MillenniumIT ESP launches BankVision – an Integrated Approach to Digital Banking

MillenniumIT ESP – Sri Lanka’s leading IT Solutions provider – recently launched BankVision, a web and mobile enabled digital platform designed to connect Banks with new customers for remote identity verification, digital onboarding and Electronic Know Your Customer (e-KYC) processes. Its built-in digital technologies, including Artificial Intelligence (AI) based video analysis, image recognition and automation technologies, improve the efficiency of the processes with the added flexibility of facilitating manual overrides when required.

BankVision also provides functionalities to maintain a continuous engagement with bank customers and facilitate the otherwise tedious processes and regulatory demands of Customer Due Diligence (CDD). As an enhanced feature, the e-KYC process is optimized with an AI based OCR supported by a rating engine to ascertain risks, while CDD is augmented with a rules engine to notify customers and maintain up-to-date data.

“BankVision is designed as a real-time platform to solve the challenge of meeting new customers amidst the limitations and restrictions brought about by the COVID-19 pandemic. At times such as these, it is critical that financial organizations are able to establish and retain contact with their customers, in order to enable business growth while managing associated risks and boosting customer confidence. The use of digital technologies, such as AI and Analytics, coupled with Automation will also vastly help to reduce the overall costs both to Banks and their customers,” stated Shevan Goonetilleke, Director/Chief Executive Officer, MillenniumIT ESP.

AI optimized image and video-based verification service can authenticate the identity of new customers against their digital identity. Moreover, the platform permits for seamless digital on-boarding and CDD, automating the customer screening process without human intervention.

“The COVID-19 pandemic has transformed the entire world, creating a paradigm shift into the way we think, act and respond. The new normal has paved way for many opportunities for smart and flexible systems allowing for remote e-Solutions,” added Rahal Jayawardene, Head of Technology Alliances & Innovation, MillenniumIT ESP.

The launch of BankVision, will enable communities and businesses across the country to access their banking needs from the safe confines of their homes and workplaces, eliminating the unnecessary risk of travel. The all new BankVision app facilitates remote screening and includes a customizable self-service workflow engine. This enables organizations to be agile and meet the ever-changing customer and regulatory demands, whilst easily integrating the solution to their existing digital channels. Other solution features include video conferencing and customer profile rating.

MillenniumIT ESP is a subsidiary of Ambeon Holdings PLC, a conglomerate reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments. The company is one of Sri Lanka’s leading Information Systems solution providers delivering IT solutions to several industries; including Banks and Finance Companies, Telecommunications, Apparel and Manufacturing, Healthcare, Leisure, Construction, Transport, Agriculture, Government, Public Sector and other leading conglomerates. Solutions provided by MillenniumIT ESP include Core Infrastructure, Enterprise Applications, Cyber Security, Smart Buildings and Operations, Managed Services, Intelligent Automation and Data, and Cloud. The company has built several global partnerships with leading firms including Oracle, Microsoft, IBM, Dell, Hitachi, Cisco and Infosys. It has also received numerous excellences, innovation and performance-based awards across various markets for its services around the globe. For more information, visit www.millenniumitesp.com

MillenniumIT ESP carries out the fastest Oracle ERP Implementation for HNBA

Photo Caption: HNB Assurance Managing Director/CEO Deepthi Lokuarachchi (left) and MillenniumIT ESP Director and Ambeon Group Managing Director/Chief Executive Officer Murali Prakash (right)

HNB Assurance (HNBA) moves to Oracle ERP Cloud platform in order to streamline their business processes
Implementation of the entire process undertook only 7 weeks, ensuring that HNBA does not miss out on business opportunities and continue to have seamless business operations

MillenniumIT ESP – one of Sri Lanka’s leading Systems Integrator and Information Systems Provider – recently announced that it has successfully implemented the Oracle ERP Cloud platform for HNB Assurance (HNBA), a leading insurance service provider in Sri Lanka. The project was completed within a short span of 7 weeks, recording the fastest Oracle ERP implementation in the country. The solution provided by MillenniumIT ESP has enabled HNBA to reduce IT complexity, streamline business processes and increase employee productivity by helping automate business processes, and improve decision-making through advanced data analysis.

MillenniumIT ESP deployed the Oracle ERP Cloud solution for HNBA in order to support the company with the modernisation of its finance and expense management practices, as part of its forward-looking business applications roadmap. The latest cloud modules have been seamlessly integrated virtually as HNBA opted to adopt to the best practices provided by the solution. This not only helped streamline and simplify its existing business processes but also provided agility, mobility and fasten the time taken to market.

“Organisations around the world rely on Oracle ERP Cloud Solutions to help streamline and optimise their business processes,” said Murali Prakash, Director MillenniumIT ESP and Group Managing Director/Chief Executive Officer Ambeon Group. “By modernising ERP in the cloud platform, HNBA’s teams can now free themselves from routine transaction processing and devote more time to working as strategic partners to the business, helping the management make more informed decisions.”

Mr. Prakash further stated “Being a Platinum level member of the Oracle Partner Network for more than a decade and having understood the business capabilities it brings to organisations, I am pleased to state that implementing this solution within a short timeframe of just 7 weeks was indeed an accomplishment.”

“Oracle is uniquely positioned to deliver end-to-end solutions that clients need in order to fully embrace its cloud capabilities. Therefore, we felt that through this operation, it was mandatory to establish industry best practices by connecting existing applications while improving productivity and decision-making as quickly as possible so that clients do not lose out on business opportunities and continue to have flawless business continuity. I am proud to state that with the implementation of the Oracle Cloud ERP solution at HNBA, we have achieved these objectives both efficiently and effectively”, Mr. Prakash concluded.

“I am pleased to note that the HNB Assurance Finance Team together with MillenniumIT ESP and Oracle jointly achieved the implementation of the Oracle Cloud ERP platform in the short time period of 7 weeks, making it a record-breaking achievement,” said Mr. Deepthi Lokuarachchi, Managing Director/CEO HNB Assurance. “I wish to thank the teams at MillenniumIT ESP, Oracle and HNB Assurance Finance for their individual and collective efforts which made this implementation possible during a period coinciding with the year-end financials. My sincere congratulations to everyone who worked tirelessly for this achievement,” he added.

MillenniumIT ESP is a subsidiary of Ambeon Holdings PLC, a medium sized conglomerate reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments. The Company is one of Sri Lanka’s leading information systems solutions providers delivering IT solutions for many industries; including banks and finance, telecommunications, apparel and leading conglomerates. Solutions provided by the Company include Core Infrastructure, Information Security, Business Collaboration, Near-Field Communications, Business Productivity, Cloud, Networking and Managed Services. The Company also boasts about the several global partnerships with leading firms including Oracle, Microsoft, IBM, Dell, Hitachi, Cisco and Infosys. It has also received several excellence, innovation and performance-based awards across various markets for its services around the globe.

About Oracle Cloud

Oracle Cloud is the industry’s broadest and most integrated public cloud. It offers best-in-class services across software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS), and even lets customers put Oracle Cloud in their own data center. Oracle Cloud helps organisations drive innovation and business transformation by increasing business agility, lowering costs, and reducing IT complexity. Oracle Cloud today conducts 34 billion transactions a day supporting 70+ million users. It runs in 19 strategic data centers around the world.

About HNB Assurance (HNBA)

As a subsidiary of Hatton National Bank PLC; an internationally acclaimed commercial bank in Sri Lanka, HNB Assurance PLC is a leading life insurance service provider in the country, with a wide spectrum of solutions in its portfolio ranging from individual life policies to corporate life policies and Takaful services.

Tag: banking