Sampath Bank providing convenience to ensure a brighter future

Banks have been the custodians of a nation’s wealth for nearly a millennia, a position they have managed to secure through continuous innovation and reinvention. A proud legacy carried on today by Sampath Bank which has for over three decades been challenging stereotypes in the local industry. 

Guided by the principles of economic inclusivity and instilling a culture of saving within the populace Sampath Bank has sought to make the lives of their customers and the population at large more convenient. This was born from their insight that the barrier to accessing banking facilities is often determined by convenience. 

Sampath Bank Deputy General Manager – Operations Dinusha Ihalalanda explains how Sampath Bank took this simple insight and made it into a successful strategy for stimulating savings and investment. 

“Since our inception Sampath Bank has played a pivotal role in bringing forth a new banking paradigm to the country. We have done this by listening to the needs of our customers and always embracing innovation. We have done so with the view of providing more people with greater access to banking facilities because this leads to more economic activity and a sound financial future for our nation. With this in mind we soon realised that what often determined whether an individual would utilise a particular bank feature or not was based on convenience. Following this we incorporated convenience into everything we do – from the way people withdraw money to how they apply for loans.”

This core of convenience is evident throughout Sampath Bank’s history. In the late ’80s they pioneered the uni-banking model that allowed customers to seamlessly bank with any branch across the island and rolled out a round-the-clock ATM which revolutionised the banking industry from regular banking hours and gave them unhindered access to their money. During that same period Sampath Bank extended their daily banking hours to 3 p.m. at a time when other banks were closing at 1:30 p.m. These innovations soon became industry standards and Sampath Bank continues to break new ground in the banking industry today, even by building on previous innovations.

Of the 229 Sampath Bank branches found across the island 12 are super branches. These fully fledged super branches have the added benefit of being open late and operating 365 days a year. Located at key areas across the island, and with plans to invest in more in the future, these branches are open from 8 a.m. to 8 p.m. The Colombo Super Branch located at Dharmapala Mawatha is open from 7 a.m. to 10 p.m.

“Much in the same way we saw the need to extend banking hours nearly three decades ago we did so again. These super branches are extremely popular and answer a need from people who are unable to get away during the middle of the day to visit a bank. People are able to visit us after business hours, after they’ve closed their shops or gotten off work and enjoy the same banking facilities as someone who came in during regular banking hours,” said Ihalalanda.

While Sampath Bank has answered the need of many to bank after regular banking hours through their super branches they also realise that the future of banking lies in automation and digital banking. Armed with this knowledge the bank has begun automating traditional manual processes and making online platforms for certain banking services.

“With the rise of digitalisation in recent years we have doubled our efforts to simplify procedures and reduce organisational layers to allow us to respond to customer needs in an efficient manner. In this regard we have managed to leverage the latest technologies to build a fully integrated multi-channel banking system that has led to an unprecedented level of customer convenience,” said Ihalalanda.

This is highlighted in the bank’s introduction of a cardless cash feature to their ATMs, the first in the country, which has drastically cut down transactions times as well as allowing customers to pay all their bills through the ATM. Additionally, in late 2014 they introduced deposit kiosks with real time credit, another first for the country, thus reducing long lines at branches and freeing customers from banking hours altogether. Currently 152 units have been installed with plans to equip the entire branch network.

And with the tourism industry growing steadily following the end of the war Sampath Bank introduced foreign currency ATMs at key tourist areas thus allowing people to exchange US Dollars and Euros to Sri Lankan Rupees without the need to visit a bank or money changer.

While their automation activities continue to meet current and future demand Sampath Bank continues to grow its digital services as well. The convenience provided by these features means that Sampath Bank has reduced the need for people to visit an actual brick and mortar location thus allowing them to bank from the comfort of their own home. These services include an online registration form that allows people to sign up for an account via their desktop or mobile phone as well as an online loan application that allows you to upload all the necessary documents to a secure server to be assessed by the bank. 

They have also done away with the need to fill out manual forms with the use of a personal electronic mandate. Then there is Sampath Vishwa a fully integrated and unique online banking facility that eliminates the need to ever step into a bank again. This service can handle everything from opening a new account to paying all your bills.

These innovative services and features are evidence of Sampath Bank’s desire to innovate with the latest technologies and secure a brighter future for the country. Ihalalanda goes on to explain that this is how the bank explored a revolutionary new way of promoting financial inclusion in Sri Lanka. This saw the birth of the ‘my bank’ project, an agent-based banking mechanism designed to reach the vast numbers of unbanked and under-banked people in the nation. 

The project brings the ultimate convenience to its customers by doing away with the need to visit an actual bank, a difficulty in certain areas of the country where the nearest bank branch might be several miles away. The ‘My Bank’ project gives people access to basic banking facilities thus giving them a simple understanding of banks and, if they should wish, their accounts can be upgraded to a fully-fledged savings or current account at any Sampath Bank branch.

“The ‘My Bank’ concept is a unique and innovative project. And again at its core is the idea of convenience. The project allows people to manage their finances and take advantage of basic bank features such as a bank card which is linked to their account. They can use these cards at any agent shop which will also give them access to promotions and discounts, as well as have the balance from any money used at the shop transferred to the card. This ultimately instils in them a culture of saving and brings about economic inclusivity,” said Ihalalanda.

These actions coupled together, innovating the traditional and utilising the modern, highlight a key aspect of Sampath Bank’s approach to banking. The bank has consistently had their finger on the pulse of today while keeping an eye towards tomorrow. This has helped Sampath Bank navigate the changing financial landscape of Sri Lanka and continuously meet the needs of their customers.