Short answer: Yes—digital banking in Sri Lanka can be reliable, but reliability depends on which provider you use and how you use it.

Why:

• Licensed banks and finance companies in Sri Lanka operate under the Central Bank of Sri Lanka (CBSL) and must follow technology-risk and payment-system rules; the CBSL has recently strengthened tech-risk and incident‑reporting requirements to raise resilience. (dailymirror.lk)
• Deposits with member institutions are covered by the Sri Lanka Deposit Insurance Scheme (SLDIS) up to Rs. 1,100,000 per depositor per institution, so funds in accounts at licensed banks/finance companies have a statutory safety net. (cbsl.gov.lk)

Main risks to be aware of:

• Fraud, phishing and social‑engineering attacks remain common and increased in recent years; attackers often target mobile apps, OTPs and QR/payments channels. (You’ll see periodic incidents and warnings reported.) (dailymirror.lk)
• Service outages or technical problems can affect any bank’s app or online channel (especially during upgrades or high traffic).
• Not all “digital” providers are the same: fully licensed banks and licensed finance companies offer stronger regulatory protection than unregulated e‑wallets or informal fintechs.

Practical checklist to improve reliability and safety

• Use licensed banks/finance companies (confirm on the CBSL website). (cbsl.gov.lk)
• Confirm accounts/deposits are covered by SLDIS (Rs.1,100,000 limit) and avoid keeping amounts above coverage at a single institution if you want full protection. (cbsl.gov.lk)
• Install only official apps from Google Play / App Store; keep apps and OS updated.
• Enable strong authentication (2FA/biometrics), never share OTPs or full passwords, and treat unsolicited calls/messages about your bank account as suspicious.
• Monitor statements and transaction alerts; set limits where possible.
• Prefer banks that publish security measures (transaction monitoring, fraud‑reporting process, incident-response) and have clear customer support channels.

If you’d like, I can:

• look up a short list of the biggest licensed digital/mobile banking providers in Sri Lanka (and link to their CBSL licensing or SLDIS membership), or
• give a tailored safety checklist for using a specific Sri Lankan digital bank or app.