‘Flash’ – the Digital Bank account powered by Commercial Bank of Ceylon, has been presented the award for the ‘Digital Banking Initiative of the Year’ in Sri Lanka at the 2021 Asian Banking and Finance (ABF) Awards under the ‘Retail Banking Awards – Supporting Projects’ category.
The award was bestowed in recognition of recent innovations to improve and develop the ground-breaking Flash Account which enables customers to enjoy a complete suite of financial services and wealth management tools in one seamless application.
In 2020, ComBank Flash was upgraded with revolutionary features never-before-seen in the market. These included ‘Save the Environment’ a feature which promotes an understanding of the social carbon footprint of consumption by assessing each transaction a user carries out via the app using a carbon footprint calculator that is integrated with the UN-approved Environment Impact Index for financial transactions; and the ‘Advanced Budgeting’ tab which functions as a personal financial management tool that enables tracking of spending with detailed categorisation of expenses.
Furthermore, the app was equipped with a Quick Response Payment module that enables users to scan a LANKAQR code of any merchant to make payments directly from their accounts to the merchant for purchases.
Other improvements to the ComBank Flash app include the integration with the PickMe app QR, introduction of Flash e-Statements with payment and receipts facility and detailed e-Receipts for Flash transactions with the option to share via email and WhatsApp;the introduction of ‘JustPay’ which enables customers to add any bank account to top up Flash and make payments, and the addition of ‘My Payees’ and ‘My Billers’ functions in the homepage menu with recent payee and biller templates. The Bank also launched a new website for Flash – www.flashbank.lk.
The app was also equipped with a ‘Flash Finance SPACE’ function that generates Credit Cards, Personal Loans, Home Loans, Leasing, and Education Loans requests.
As a comprehensive digital banking tool, theComBank Flash Digital Banking App provides financial services required to manage the lifestyle of a customer across aspects such as daily living and utility expenses, budgeting, saving, financing, eCommerce, environmental awareness, and investments.
Recognised as a leading publication for banking and finance executives in Asia, the Asian Banking and Finance magazine evaluates the most outstanding practices and innovative initiatives in Asia’s retail banking sector and honours outstanding banks that have introduced ground-breaking retail banking products and services that prove to be industry game changers, despite the various challenges faced by their sectors.
All submissions for the awards were judged by a committee of esteemed industry experts on the uniqueness, innovation, effectiveness, impact and dynamism of the entered products and services, based on nominations received.