Management Discussion And Analysis
Digital Capital
Since its inception, Sampath Bank has been a pioneer in introducing cutting-edge technology to both Sri Lankan consumers and corporates. Our unwavering focus on customer experience not only drives operational efficiencies but also upholds customer rights, including privacy.
Digital capital is a cornerstone of the banking sector’s transformation from a traditional brick- and-mortar model to a digitalised era. This shift supports scalability and affordability, fostering a financially inclusive economy.
Rs 2,862 Mn
Software at Cost
(as at 31st December 2024)
Rs 523 Mn
Capital Expenditure on Software in 2024
150+
IT Team
5
Built applications
Contributing SDGs
- Relaunch of 1 application
- Customer awareness on online safety
- Strengthened data security
- Enhanced CRM dashboards
- Around 40.5 Mn transactions facilitated on digital platforms (Sampath Vishwa & WePay)
- Around Rs 3.4 Tn of transactions through digital platforms (Sampath Vishwa & WePay)
- Near 100% system uptime
- Reduced turnaround times for transactions
- Enhanced user experience
- Safeguarding customer privacy
- 23%
in customers on digital channels
(Sampath Vishwa and WePay) - 18% in digital transaction volumes
(Sampath Vishwa and WePay)
- 21% in digital transaction values
(Sampath Vishwa and WePay)
- Reduced turnaround times in processes
- A digitally proficient team
- Enhanced digital resilience
- Relaunch of the new Vishwa App
- Relaunch of the customer onboarding solution
Digital Capital is the lifeblood of our technological evolution-encompassing both monetised elements like hardware and software investments, and non-monetised assets such as our highly skilled, tech-savvy team. These investments significantly enhance our digital capabilities, giving us a robust competitive edge as consumers increasingly embrace technology for greater convenience and corporations demand seamless system integration.
Over the past two years, our focus on digital capital investments has soared, with additions amounting to Rs 523 Mn in 2024, marking an increase from Rs 429 Mn recorded in 2023.
Our Balance Sheet underscores the importance of this digital capital, boasting a net book value of Rs 889 Mn.
Nurturing Our Digital Capital
A comprehensive digital strategy linked to our purpose and vision was our blueprint to nurture digital capital during the year. Our key strategies and the initiatives implemented to nurture digital capital are set out below.
Sampath Bank continues to innovate to bridge the growing digital divide through trilingual customer interfaces, empowering customers from all walks of life to connect to the country’s legal financial transactional channels.
OUTLOOK
The rapid advances in technology and generative AI continues to necessitate frequent review of digital strategies. We continue to monitor the evolving landscape considering both risks and opportunities through financial and sustainability lenses.
Taking our team and customers through the digital journey is key to success and the Bank will continue to focus on these factors. We remain committed to ensuring that a catalyst to transforming the banking sector with relevant technology.