Stakeholder Outcomes
A Digitally Empowered Bank
As technology redefines the financial landscape, the Bank of Ceylon's digital transformation agenda aims to enhance efficiency, agility, productivity and customer convenience much like the hexagon an emblem of precision, strength and efficiency. The Bank adopts a structured and strategic approach of integrating digital transformation within its core business operations.
The hexagon, found in nature's most optimised structures, mirrors BOC's commitment to building a seamless, interconnected and highly efficient banking ecosystem.
By leveraging state-of-the-art IT infrastructure, cybersecurity frameworks and customer-centric digital solutions, the Bank's focus is on delivering efficiency, agility and promoting financial inclusion.
CONTEXT FOR 2024
Strategic Pillar
Digital Excellence
BOC’s digital capital strategy is built on the core pillar of “Empowering Customers through Digital Excellence”. The Bank aims to enhance accessibility, security, and efficiency across all digital banking channels, ensuring a seamless banking experience.
Priority Areas
- ● Customer convenience and accessibility
- ● Process and infrastructure development
- ● Strengthening security
CUSTOMER CONVENIENCE AND ACCESSIBILITY
In today's fast-paced digital era, providing seamless and accessible banking services is critical for customer retention and satisfaction. BOC has committed to enhancing digital convenience by investing in user-friendly banking platforms and expanding its reach across multiple channels. Thereby, the Bank ensures that customers can access financial services anytime, anywhere, with minimal friction.
Enhancing Existing Channels
The Bank focused on improving its existing channels and platforms to ensure that the customers have access to a superior and seamless experience with every interaction. During the year, the Bank successfully improved its mobile application and expanded its digital ecosystem through new touchpoints.
Digital Onboarding in 2024:
The Bank implemented digital verification and KYC (Know Your Customer) to accelerate account opening procedures. The 'Apply Online' facility simplifies opening of credit cards, loans and savings accounts ensuring faster approval and accessibility.
During the year 2024, the Bank witnessed a growth in digital adoption levels as shown by the encouraging statistics.
PROCESS AND INFRASTRUCTURE DEVELOPMENT
The backbone of a successful digital banking ecosystem is its operational efficiency and infrastructure. The Bank continuously invests in process optimisation and IT infrastructure development to ensure seamless banking operations. By leveraging automation and technological advancements, the Bank enhances service delivery, reduces turnaround times, and increases overall efficiency.
Process Improvement Outcomes
| Process Improvement | Outcome/s | Impacted Stakeholders |
|---|---|---|
| Workflow automation integration | Faster transactions, increased productivity | Customers Employees |
| Core banking system upgrades | Improved reliability and transaction efficiency | Customers Employees Shareholder and Fund Providers |
| Apply-Online Loans via Web | Faster loan requests and processing | Customers |
| Enhanced cybersecurity measures | Strengthened trust and regulatory compliance | Customers Regulators |
| Customer support implementation | Enhanced Customer satisfaction and issue resolution | Customers Employees |
STRENGTHENING SECURITY
In a rapidly evolving digital landscape, security and IT governance form the foundation of sustainable innovation. As the Bank accelerates its digital transformation journey, it adopts a structured approach.
With banking operations becoming increasingly interconnected, robust cybersecurity frameworks, data privacy measures and meticulous IT governance protocols are critical in safeguarding trust. BOC is committed to embedding advanced security mechanisms, and regulatory compliance into its digital ecosystem, ensuring that innovation is built on a foundation of resilience and accountability.
By aligning digital transformation with governance best practices and global security standards, BOC reinforces its position and responsibility as a bank that leverages technology not just for speed and efficiency, but for trust, stability, and long-term sustainability.
DATA PROTECTION
As per the Data Protection Act No. 9 of 2022, the Bank's Data Protection Officer (DPO) who reports to the General Manager independently, oversees the implementation and enforcement of data privacy measures to comply with the Data Protection Act in Sri Lanka. The DPO is responsible to develop comprehensive policies and procedures for data handling with the objective of safeguarding customer information. The DPO also conducts regular training and awareness building sessions to the staff on data protection policies to improve data protection. The Bank conducts regular audits and inspections to assess compliance with the regulations and preventing any data breaches. The DPO is also responsible to ensure that there are no privacy violations and data breaches which will erode the confidence and the trust the customers possess in the Bank's operations.
Security Frameworks
To reinforce digital security, the Bank has adopted industry-leading security frameworks and technologies. The following measures have been implemented to safeguard stakeholders by upholding the highest standards of customer trust and confidentiality:
| Initiative | Outcome/s | |
|---|---|---|
| Security Information and Event Management (SIEM) and Network Detection and Response (NDR) upgrade | Enhanced threat detection and response capabilities | |
| Data Loss Protection (DLP) implementation | Prevention of data leakage and unauthorised access | |
| Advanced threat protection | Strengthened endpoint and server protection and network security | |
| Deception technology | Advanced detection and mitigation of cyber threats | |
| External Vulnerability Assessment and Penetration Testing (VAPT) | Comprehensive identification and reinforcement of security vulnerabilities | |
| Privilege access management | Secures, controls and monitors privilege accounts to prevent unauthorised access and cyber threats | |
| Intrusion Prevention System and Intrusion Detection System (IPS/IDS) | Intrusion prevention/detection mechanism to secure the perimeter firewall | |
| Web Application Firewall and Distributed Denial of Services (WAF/DDOS) | Mitigate using web application from DDOS attacks |
The Bank has felt the need for proliferation of IT industry best practices and International Standards into its processes. Towards achieving this objective, the Bank focuses on introducing "Enterprise IT Governance Framework (COBIT 2019)", which will cover:
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)
Additionally, the Bank continuously updates its security protocols to address emerging threats. Regular security audits, penetration testing, and employee training programmes help to maintain a strong defence against cyber threats.
ISACA - Digital Trust Awards 2024
As the employer with the most of ISACA members acknowledging it's community of cybersecurity professionals.
Implementation of best practices aligning with international standards and frameworks
The Bank adheres to global cybersecurity standards and best practices to uphold trust, transparency and confidentiality of the Bank's operations. The Bank's strong IT governance frameworks establish clear policies, robust cybersecurity measures and risk management protocols to protect sensitive information, maintain system integrity and ensure business continuity. IT governance ensures that technology investments align with strategic objectives while safeguarding digital assets and customer trust. It provides a structured approach to decision-making, accountability, and risk mitigation, ensuring that innovation does not come at the cost of security or regulatory compliance.
Cyber threats, data breaches, and regulatory complexities demand a governance model that is proactive, adaptive, and resilient.
As BOC looks ahead to 2025 and beyond, the Bank is committed to further strengthening its digital banking ecosystem. Future priorities include:
Leveraging artificial intelligence for customer assistance, fraud detection, and process automation.
Introducing solutions like BOC Rewardz Plus, Mini POS systems, and an upgraded mobile banking application to enhance customer engagement.