The financial services industry in Sri Lanka is in the midst of a revolution. Traditional players today are facing rapid and irreversible changes across technology, customer behaviour and regulations. The sheer scope and speed of evolution in these three areas – coupled with changing market dynamics and aggressive non-bank competitors – means the industry in the future cannot simply be a continuation of traditional banking as it has been. With only 19% of the population living in urban areas, the financial institutions are facing the challenge of transitioning from conventional to digitally driven banking services due to lack of customer inclination.
