LinearSix to launch the next phase of digital transformation in Banking | Daily News

LinearSix to launch the next phase of digital transformation in Banking

The key team of LinearSix.
The key team of LinearSix.

Celebrating four years of successfully transforming the banking and financial services sector of Sri Lanka with digital enablement, LinearSix is focused on bringing in a new era for banking and insurance in 2021.

Starting small with the founding team depended on their extensive domain and technical expertise to help banks and financial institutions increase profitability through digitalisation, LinearSix has come a long way.

Securing a large contract to transform the core banking system of a leading finance company in Sri Lanka, and assist a leading bank with their Robotic Process Automation work within its first two months of operation, LinearSix is a team of over 20 professionals with many years of combined banking and fintech expertise, including the founders and industry veterans Mario Gooneratne, Ishan Wijetunga, Dinesh Thomas, Nadeesha Perera, Chetan Kari, Saad Mansoor, and Lalin Dias.

LinearSix, and its partner Yaala Labs, were the only local company to be selected by the Central Bank of Sri Lanka (CBSL) to design its new electronic KYC (Know Your Customer) solution as a proof of concept using blockchain technology.

Gooneratne explained, “Sri Lankan banks are in the forefront of technology in terms of core banking systems and we are encouraged by the recent steps taken by CBSL that will ensure the local industry will soon have frictionless customer experiences, resulting in the increased adoption of digital banking.”

Gooneratne further noted that the demand for optimised digital experiences has spiked with the current pandemic. “The expectations of the modern consumer is shaped by best in class experiences such as Slack, Uber and WhatsApp. Our products are designed and engineered to deliver such unified and frictionless experiences in the financial services domain that has transformed clumsy legacy systems with limited capabilities and controls, to create great experiences, which have benefited and resonated well with our customers”.

LinearSix is also promoting the concept of smarter e-wallets and open banking. “We believe that every bank having its e-wallet is not the best way forward – we need an aggregator with their e-wallet that connects to multiple banks securely through open API’s and a go-to-market strategy to increase user adoption so that customers are not burdened with having multiple wallets to pick from when doing transactions,” avers Gooneratne. LinearSix has helped several banks to build API’s keeping Open Banking in mind, and are already in operation for Digital Banking and e-wallet related services.

LinearSix is eyeing machine learning as its next innovation. Banks can now offer services to customers based on real-time data and insights, instead of waiting for a customer to approach the bank with a request. Virtual agents analyse data and propose a service, or mix of services, tailored to the customer’s needs, enabling banks to anticipate customer’s wants and needs proactively.

This technology also verifies and analyses legal documents and contracts to ensure the customer and the bank are protected. “We are currently running a few pilots to explore machine learning-driven credit decisions, using customers’ credit behaviour to automate a bank’s loan decision process,” stated Gooneratne, adding that LinearSix will continue their work in supporting the banking and financial services domain with new age, innovative technologies.