoption

CONTEXT FOR 2023

LKR 1.4

billion

Invested in

Digitalisation

34%

Digitally enabled

customers

•

The economic crisis led customers and employees to face
challenges with respect to mobility and accessibility.

•

A greater focus on resource efficiency and sustainability owing to
resource shortages and climate change.

•

With the rise in digitalisation across society, threats to cybersecurity
remain a key concern across organisations, particularly those with
access to sensitive information.

•

An increased need for productivity and automation amid the
increase in employee migration.

Digital transformation is an

ongoing process at Bank

of Ceylon, and deeply

entrenched within our

operations and approach

to doing business. Our

digital capabilities enable

us to achieve wide-ranging

outcomes by delivering

convenience and accessibility

to our customers, while

driving increased efficiency,

productivity and responsible

consumption.

Digital

Onboarding

in 2023

976,894

Card Users

463,084

Smart

Passbook

Holders

425,700

Smart Online

Banking Users

352,727

Smart Pay Users

Digital products and Services

Online Banking

platform

International

payment gateway

Agency Banking

Banking

Mobile

Banking

app

Digital Pass

Book

Digital fund

transferring

Online apply

via web

Cardless

Withdrawal

Self service

banking

Smart

zones

POS terminal

PRIORITY AREA 01:

CUSTOMER CONVENIENCE AND ACCESSIBILITY

BoC relies on a versatile range of digital channels and platforms to ensure its customers are able to access key banking functions from
any location, at any time, with the added benefit of maximising the Bank’s reach across the island.

An Improved

Customer

Experience

Enhancing

Existing

Channels

Enhancing Existing Channels

The Bank engaged in upgrading and
improving its channels and platforms to
ensure its customers receive a seamless,
integrated and convenient experience
across every digital interaction.

During the year under review, the
Bank successfully revamped the BoC
SmartPay app to improve the overall
user experience and took further steps
to initiate the process of revamping the

Bank’s mobile application and internet
banking application. The Bank further
expanded its digital touchpoints during
the year under review.

New Channel

Development

BoC Cards

100

The Bank’s website act as 24/7 digital storefront for its vast customer-base from any location. The website was revamped and
launched during 2023, and includes the following features:

•

An enhanced interface and
significant improvements
in the presentation of
information

•

Available in Tri-lingual
(English/ Sinhala/ Tamil)

•

High mobile responsiveness

•

Accessibility features to
facilitate the needs of the
differently-abled aligned

with CBSL and UN SDGs
guidelines

•

Products and services
linked to the home page to
improve accessibility

•

Locally thematic design
and appearance

•

Branch network/customer
touchpoints integrated
with Google Maps

•

Interest rate calculation
for loans and deposit
build-up through a newly-
introduced calculator

•

A separate page arranged
for 'BoC Museum' with
online reservation forms for
museum visits

www.boc.lk

A DIGITALLY EMPOWERED BANK

New Channel Development

The Bank continues to take a pioneering role in introducing new developments to the market, and relies on the combined strength
of its Innovation Lab, Product Development and Business Process Re-engineering Project (BPRP), in addition to the Bank’s Electronic
Banking and Card Operations Teams.

Available

Services

Key Benefits

•

Cash
withdrawals

•

Third party
payments

•

Essential and

convenient

facility in an

emergency

•

Ability to withdraw money even at
the absence of issued debit card.

Available

Services

Key Benefits

•

Credit card balance inquiries

•

Remittance tracker

•

Live Agent Chat

•

Conventional product related inquiries

•

CASA, loans and FD balance inquiry/mini

statement, etc.

•

24x7 access

•

Secure and
convenient banking

•

Financial enquiries
and other services

•

Customer support
availability over Live Chat

•

Self-registration with NIC
and mobile number (local
and foreign)

•

Non-BoC customers
also can access services
like rates, remittance
tracker, locate near
by BoC ATM’s and
branches.

PRIORITY AREA 02:

PROCESS AND INFRASTRUCTURE

DEVELOPMENT

With the objective of increasing
automation and driving efficiency and
productivity throughout the Bank’s
operations, the Bank implemented a
range of improvements. Overall, the Bank
automated 28 workflows and engaged
in upgrading its platforms, of which a
number of key initiatives are listed below;

PROCESS

IMPROVEMENT

OUTCOME/S

IMPACTED STAKEHOLDERS

Streamlining
the incident
response process

Implementing Sri Lanka’s
first Software Defined Data
Center (SDDC) with VMWare

Automation of customer
related workflows

Automation of routine
security workflows

Upgrading the Oracle
Exadata Platform to the
latest version

Significantly reducing the
resolution time

Accommodating IFRS systems databases
Improving system performances
Reduction of licensing costs

Reduction in AC, power, space for
physical servers
Reduction of licensing costs
Improving system performances

Significant reduction of the time taken
for the processes
Maintaining a greater level of accuracy
Adhering to the internal and regulatory controls

Reduction in turnaround time

Customers

Employees

Regulators

3.9 million

Papers Saved

1,265

Toners saved

365,803

Fixed deposits opened

1.2 million

CASA opened

PRIORITY AREA 03:

STRENGTHENING SECURITY

The Bank has appointed a Data
Protection Officer (DPO) to oversee
compliance with the Data Protection
Act No. 9 of 2022. At present, the Data
Protection Officer functions under the
purview of the Chief Risk Officer.

BoC Bankpedia

The Bank further relies on E-learning
to drive organisational learning,
and accordingly introduced
BOC Bankpedia to serve as a
comprehensive knowledge bank.
BoC continues to build on its work-
from-home capabilities to ensure
business continuity and enhance
productivity even amid disruptions in
the environment.

The duties of the DPO at the Bank include overseeing the implementation and
enforcement of data privacy measures to comply with the Data Protection Act
in Sri Lanka. The DPO is actively involved in activities related to development of
comprehensive policies and procedures for data handling with the aim of ensuring
the secure handling of customer information. The DPO is additionally responsible for
providing ongoing training to staff on data protection practices to improve the data
protection posture of the Bank and conducts regular audits to assess compliance with
the requirements specified under the Act. Furthermore, the DPO plays a crucial role in
investigating and addressing any data breaches or privacy violations promptly, thereby
upholding trust, transparency, and confidentiality in the Bank's operations.

Owing to the increased threat with respect to cybersecurity and the Bank’s ongoing
alignment with the newly implemented Data Protection Act, the following steps
were taken in order to safeguard sensitive information and protect the organisation’s
stakeholders;

Security
Frameworks
at BoC

ISO 27001

ISO 27701

BoC Cyber Security

Framework developed

based on NIST Cyber

Security Framework on

Critical Infrastructure

Cyber Security

COBIT 2019

framework

(an ISACA

Framework)

57,749

Loans facilitated

OUTCOMES

OF PROCESSES

IMPROVEMENTS AND

COMPLETED WORKFLOWS

A DIGITALLY EMPOWERED BANK

Customer Privacy

GRI 418-1

No incidents of substantiated
complaints concerning breaches of
customer privacy took place during
2023.

No identified leaks, thefts or losses of
customer data took place during the
year.

Activity

Outcome

Deployed an advanced Data Leakage
Prevention (DLP) solution

Monitoring and preventing unauthorised
database access

Introducing a collaborative platform

Enabling real-time dissemination of
information among the security teams

Implementation of deception technologies Misleading and detecting any potential

attackers

Swift user separation through the
installation of firewalls

Enhancing data security

Implementation of advanced analytical
tools

Enabling proactive threat detection and fast
incident responses

WAY FORWARD

• Revamping UI/UX interfaces and the user experience across the Bank’s digital

platforms.

• Expanding on existing solutions and developing new products to serve corporate

customers.

• Developing a strong back-end to stabilise all core solutions and build an

integrated platform that incorporates the Bank’s key functions.

• Strengthening security utilising state-of-the-art firewall solutions, and conduct

continuous upgrades and developments in consultation with industry experts and
leaders.

• Utilising straight-through-processing and e-KYC to improve efficiency and

security.

• Leveraging AI and data analytics to drive process efficiency and customer service.

Leveraging AI

and data analytics

to drive process

efficiency and

customer service.

Implementing Best Practices,

Framework and Standards

As the Bank moves ahead in its
digitalisation journey, it has recognised
the value of IT, the management
of inherent risks and the need for
regulatory compliance. This requires
a comprehensive IT governance
model which consists of the necessary
leadership, organisational structure
and processes. IT governance is a
crucial aspect of its overall governance
framework, ensuring that technology
is effectively leveraged to support
business objectives while managing
risks appropriately.

The Bank’s ‘Enterprise IT Governance
Framework (COBIT 2019)’ includes the
following standards and best practices
which are to be implemented:

•

Quality Management Systems

(ISO 9001:2015 Standard)

•

Service Management System

(ISO 20000-1:2018 Standard)- IT

Infrastructure Library (ITIL) Best

practice

•

Risk Management (ISO 31000:2018

Standard)

•

Information Security Management

System (ISO 27001:2013 Standard)

•

Project Management Body

of Knowledge (PMBOK)

Effective IT governance requires
collaboration and coordination across
different functions, including senior
management, risk management,
compliance, and IT teams. It is a
continuous process of monitoring,
evaluating, and adapting to changes in
technology, regulatory landscapes and
business priorities.