Sri Lankan bank selects Polaris' Intellect CBS system

Sri Lanka's Regional Development Bank has selected financial technology firm Polaris Software Labs' 'Intellect' core banking solutions (CBS) system for roll-out across its branch and service centre network.

The 100% Sri Lankan government-owned bank selected the Intellect CBS system offered by Polaris to overcome challenges— including manual operation— as well as meet critical requirements and cater to its 35 lakh customers, Polaris Software Lab said in a filing to the BSE.

Regional Development Bank has partnered with software company MIT and Polaris to implement the state-of-the-art solution at the bank, Regional Development Bank Chairperson Janaki Kuruppu said.

"With the core banking solution, we will be able to link all 253 branches and service centres and thereby give a more efficient and convenient service to the customers and improve our productivity as well," she said.

Bank customers would benefit from better banking facilities after implementation of the system, as they would be able to save time and money, the company said.