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Mario Gooneratne, Co-founder and CEO of LinearSix

Linearsix is the game changer of Sri Lanka’s Banking and Financial services industry.

The legacy of LinearSix is one that commenced with a small founding team who synergised their domain experience and technical expertise to help Sri Lankan banks and financial institutions increase profitability through digital-infused transformation. As they celebrate their fourth anniversary, the ever expanding digital solutions provider is focused on bringing in a new era for banking, finance and insurance in 2021.

“Within the first two months of operation we were fortunate to win 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,” recounts Co-founder and CEO Mario Gooneratne. With many years of combined banking and fintech expertise, LinearSix is a team of over 20 professionals, including the founders and industry veterans Mario Gooneratne, Ishan Wijetunga, Dinesh Thomas, Nadeesha Perera, Chetan Kari, Saad Mansoor, and Lalin Dias.

Their successful journey in the banking industry led LinearSix, with its partner Yaala Labs, to become the only local company to be selected by the Central Bank of Sri Lanka (CBSL) to design its new KYC (Know Your Customer) solution as a proof of concept using blockchain technology.

Today, the company celebrates the continued success of its trailblazing software Lime which was introduced to the market to fill the widening gap between improving customer experiences and enhancing user experiences in the banking, finance and insurance sector of Sri Lanka. Lime is a chat based, conversational workflow interface which streamlines user experience by seamlessly integrating core banking and other systems. Enabling users to perform banking operations without the hassle of switching between multiple systems, it offers an omni channel experience through its unified conversational workflow platform. Lime currently powers a number of banks and finance companies in Sri Lanka and has been instrumental in these companies’ journeys of making ground-breaking digital transformations.

Director and product manager of Lime, Dinesh Thomas explains: “Lime was conceived to solve fundamental problems within banks, focusing on users whose experience is often overlooked in the pursuit of superior customer experience. Identifying the need to streamline user experience, especially in catering to the new age employee who yearns to learn while working, Lime enables banks to generate great internal user experience which translates into more competent employees and ultimately leads to better customer experiences.”

With a focus on banking and insurance, they have transformed clumsy legacy systems to create great experiences

LinearSix is also promoting the concept of smarter e-wallets and open banking – the next big thing for Sri Lanka. “We believe that every bank having its own e-wallet is not the best way forward – we need an aggregator who has their own e-wallet that connects to multiple banks securely through open APIs, and have an innovative go-to-market strategy to increase user adoption,” explains Mr. Gooneratne, adding that customers should not be burdened with having multiple wallets to pick from when doing transactions. LinearSix has helped several banks to build APIs keeping Open Banking in mind, and are already in operation for Digital Banking and e-wallet related services.

Dinesh Thomas,Director at LinearSix, and Product Manager of Lime

Always looking ahead, LinearSix is eyeing machine learning as its next innovation, using data to create predictive profiles of customers. This will allow banks to 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 would analyse data and propose services that are tailored to customer needs, and would also verify and analyse legal documents and contracts to ensure that the customer and 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 Mr. Gooneratne.

Recognised as a tech-driven innovator supporting financial institutions set up transformational technology, LinearSix is confident that the acceleration towards digitalisation brought on by Covid-19 will be a promising launch-pad for the country in its digital vision and intends to continue its pioneering work in the banking and financial services domain.

Mr. Gooneratne concludes, “With the current pandemic, the demand for optimised digital experiences has only further spiked. The expectations of the modern consumer and employee, 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. With a focus on banking and insurance, they have transformed clumsy legacy systems with limited capabilities and controls, to create great experiences which have benefited and resonated well with our customers”.