MARKET
Banking in today’s fast-paced world of entrepreneurship and global transactions involves much more than an accessible branch, a few tellers, and run-of-the-mill savings and current accounts. Both urban and rural sectors in Sri Lanka now have much higher expectations and look to a bank as a hub. Seylan Bank, in 1987, saw how it could create a niche in this new, emerging market – and it is, today, a Superbrand because it has anticipated and met its customers’ needs.
Its emphasis on technology has given it an innovative edge to shape and design a wide spectrum of products that enhance lifestyles. The bank’s foray into branch banking has given it the reach and visibility of a financial brand. Its committed and customer-friendly team, combined with its philosophy of bottom-up development, closely aligned to the vision of alleviating poverty of its Chairman Deshamanya Dr. Lalith Kotelawala, has now aligned the bank with Sri Lanka’s micro-financing impetus.
The bank is also a pioneer in several banking innovations that are now considered as standard in the sector. These include the introduction of extended banking hours, weekend banking, 24-hour banking and mobile banking in rural areas, all of which have contributed to its rapid growth.
Seylan’s focus encompasses customers across a variety of demographic sectors, from the rich to the poor, to corporates and multinationals. Its philosophy is to treat customers with a service excellence that comes from the heart. At every stage of product development, its core values drive growth and lay the foundation for service excellence. Beyond its branches, the bank’s network extends to ATMs, and internet, telephone and SMS banking – all of which have built strong equity for one of the most recognised brands in Sri Lanka.
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ACHIEVEMENTS
Having differentiated itself within the industry, Seylan’s products and operational excellence haven’t gone unnoticed. The bank was adjudged as one of Business Today’s Top Ten corporates and it has been placed on THE LMD 50 Leaderboard for several years. Its was also selected among the Top 20 quoted companies in Sri Lanka with the highest brand equity and brand power. Seylan’s growth has been derived from a laser-like focus, a willingness to do things differently and by adding value.
Among its many firsts was it being the first bank in Sri Lanka to operate 24 hours with a human interface, the only bank with a special loan scheme for shop/house entrepreneurs, the first to issue the Visa traveller’s card enabling travellers to mitigate the need to carry cash, and the first to introduce a gift scheme for children’s savings account holders in a bid to inculcate the saving habit among children. And Seylan has issued in excess of 450,000 Visa cards in Sri Lanka – the highest number in the country.
Another of Seylan’s firsts, the unique Govisarupatha credit card for farmers, became the first international award to be won by the bank in 2001 at the Asian Banking Awards. This was followed by the runner’s-up award at the Asian Forum on Corporate Social Responsibility (CSR) – under the poverty alleviation category – at the first annual Asian CSR Awards in 2003. This award recognised comprehensive micro finance for micro-sector empowerment. Seylan bagged another international accolade in 2004, when its treasury division won the runner’s-up award in the Operational Efficiency Programme category at the Asian Banking Awards. It was also the first treasury division among Sri Lankan banks to receive ISO 9001:2000 quality certification, accorded by Det Norske Veritas (DNV) BV Netherlands. Another first among its peers was the ISO 9001:2000 certification by its Human Resources division, accorded by Societe Generale Surveillance or SGS.
The Sri Lanka Institute of Marketing (SLIM) awarded Seylan’s flagship children’s brand, Tikiri, a Gold for Service Brand of the Year in 2003, and its Merit Rewards was also recognised as the Best New Entrant in the same year. The popular product also won Silver for the Service Brand of the Year in 2004.
The bank played a prominent role in providing immediate relief after the devastating tsunami of December 2004, with a total of 1,253 loans worth Rs. 480 million disbursed for rehabilitation in affected areas.
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HISTORY
When Seylan Bank was incorporated in 1987 as a public limited liability company, it was launched with a mission to be a strong bank that would truly epitomise the ideals of service excellence, from the heart.
Seylan Bank established its first subsidiary, Seylan Merchant Bank, in 1992. Ceylinco Seylan Developments followed in quick succession, for the construction of the Ceylinco Seylan Towers, the high-rise that changed the skyline of the Colombo metropolis. Seylan Bank Asset Management came into being in 1999, in response to the Central Bank requirement for primary dealers in government securities to be run as separate corporate entities. SMB Money Brokers, SMB Real Estate and Seylan Merchant Leasing are Seylan’s other subsidiaries, all projecting the strong brand presence of their parent entity.
Seylan has seen a rapid revolution in its reach and visibility across the country. It has extended its footprints with the strategic location of 98 ATMs that provide anytime banking, and a fleet of mobile vehicles augmenting the presence of 93 branches and 23 banking centres throughout Sri Lanka. All its branches are online and networked in real time on a multifaceted electronic delivery platform that facilitates direct delivery of products anywhere and anyhow. They also offer banking services 24 hours a day, 365 days a year at the Bandaranaike International Airport and at the Millennium Branch.
Additionally, through the SWIFT network, the bank enhances its international product and service portfolio. It therefore reaches out to the large numbers of expatriates working in the Middle East. It has an alliance with the Saudi American Bank via Speedcash, a money-transfer scheme between Saudi Arabia and Sri Lanka, and it also manages the Hadi Express Exchange in Dubai and the Asia Express Exchange in Oman.
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PRODUCT
Seylan Bank has a strategy of branding its products and targeting them at carefully segmented markets. Its convenient and speedy service creates a strong bond with existing customers. To accomplish this, its product portfolio is constantly reviewed. Iconic products that cater to Sri Lankans ranging from adults to children emerge from within its ranks as a result of this review process.
Numerous products are geared to empower the farming community: these include Govi Saviya, which is a unique product offering financial assistance, benefits and value additions to farmers; the pioneering product, Govisarupatha, a credit card for farmers; and Ayojana, a compulsory savings account that instils a savings culture in farmers and their families.
Seylan Merit Rewards and Seylan Tikiri are both unique – firsts that have not been emulated by any others in the industry. Seylan Harasara is a socially-conscious product designed to offer senior citizens a new lease of life, so to speak, working on value additions such as automatic enrolment in Swiftcare (a service providing a doctor on wheels), birthday gifts, interest rates that are 2% above the norm and selected loan facilities. Piyasa Velanda Nivasa promotes an entrepreneurial spirit, with the shop house concept; while its Visa card services, and IT and phone-linked banking facilities, promote international banking services through a wide network of corporate banks. The Seylan website (www.eseylan.com) is amongst the most comprehensive, interactive and easy-to-use banking sites in Sri Lanka – one that operates on a highly sophisticated IT platform.
Innovation lies at the very heart of Seylan’s product offering. The bank touches multiple strata of customers by providing state-of-the-art banking combined with a human interface. Internet and SMS banking, 24 hour banking, mobile banking and Govi Saviya are products that have transformed the banking industry in Sri Lanka.
Some of the more recent innovations have included cash to home, which delivers remittances from anywhere in the world, through SWIFT and other correspondent channels, to the customer’s doorstep. Seylan online shopping and the NRFC Cash Card serve modern customer profiles, while the Visa Traveller’s Card serves as a vital replacement for traditional traveller’s cheques – it is usable at ATMs and merchants worldwide. Seylan also introduced the first Cash Card and a facility to pay utility bills at any branch to Sri Lanka.
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RECENT DEVELOPMENT
Seylan Bank was the first to issue an over-the-counter Instant Visa Debit Card to Sri Lankans. A deposit holder cannot usually withdraw a fixed deposit, unless this is for an emergency. The Instant Visa Debit Card, however, offers deposit holders the flexibility to spend equivalent amounts through a debit card, while retaining deposits that accrue interest.
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PROMOTION
The bank’s multi-channel promotional strategy employs mass media, below-the-line and through-the-line concepts to convey its message. Its innovative marketing strategies include town storming, musical shows, street promotions and door-to-door promotions, sponsorship of teledramas and strategic events, an interactive website and mailers. Mobile publicity includes vehicles equipped with multimedia facilities for town-storming ventures. The overriding goal in its promotional activities is to be effective, build brand power and image, to effectively communicate its message and maintain top-of-the-mind recall.
Its promotional activities aren’t confined to Sri Lanka. A large number of expatriates remain loyal customers, and Seylan maintains a strong brand presence in the Middle East and Europe. Given that Seylan has a large customer base among the Sri Lankan diaspora in the Middle East and in countries such as Italy, Germany and Cyprus, its promotions often have a Sri Lankan flavour, with musical shows, competitions and valuable prizes. Activities feature Sri Lankan artistes, film stars and popular personalities – a chance for Sri Lankans working overseas to enjoy fellowship with others from their homeland. These activities have truly strengthened Seylan’s brand loyalty, judging from growth patterns in these markets.
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BRAND VALUES
Seylan believes that its brand must be continuously improved. Its intrinsic values are thus constantly reviewed and developed. It believes that customer expectations must be exceeded at all times. It also believes in innovation and flexibility, and it strives to develop quality products in a milieu of excellence. This is the Seylan brand promise.
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THINGS YOU DONT KNOW ABOUT Seylan Bank
♥ Seylan was the first bank in Sri Lanka to offer a 24-hour banking operation with a human interface.
♥ It is the only bank in Sri Lanka to have a special loan for the establishment of a shop house, and the first bank to introduce a gift scheme for minors who save by adding to their balances.
♥ It accounts for the highest number of Visa cards issued in Sri Lanka, and it was the first to issue the Visa Traveller’s Card.
♥Seylan maintains a strong brand presence in the Middle East and in Europe, to cater to Sri Lankans working overseas.
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www.eseylan.com
