Union Bank has overhauled its credit card business with the deployment of BPC SmartVista, giving the bank greater control over card product development, technology integrations, transaction data and customer experience as it accelerates its digital transformation programme.
The upgrade replaces a legacy environment hosted outside Sri Lanka with a more configurable payment platform that the bank says will enable it to respond faster to changing customer and market requirements.
The move is expected to support substantial year-on-year growth in Union Bank’s credit card portfolio over the coming years, while reducing reliance on third-party technology providers.
Nisala Kodippili, Chief Technology Officer, Union Bank, said the new platform provides a highly configurable environment that can be adapted to evolving business requirements without lengthy development cycles.
The platform’s open application programming interfaces (APIs) also simplify integration with the bank’s core banking system, digital channels and other surrounding systems, creating greater scope for the development and deployment of new card services.
“For customers, the upgrade enables innovative and personalised card products, stronger transaction security, integrated fraud protection and the faster introduction of new services,” Kodippili said.
The technology migration is also aimed at strengthening Union Bank’s operational control over its credit card business and reducing its dependence on external technology infrastructure.
Malinda Perera, vice president, Head of Cards & Retail Products, Union Bank, said the new platform would give the bank greater flexibility to respond to market demand while improving control over the technology and data supporting its card operations.
“For Union Bank, the project offers greater operational control, reduced third-party dependency and more flexibility to respond to market demand.
“With the new platform now operational, Union Bank expects its credit card portfolio to grow substantially year-on-year over the coming years,” Perera said.
SmartVista provides Union Bank with a platform through which card products and associated services can be configured and integrated without relying as heavily on lengthy external development cycles.
The bank said the architecture would support more personalised card propositions, enhanced transaction security and integrated fraud protection, while allowing new services to be introduced more quickly.
Subash Chandra Bowse, country director for Sri Lanka, Bangladesh and the Maldives at BPC, said the changes in Sri Lanka’s banking market were increasing the need for payment infrastructure capable of supporting both innovation and operational control.
“Sri Lanka’s banking market is evolving quickly, and institutions need payment infrastructure that supports both control and innovation,” Bowse said.
He said Union Bank had taken an important step in modernising its credit card business, with the SmartVista platform providing capabilities to launch new propositions faster, strengthen security and support long-term growth.
