The National Savings Bank (NSB) has transitioned from conventional to modern banking with a rapid digitalisation drive to reach the unbanked and boost deposit mobilisation, NSB General Manager and CEO Ajith Peiris told the Sunday Observer Business on the Bank’s progress and plans for the future.
We have already embarked on a major, transformational drive of the systems and core-banking to make our operations banker-friendly, Peiris said.
The state-owned savings bank reached a milestone this year completing 50 years of inculcating the habit of saving among people and mobilising deposits for development in the country.
We have already commenced upgrading the postal network to enable digital banking and banking at ease, Peiris said, adding that the Bank has got closer to the hearts of people through the investor friendly and appealing products and services.
NSB is the only 100 percent government guaranteed bank for deposits and the interest thereto and the only bank with a AAA credit rating for 19 consecutive years.
The Bank was also rated as the safest Bank for deposits by a global finance magazine.
The Banks’ reach has been broadened and extended to 262 branches with 292 ATMS and 92 CRMs, 4064 post offices and sub post offices enabling all our customers living across the island to obtain NSB services comprehensively.
The National Savings Bank is keen to venture into new areas in the future with potential for expansion.
Track record
Backed by an unblemished track record of 50 years, the Bank’s vision for the future is optimistic. NSB is geared to take on the era of digital banking, and to take the Bank to greater heights.
To serve better and to create a new digital experience for NSB customers, a state of the art electronic, on-boarding biometric identity verification process will be implemented by us, said Bank’s General Manager. During the new customer on-boarding and/or facilitating existing customers, the Bank will deploy Digital Signature and Photo capturing mechanisms at branch level.
What makes NSBPay Mobile Payment App unique is that unlike other banking apps, it is a single app which can do payments as well as all the mobile banking activities and internet banking activities. It is an all-in-one platform consisting of remittance, internet banking, mobile banking; enabling payments with LankaQR (National QR standard), JustPay along with global payment systems such as Visa, Mastercard, AMEX and China Union Pay.
NSBPay App provides facilities such as Fund Transfer, Credit Card Payment, Utility Bill Payment, Balance Inquiry, Transaction History, Government Payment, Standing Orders, Highway Toll Payment, and has the facility of subscribing for debit cards and prepaid cards via the app itself.
Digital banking
With the initiation of NSB PostPay facility, we will collaborate with the Postal Department to provide digital banking through the postal network where instead of a passbook new customers will be given an e-statement facility and a debit card that can be used at any ATM/CRM or any retail outlet, Peiris said adding that the Bank’s futuristic, Pay by Account facility will enable users to have a virtual card number issued to their savings account and to use their mobile phones when making payments for local and international services. This will be the first time for a government bank to embrace such technology.
NSB launched the Digital Savings Till recently to encourage people to set life goals and create a habit of saving to achieve them, viadaily, weekly, or monthly saving options. With the launch of our digital banking platform, NSB customers will be able to transact digitally, while also having access to all the online banking features. In 2020, the Bank recorded its highest ever mobilisation of deposits amounting to Rs. 203 billion by the end of the year. This was followed by the highest ever Profit After Tax in the Bank’s history last year amounting to Rs. Rs. 22 bn.
The Bank recorded over Rs. 192 bn by deposit mobilisation. Today, in its 50th year of operations, NSB stands as the leading savings specialised bank and the fourth largest bank in the island in terms of the assets and the deposit base with Rs. 1.5 trillion asset base and Rs. 1.4 trillion deposit base.