Union Bank of Colombo PLC (UBC) last week announced that the Bank will be introducing a new state-of-the-art core banking solution that will enable the Bank to add further value to improving its management processes and service delivery. Nilanth de Silva, Chief Operating Officer of UBC stated that the Bank will be investing in excess of 6 million US dollars in implementing the system further highlighting its commitment to operational stability.
UBC has picked the internationally renowned banking solutions supplier, Silverlake Systems, Malaysia to implement the core banking system that will enhance the Banks already technologically driven management process to even greater heights. Anil Amarasuriya, Director / CEO of Union Bank stated: “this is yet another milestone in the Bank’s premise to deliver superior customer value. UBC is one of Sri Lanka’s fastest growing banks and the new Core Banking Solution will add greater value to further improving service delivery. It is a universal banking system with robust functionality that provides comprehensive instrument and product coverage for deposits, lending, trade finance, treasury management and will also enhance and support front-, middle-, and back-office operations of the Bank, as well automate financial management, risk, and performance areas,” It will also enable UBC to “effectively manage increasing margin pressure and growth by helping in optimizing the Bank’s balance sheet profile, developing a strategic balance sheet management framework, and to operationalize analysis and learning into executable strategies.”
Chee Chin Leong, President Business Alliances of Silverlake Systems Sdn Bhd (SLS) of Malaysia said that the company is happy to partner Union Bank in this initiative. He said: “Our solutions enable organizations to achieve efficient and effective operations, and position them with a strategic platform for future business needs. The new system with its flexibility in functionality and features will ensure UBC’s technological capabilities in delivering increased customer value and support, its rapid expansion smoothly.”
Silverlake will implement the core banking system with the assistance of their accredited local agent Just in Time Group.