Purposeful Strategy

Delivering Our Strategy

The new vision, purpose and strategic plan crafted in 2023 in collaboration with a globally renowned consultant, served as a valuable roadmap for implementing strategic interventions and deploying resources effectively amidst the uncertainty that prevailed during the year under review. As economic conditions gradually improved, we leveraged this framework to capitalise on emerging opportunities and mitigate risks while also contributing towards supporting economic recovery and promoting sustainable growth. Progress made in 2024 towards our long-term strategic goals are outlined below under the four strategic pillars of Business, People, Technology and Sustainability.

OUR PURPOSE

Empower dreams and enrich lives.

OUR VISION

To be the leader in transforming lives by unlocking financial potential with innovation, integrity, and empathy while nurturing financial well-being, sustainable growth, and economic prosperity.

BUSINESS PEOPLE TECHNOLOGY SUSTAINABILITY
Strategic focus
Strengthening our market position and creating value for shareholders through customer-centric innovation, operational excellence and strategic partnerships while aligning with the GOSL’s economic goals.
Fostering a thriving work environment that prioritises professional development in line with Bank’s goals, diversity and inclusivity, employee well-being and a positive work culture.
Strategically leverage technology to enhance internal system efficiency, improve the customer experience and convenience while ensuring robust cyber security and data privacy measures.
Integrating sustainable considerations to reduce our environmental impact, promote sustainable practices among our customers while empowering our communities.
Key highlights in 2024
  • In Corporate Banking, emphasis was placed on increasing the wallet share of existing customers, onboarding new customers with high credit ratings and supporting the export industry enabling loan growth while preserving credit quality
  • Re-structured SME Lending to strengthen our focus on the SME sector and better support their needs
  • Effective investment of surplus funds balancing risks, rewards and returns
  • Pioneered the introduction of the Mini-POS to facilitate SME access to the credit card payment system
  • Introduction of a range of innovative solutions to enhance service quality
  • Ongoing investments in digital infrastructure to facilitate accessibility and affordability of digital products to customers
  • Implemented advanced data analytics to support decision making
  • Ongoing emphasis on training and development to equip our team with the skills needed to fulfil evolving business needs and stakeholder expectations while nurturing their personal and professional growth
  • Strengthened the Bank’s talent acquisition strategy to ensure a future-fit workforce
  • Strengthened productivity and fostered a performance oriented culture by recognising high-performers
  • Fostered a positive work environment through a range of employee engagement activities
  • Promoted the health and well-being of our team through numerous health and wellness initiatives
  • Fostered a diverse and equitable workplace
  • Enhanced the customer experience through a range of digital initiatives including revamping the flagship mobile app, reengineering the accounts opening process for e-savings accounts, and developing customised features for SME clients
  • Leveraged technology to drive operational efficiency, reduce turnaround times and automate and increase accuracy of routine processes
  • Ongoing focus on enhancing cyber-security and data protection protocols
  • Ongoing emphasis on raising customer awareness on cyber threats and security
  • Leveraged technology to enhance affordability and accessibility of banking services and thereby facilitate financial inclusion
  • Employed technology to strengthen monitoring and reporting of the Bank’s environmental and social impacts
  • Incorporated sustainability into Bank’s business strategy by embedding environmental, social and governance principles
  • Launched the Bank’s ESG Policy
  • Established the Environmental and Social Risk Management System (ESMS) and related procedures to ensure ESG due diligence in lending practices
  • Established a Board Sustainability Committee, a Management Level ESG Committee and designated ESG representatives from each department and branch to strengthen the ESG governance structure
  • Ongoing emphasis on promoting digital banking solutions to optimise the paper consumption and reduce wastage
  • Forge strategic alliances with local businesses to optimise resource consumption to promote sustainable practices
  • Re-branded CSR initiatives as 'Apema Sampath' - Introduced ‘Apema Sampath’ as the umbrella brand for all CSR initiatives while amplifying ‘Wewata Jeewayak’ promoting agri entrepreneurship development and investing in numerous biodiversity conservation projects
Resources allocated
  • Allocated additional resources for research and development to create innovative solutions that address customer pain points
  • Allocated significant resources for strategic partnerships to enhance our collaborative efforts and market reach
  • Entered into a strategic partnership with a leading international consultancy firm to drive analytics driven business growth
  • Rs 202 Mn investment in training and professional studies
  • 74% increase in employee well-being spent
  • Rs 2,035 Mn investment in IT infrastructure and software
  • Rs 160 Mn invested to enhance information and cyber security
  • Rs 12.3 Mn investment on technology to enhance the customer experience
  • Rs 60 Mn invested in environmental and social sustainability initiatives
  • Invested in capacity building related to sustainability and technical know-how on implementing ESG
  • Appointed 308 ESG representatives from each department and branch to strengthen the ESG governance structure
  • Rs 25 Mn invested in branch solarisation project
Progress made in 2024
  • Seamlessly incorporated cutting-edge technologies into our existing products enhancing their capabilities and value
  • Improved operational efficiency through technology driven process improvements
  • Further strengthened our position as a brand leader in the market
  • 45 training hours per employee
  • 42% female representation
  • 96.8% employee retention rate
  • 86% employee satisfaction rate
  • 16 health and well-being related initiatives
  • 458 staff promotions
  • Near 100% system uptime
  • No data privacy related incidents reported
  • 113,586 beneficiaries from CSR initiatives
  • 830 borrowers screened for environment and social considerations
  • 36% increase in solar power generated
  • 8% reduction of Carbon footprint
  • 7% increase in digital banking centers
  • Rs 603 Mn funded via the Green Financing scheme
Way forward
  • Enhance focus on customer-centric innovation in order to provide the best value proposition to our customers
  • Leverage advanced analytics to remain at the forefront of customer service and operational excellence
  • Create sustainable growth driving long-term profitability and stability for the Bank through innovation and strategic business initiatives
  • Continue to invest in professional development opportunities
  • New initiatives to strengthen performance-based work culture
  • Focus on holistic employee well-being initiatives
  • Continue to innovate with customer-centric technology solutions
  • Maintain and enhance cyber security measures
  • Focus on integrating AI and machine learning for better efficiency
  • Work towards identifying climate-related risks and capitalising on opportunities
  • Launch sustainable/green related financial products
  • Expand investment in community partnerships and biodiversity for greater impact
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