Growth of Sri Lanka’s financial services industry through digital transformation will depend on how effectively banks and financial institutions embrace artificial intelligence (AI), trusted data and customer-centric innovation while maintaining confidence and transparency, according to Salesforce South Asia President and CEO Arundhati Bhattacharya.
Growth of Sri Lanka’s financial services industry through digital transformation driven by AI and trust
In an interview, Bhattacharya said Sri Lanka’s financial sector is entering a crucial phase of rebuilding following recent economic challenges, with technology expected to play a central role in strengthening resilience, improving customer experience and supporting long-term economic growth.
She described digital transformation not simply as a technology initiative but as a broader economic strategy capable of making financial institutions more efficient, responsive and competitive. According to Bhattacharya, institutions that successfully combine technology with customer trust will be better positioned to support the country’s recovery and future development.
Sri Lanka has already outlined ambitious goals through its National Digital Economy Strategy 2030, which aims to build a US$15 billion digital economy while increasing digital literacy to 95% by 2030. Bhattacharya said achieving these objectives requires a modern financial ecosystem that enables individuals and businesses to participate confidently in the digital economy.
Rather than merely digitising existing banking processes, she believes the sector should rethink its approach by placing customers and intelligent decision-making at the centre of operations. Artificial intelligence supported by reliable and connected data can help financial institutions anticipate customer needs, personalise services and make faster, more informed decisions.
Bhattacharya stressed that trust remains the foundation of banking despite rapid technological advances. Modern consumers increasingly compare banking experiences with the best digital services available across industries, creating higher expectations for speed, convenience and personalised support.
She said AI has the potential to transform customer engagement only when supported by high-quality data, strong governance and responsible human oversight. Without these foundations, technology risks amplifying inconsistencies rather than improving service quality.
According to Bhattacharya, the future leaders of the financial services industry will be institutions that use technology to strengthen human relationships rather than replace them. By automating routine administrative work, banks can allow employees to focus on complex financial advice, customer guidance and long-term relationship building.
Drawing lessons from India’s experience, Bhattacharya pointed to the country’s Digital Public Infrastructure—including Aadhaar, Unified Payments Interface (UPI) and the Account Aggregator framework—as an example of how coordinated public policy and technology can accelerate innovation across the financial sector.
She noted that UPI now processes more than 18 billion transactions each month, demonstrating the benefits of building common digital infrastructure that encourages collaboration between governments, regulators, financial institutions and technology providers.
While acknowledging that Sri Lanka’s development path will differ from India’s, she said the underlying principle remains the same: sustainable digital transformation succeeds when multiple stakeholders work towards a shared vision rather than pursuing isolated technology projects.
Bhattacharya also highlighted financial inclusion as one of the most important opportunities created by digital innovation. She argued that genuine inclusion extends beyond opening bank accounts and should enable individuals to save, invest, borrow, insure themselves against risk and actively participate in the formal economy.
Sri Lanka’s expanding digital infrastructure provides new opportunities to deliver financial services to rural communities, entrepreneurs and small businesses that have historically faced limited access. AI-powered technologies can help financial institutions better understand customer requirements while designing more relevant products and delivering personalised financial guidance at scale.
However, she cautioned that technology alone cannot deliver inclusive growth. Continued investment in digital literacy, financial education and public trust will remain equally important if people are to confidently adopt digital financial services.
Looking ahead, Bhattacharya identified three priorities for Sri Lanka’s banking sector: maintaining strong governance and responsible AI practices, transforming disconnected data into meaningful business intelligence, and positioning banks as drivers of national economic development rather than simply financial intermediaries.
She said banks have always played a critical role in supporting economic growth, but their contribution will become even more significant in an AI-powered economy. By embracing innovation responsibly, expanding financial inclusion and strengthening customer confidence, Sri Lanka’s financial services industry can enhance competitiveness while contributing to sustainable national development.
Bhattacharya concluded that Sri Lanka has demonstrated considerable resilience in recent years, and that the next phase of progress will depend on how successfully financial institutions combine technology, intelligence and trust to support long-term economic transformation.