Resilient as ever, Bank of Ceylon named No. 1 Banking Brand in Sri Lanka for 15th consecutive year

A leader who is striving for excellence in delivering the best in class service, the Bank of Ceylon (BOC) was named as the No. 1 Banking Brand in Sri Lanka for the 15th consecutive year with the Brand rating at “AAA” by Brand Finance Lanka in their publication of “Brand Annual 2023” with Media Services Ltd. (LMD). 

A banking legend that completes 84 years of pioneering the country’s banking industry, BOC ensures it stays true to the very reason it was founded in 1939 to serve the Sri Lankan community to achieve financial freedom empowering them to enjoy the life they deserve. 

Brand Finance Lanka, an independent brand consultant institution with a global presence over many countries, has been conducting the brand analysis on Sri Lankan brands over 15 years following a globally accepted scientific method.

“Our success as an indigenous banking brand own it to the fact that it is deeply rooted in the very essence of Sri Lankan community as their trusted financial partner in both good and difficult times. BOC has preserved its image with deeply ingrained values focused on the well-being of all its stakeholders and is committed to providing equitably. This purpose and these values have been expressed in all forms of BOC’s operations and communications and has been strongly accepted by all its stakeholders, through which we draw our financial strength sustainably,” stated General Manager Russel Fonseka.

Leading every frontier of banking in the country, BOC owns the largest balance sheet in the industry that comprises an over Rs. 4 trillion asset base, a network that is over 2,000 customer touch points, the largest ATM switch owned by a banking institution and the largest market share in inward remittances.

In its resolution to bring digital empowerment to Sri Lankans of all walks of life, the brand has extended the digital privilege in the most convenience form that can be understood and adapted by anyone who can operate a mobile-phone. 

These digital applications are comprehensive, secure and simple and have won customer trust and loyalty resulting in the bank being awarded multiple accolades including the prestigious Gold Award for Most Popular Digital Payment Product (Banks & Non-Bank Financial Institutions – Mobile App Payment) for BOC SmartPay App, Gold Award for Bank of the Year in the Financial Inclusivity Category A, Gold Award for Best Acquirer on LankaPay Online Payment Platform, Silver Award for Overall Excellence in Interbank Digital Payments (Banking Institutions), Silver Award for Best Bank for Retail Payments, Merit Award for Best Common ATM Enabler of the Year in Category A and Merit Award for Most Popular Digital Payment Product (Banks & Non-Bank Financial Institutions – Internet Banking) for B App at the LankaPay Technnovation Awards in 2023.

Adding icing on the cake, the Banker U.K. Magazine has also once again ranked the Bank of Ceylon among Top 1000 Banks in the world as the only Sri Lankan bank among the elite banking institutions in the world in 2023. 

BOC was also recognised as “Best Banking Services Provider” for the third consecutive year at SLIM-Kantar People’s Awards 2023 for its presence and excellence delivery of service that has been deeply felt by the people even during the times of socio-economic challenges that begun on set of the pandemic. In order to provide some relief to the community BOC employed relief schemes such as a moratorium on loans, re-structuring of facilities, new low-cost systems and models to service customers, new opportunities to re-invest or hedge against fluctuations in the exchange rate and inflation, and innovative technology to expand its reach to all customers in both digital and physical forms of banking. Several new specialised units were introduced during this period to meet special requirements of the economy such as developing entrepreneurship and motivating the export sector.