Introduction

People’s Bank, the second-largest state-owned commercial bank in Sri Lanka, faced the ambitious challenge of automating all banking services under the concept of Digital Banking. This transformation required integrating decentralized legacy systems developed by different vendors across over 750 branches. Collaborating with VS ONE WORLD, People’s Bank embarked on a comprehensive rewrite and centralization of all applications, using technologies like Oracle, jQuery, SOAP, and REST API.

Challenge

The challenges were:

• Digital Banking Automation: Modernizing all banking services.
• Integration of Legacy Systems: Unifying various platforms and vendors.
• Lack of Application Transparency and Interdepartmental Communication: Addressing inefficiencies.
• Catering to Over 750 Branches: Ensuring a uniform solution across the country.

Solution

Digital Banking and Financial Technology (By Expert One)

VS ONE WORLD’s innovative solution included:

• Rewriting Applications in a Single Language: Integrating various functionalities like Intranet, Pawning, Safety locker, Inventory, Maintenance.
• Centralized Web-Based Application Portal with Single Sign-On: Streamlining user access.
• Separate Report Module, Dashboards, Authentication/Authorization Process: Enhancing control and visibility.
• Scheduled User Synchronizations, Notifications/Reminders, and Audit Trailing: Increasing accountability and communication.

Impact on Legacy Systems Integration and Secure Banking Solutions (By Expert Two)

The implementation led to:

• Streamlined Communication: Improving inter-branch and department communication.
• Increased User Engagement: Minimizing manual tasks and encouraging active involvement.
• Improved Security and Audit Mechanisms: Enhancing reports, logs, transaction history.
• Flexible Business Monitoring: Configuring GL transaction logics without major implementations.

Result

The collaboration with VS ONE WORLD resulted in a successful transformation of People’s Bank’s digital banking landscape. By integrating disparate systems and introducing novel features, the project has significantly improved efficiency, security, visibility, and user engagement.

Conclusion

This case study exemplifies how digital innovation can reshape the banking industry. By understanding the unique needs of People’s Bank and leveraging cutting-edge tools like Oracle, jQuery, SOAP, and REST API, VS ONE WORLD has enabled a transformation that sets a benchmark for modern banking solutions. It emphasizes the importance of integration, automation, security, and user-centric design in enhancing banking services. This project serves as a blueprint for how technology can be harnessed to create seamless, secure, and responsive banking experiences, particularly in a large and complex financial institution.