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LB Finance partners with POTENZA and UiPATH to transform their Intelligent Automation Capabilities through RPA

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LB Finance PLC (LBF), the country’s leading Non-Banking Financial Institution (NBFI), yet again reinforced its vision to be the pioneer in digitizing business processes with revolutionary automation practices of mundane tasks, by partnering up with POTENZA, the Global Digital Transformation Company along with UiPath, one of the leaders in the global Robotics Process Automation (RPA) space.

With the comprehensive stack of digital transformation services covering a vast spectrum of the Finance Industry, POTENZA was able to help LBF unlock the true potential of the business through Digital Transformation and Robotic Process Automation of mainstream activities including Financial Reconciliations and Insurance Payment Processes.

Automation of streamlined workflows resulted in an elevation of the overall ROI of LBF whilst boosting its agility, flexibility and responsiveness. Financial processes including LankaPay channel reconciliations such as Common Electronic Fund Transfer (CEFT), Sri Lanka Interbank Payment System (SLIPS), Common ATM Switch (CAS) and payment transactions pertaining to Visa Cards were also smoothened via the process.

Bank reconciliation could be challenging for any given organization as it involves immense manual tasks to perform from the time the bank statement is downloaded from the corresponding bank or NBFI and compared with the transactions in the core banking system. This equally applies to the daily reconciliation of digital channel transactions such as CEFT, SLIPS, CAS and VISA. The partnership with POTENZA has inculcated a strong sense of agility to the organization along with an ‘automation first’ culture.

POTENZA also automated the entire workflow of Insurance Premium Payments Reconciliation to different insurance companies. As a result, LBF saves more than 5,200+ Man Hours annually and has shown an increase of 364% in the average speed of their operations on the automated processes.

Speaking about LBF’s strategy on Robotic Process Automation (RPA), DGM- IT, Chethana Kahandugoda said “whilst driving the core business with a human touch, LBF strived to provide superior services to our customers by numerous ways of optimizing the time using automation. Utilizing technologies such as UiPath has the potential to change paradigms of how our business operations will evolve along with new capacities that it would create. Our partnership with POTENZA ensured that intelligent automation was not just a mere technological conversation but also a realistic business lead initiative where strong KPIs were the key focus”

Chief Manager – IT/Business Analysis Dinusha Mudunkotuwa commented “through Financial Reconciliation Automation, LBF eliminated reconciliation delays and achieved better customer service by promptly identifying exceptions. Further, Insurance Renewal Automation allowed LBF to handle different data templates of insurance providers seamlessly while achieving fully automated insurance renewal data entry throughout the lease period.”

“Intelligent automation technologies such as RPA are now non-negotiable staples to have in any organization and are ever so relevant than before due to the effects of COVID-19”, stated POTENZA MD/CEO Dhanusha Muthukumarana. He also stated that POTENZA hopes to co-innovate in future with LB Finance to cater to prevailing and potential business requirements by providing more automated and digitized solutions, enhancing the overall productivity of the company.

From its humble beginnings in 1971, LB Finance has seen remarkable growth over the last five decades, establishing its position today as one of the pioneers among the Non-Banking Financiers in Sri Lanka. The hallmark of its success has been the Company’s ability to adapt and innovate its product and service offerings to cater to the ever-changing needs of the local consumer. Company believes the agility and the dynamism in its business model are the key attributes in sustaining its performance at the highest level in this highly competitive financial services space.



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Business

Sri Lanka’s economic confidence index plummets

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‘No one has rated Sri Lanka’s economic condition as excellent. 1.8 % rated it as good and 1.3 % rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022, a wide ranging Verite Research public opinion survey reveals.

Key findings of the survey:

Government approval rating drops from 10% to 3%

The second round of the Gallup Style “Mood of the Nation” poll was conducted in June by Verité Research. It assessed the approval, satisfaction, and confidence of the nation in relation to the government, the country, and the economy.

The poll was conducted as a part of the syndicated survey instrument by Verité Research. This instrument also provides other organisations the opportunity to survey the sentiments of Sri Lanka.

1. Government approval rating | 3% | To the question, “Do you approve or disapprove of the way the current government is working?” only 3% said they approve. In January 2022 this rating was at 10%.

2. Sri Lanka satisfaction | 2% | To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” only 2% said they were satisfied. This rating was at 6% in January 2022.

3. Economic confidence | negative (-) 96 | Multiple choice questions on the condition and trajectory of the economy are used to generate an economic confidence score. The score can range from negative (-) 100 to positive (+) 100. A score above zero means more people see the economic conditions positively rather than negatively. If everyone thinks the economy is in either excellent or good condition, and everyone also thinks it is getting better, the score will be (+) 10. If everyone thinks that the economy is in a poor condition, and everyone also thinks it is getting worse, the score will be a (-) 100. No one rated the economic condition as excellent. 1.8% rated it as good; and 1.3% rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022.

Implementation of “Mood of

the Nation”

The poll is based on an island wide nationally representative sample of responses from 1,052 Sri Lankan adults, conducted in June 2022. The sample and methodology was designed to ensure a maximum error margin of under 3% at a 95% confidence interval. The polling partner was Vanguard Survey (Pvt) Ltd.

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Decline in share market in the wake of rate hike reports

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By Hiran H.Senewiratne

CSE trading activities began on a positive note yesterday but during the latter part of the day the market experienced a dip on account of the overall supply chain economy being subjected to a contraction, stemming from the fuel crisis. Consequently, CSE activities were relatively low keyed, market analysts said.

“We are reverting to the negative. There is uncertainty on all fronts, from the political to the economic. Therefore, we are expecting a rate hike on Thursday. This is creating a bit of a cloud and we may see this continuing further, a top market analyst said.

Even if top level decision- making is happening in Sri Lanka the impact is not felt at the grassroots level. This has resulted in unrest in the country, the analyst said.

Amid those developments, both indices moved downwards. The All- Share Price Index went down by 97.9 points and S and P SL20 declined by 34.3 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in JKH, which crossed 600,000 shares to the tune of Rs 73.2 million, its shares traded at Rs 122.

In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 611 million (7.3 million shares traded), Expolanka Holdings Rs 173.9 million (one million shares traded). LOLC Holdings Rs 47.4 million (120,000 sha4es traded), Hayleys PLC Rs 46.5 million (697.000 shares traded), Browns Investments Rs 46.3 million (6.4 million shares traded), JKH Rs 21 million (173,000 shares traded) and Softlogic Holdings Rs 20.5 million (794,000 shares traded). During the day 109 million share volumes changed hands in 15000 transactions.

The International Monetary Fund said last Thursday its talks with crisis-hit Sri Lanka had been “constructive”, thereby raising hopes it would soon grant preliminary approval for a desperately needed financial support package, observers said.

Meanwhile, the Colombo Consumer Price index rose 54.6 per cent year-on-year in June against a 39.1 per cent rise in May, according to the Statistics Department.

Yesterday the US dollar rate was Rs 360.73, which is now being controlled due to the prudent fiscal and monetary policies of the Central Bank.

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Dialog Club vision members receive access to an exclusive screening of ‘Jurassic World Dominion’

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In a bold and breath-taking new global adventure, the epic conclusion to the Jurassic film franchise ‘Jurassic World Dominion’ hit theatres across the world on June 10. Just a day after its global premiere, Dialog Club Vision Red members and their loved ones received special access to an exclusive screening of the film at the Kandy City Centre Multiplex on June 11.

The explosive end to the Jurassic era sees two generations of the film’s franchise unite for the first time with Hollywood’s Chris Pratt and Bryce Dallas Howard joined by Oscar winner Laura Dern, Jeff Goldblum and Sam Neill. Dialog Club Vision members were some of the first to witness the utopian world where Dinosaurs and humans co-exist.

With the best interests of its members and their loved ones at heart, Dialog Club Vision continues to deliver a world of exclusivity and privileges such as personalized care, exclusive discounts and offers, lifestyle and entertainment events and more. To explore more exciting offers available for Dialog Club Vision members, and to learn more about Sri Lanka’s premier loyalty programme, customers can visit the MyDialog App or visit dialog.lk/club-vision

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