People’s Leasing & Finance PLC, Sri Lanka’s leading government-owned non-bank financial institution, launched its digitization footprint and launched two digital applications with facilities to provide online leasing facilities and to digitize and decentralize check printing process .
This new application CAPP will help provide credit facilities with an online approval through a seamless process that improves customer turnaround times.
The DCHEQUE is another revolutionary digital transformation initiative developed by the People’s Leasing IT team in collaboration with People’s Banking. This new payment proposal includes options for SLIPS, CEFT, RTGS and internal transfers. This solution is designed and linked with People’s Bank to guarantee the most secure and controlled way to verify the payments issued by the platform. The entire office network of People’s Leasing & Finance PLC can initiate its own payments digitally with e-documents via DCHEQUE. This will make it easier to eliminate the physical signature requirement by enabling digital signature printing, based on a secure approval process.
Sujeewa Rajapakse, Chairman of People’s Bank and People’s Leasing & Finance PLC, said it is a remarkable milestone for both companies as the whole module is built in-house by researching the experience and expertise to create a unique function, helping to successfully eliminate the traditional paper-based payment process.
With the implementation of this digital transformation, all People’s Leasing branches will be able to print their customer checks without delay. In addition, the customers can obtain their checks in the way they prefer, regardless of the location.
Speaking at the launch of the digital credit application (CAPP) and digital transformation initiative DECHEQUE, People’s Leasing & Finance PLC Chief Executive Officer/General Manager Shamindra Marcelline said: “One feature that can hinder the flow of sales is the time it takes to interact with the processing credit applications. We fully understand the importance of supporting sales with reliable credit assessments that will aid in the successful closing of a deal. However, when verifying the information on a credit application requires a long and arduous process, the sales process becomes and in some cases sales opportunities may even be lost, this new app will help reduce the time factor.”
“Usually, an online credit application system requires customers to provide all vital information accurately before they can submit the document. This significantly reduces the number of incomplete applications and the need to track more information. For companies like us that have a large number of new customer applications, this online assembly process can reduce processing time from days to hours,” he added.
People’s Leasing & Finance PLC Deputy Managing Director ICT Group Prabath Gunasena said it was a very cost effective move as opposed to outsourcing as it was developed entirely in-house and with local talent.
“Data from various credit information sources can often be linked to the credit application process, which supports the evaluation and credit scoring application. In addition, because it is online, the entire process can be integrated with the needs of the sales, accounting, legal and other related departments,” Gunasena further explains.