Mr. Kanchana Devasurendra, Head of IT at Pan Asia Banking Corporation PLC, has over 22 years of experience in the IT industry. Prior to joining Pan Asia Bank, he served as the Vice President of Solutions Delivery at Epic Lanka (Pvt) Ltd and held various positions at Nations Trust Bank, including Vice President of Application Administration. He is a well-experienced professional in the IT industry.
Kanchana is a passed finalist of the Australian Computer Society (ACS) and holds a Master of Business Administration from the University of Bedfordshire, UK, along with a Diploma in Information System Security, Control & Audit (DISSCA) from the Institute of Chartered Accountants of Sri Lanka. He is also an IBM DB2 Certified Database Associate.
Pan Asia Bank, the Truly Sri Lankan Bank, is a reputed financial institution committed to providing exceptional banking services to its customers. As a pioneer in Sri Lanka’s banking industry, Pan Asia Bank has many firsts to its credit across technology platforms, unique products and superlative service. Founded in 1995, the Bank has developed a unique reputation and culture of being ambitious, results-oriented, and supportive of traditional values – a true testament of the brand’s positioning as the Truly Sri Lankan Bank.
Kanchana counts over 22 years of experience in the IT industry. Prior to joining Pan Asia Bank, he functioned as the Vice President-Solutions Delivery at Epic Lanka (Pvt) Ltd and also served at many levels in Nations Trust Bank especially as the Vice President-Application Administration. He is a well experienced professional in IT Industry.
He is a passed finalist of Australian Computer Society (ACS), and he holds a Master of Business Administration from the University of Bedfordshire, UK and a Diploma in Information System Security, Control & Audit (DISSCA) from the Institute of Chartered Accountants of Sri Lanka and he is an IBM DB2 certified Database Associate.
Q. How has the role of the CIO in financial institutions evolved from being primarily technical resources to strategic collaborators, innovators, and integrators?
The role of the CIO in financial institutions has evolved significantly, moving from a focus solely on managing IT infrastructure to becoming a strategic partner in business development. Traditionally, CIOs were seen as technical experts. However, with the advent of new technologies, CIOs now play key roles in strategic collaborations and innovation, particularly in areas such as artificial intelligence, advanced analytics, blockchain, and cloud computing. The integration of business and technology is now a crucial element for CIOs. They collaborate with business units to enhance customer experience and internal efficiencies, delivering cutting-edge IT infrastructure, business intelligence, and data analytics.
Q. Can you explain a recent example where collaboration between CIOs and customer-facing departments improved the customer experience across multiple delivery channels?**
At Pan Asia Bank, a key project we are working on is the customer onboarding platform, which is a breakthrough solution not only for the bank but for the entire banking sector. This initiative aims to reduce the time taken for customer onboarding by streamlining multiple processes into one, eliminating friction in the current model. The result is a superior customer experience during onboarding, alongside improved efficiencies within the bank.
Our digital strategy roadmap is centred on four pillars: customer-centric excellence, internal customer excellence, IT infrastructure, and business intelligence/data analytics. These pillars focus on enhancing both the external customer experience and internal processes. We are also looking to move non-customer-centric workloads to the cloud and leverage business intelligence for better customer profiling, resulting in improved personalisation.
Q. How are CIOs driving innovation within back-office systems to enhance overall efficiency and improve customer experiences, and what challenges do they face in this process?**
CIOs are driving innovation in back-office systems by automating processes and adopting cloud technologies. Many CIOs are integrating AI and machine learning into routine tasks, reducing human errors and creating more efficient workflows. Robotic Process Automation (RPA) is being implemented to streamline tasks such as fraud detection, compliance reporting, and customer service requests. Automation helps free up staff resources, allowing them to be redeployed more effectively.
CIOs are also exploring generative AI for real-time data analysis, which aids in detecting fraud and personalising financial products for customers. However, they face challenges with legacy systems, which may not easily integrate with new technologies. Regulatory compliance and security concerns are also major hurdles, as new technologies can introduce cyber threats. CIOs must develop strategies to mitigate these risks and ensure the security of customer data and banking systems.
Q. What strategies do CIOs employ to effectively integrate legacy systems with new technologies, and how does their involvement in the planning process impact the success of such integrations?
CIOs employ a phased approach to integrating legacy systems with new technologies to minimise the risk of disruption while maximising efficiency. API-driven integrations are commonly used, enabling new technologies to work seamlessly with legacy systems. This modular approach helps streamline processes like customer onboarding while ensuring the back-end systems function smoothly.
Cloud migration is another area of focus. While the Central Bank of Sri Lanka has provided guidelines, CIOs are moving non-customer-related workloads to cloud platforms to maximise cloud services. Additionally, risk management is crucial when integrating new technologies, as CIOs must assess and mitigate potential risks associated with these transitions.
Q. How are CIOs utilising enterprise data and analytics to personalise product offerings and drive business growth, and what collaborative efforts are necessary to turn data insights into actionable strategies?
CIOs are leveraging enterprise data and advanced analytics to create personalised banking experiences and identify new business opportunities. Customer segmentation, based on years of data, allows banks to tailor their offerings. Predictive analytics is also becoming a key focus, helping banks anticipate customer needs and trends.
For these data-driven strategies to be effective, collaboration between CIOs and teams such as data scientists, marketing, and product managers is essential. At Pan Asia Bank, we are working closely with all stakeholders to fully capitalise on the insights we derive from our data warehouse. This collaborative effort ensures that data-driven strategies are fully realised and have a meaningful impact on business growth.
Q. What specific measures are CIOs implementing to strengthen cybersecurity in financial institutions, and how do they balance the need for robust security with the demand for seamless customer experiences?
In today’s context, CIOs in financial institutions are regulated by the Central Bank of Sri Lanka and follow policies aimed at ensuring resilience. Multi-factor authentication is one method being employed to enhance security, making it more difficult for unauthorised users to gain access. Data encryption, both at rest and in transit, is also critical in safeguarding sensitive information.
Real-time monitoring is another key aspect of modern banking security, with many banks having 24/7 Security Operation Centres (SOCs) to oversee system activities. Processes are in place to respond quickly to potential threats. While security is paramount, CIOs must also ensure that the customer experience is frictionless. Innovations like biometric authentication, including fingerprint and facial recognition, are increasingly being integrated into platforms like mobile and online banking, balancing security with a seamless user experience.
