Sampath Bank toasts success

Sampath Bank was recently crowned for the second consecutive time as the Best Commercial and Retail Bank by World Finance Magazine, which is a critically acclaimed bi-monthly magazine providing in-depth coverage and analysis of the financial industry. The company also climbed to number sevenamongst the Top 10 Most Respected Entities in Sri Lanka in LMD magazine’s 11th edition of Most Respected Entities. Sampath Bank Managing Director Aravinda Perera outlines the core focus on the company that has brought it global and local recognition:  

Q: In your view what is the significance of these awards?  

A: Sampath Bank is not new to winning awards. During the last few years we won Euro Money three years running and The Banker twice and this is the second consecutive time we have been named the Best Commercial and Retail Bank by World Finance Magazine. We are happy our efforts have been appreciated by internationally reputed financial experts. The World Finance Magazine is renowned for its insightful, current and credible reporting as well as its intensely valued rankings where global companies are regularly evaluated against their peers. LMD is one of the oldest and most recognised local financial magazines that have consistently maintained very high standards. Millions of people read these magazines and we are very honoured to have not only been given these awards by them but raised our profile locally and globally through them. 

Q: In your view what are the core values of Sampath Bank that have garnered it such significant success?

A: We have always focused on service and innovation. From the inception Sampath Bank has always put our customers at the centre of our business. We have ensured that their needs are not just met but exceeded and the main way a bank can achieve this goal is by creating innovative and personalised business solutions. By creating this culture of care and excellence we have managed to impact the market significantly and stay ahead of our competition. We are comparatively a young bank but because of our commitment to our customers we have managed to be recognised within and outside of Sri Lanka. 

This is a very credible achievement. Our core values mean that we remain focused and relevant as well as able to handle the challenges of a fast moving world. Financial services and banking is at the forefront of the next wave of global change and Sampath Bank is well positioned to deliver these innovations to our own people. We are committed to growing and following international best practices that will give the best returns to our clients.  

Q: In the World Finance Magazine you were named both the best commercial and retail bank. How did Sampath Bank’s commitment to innovative products take it forward in this aspect?

A: When you take Sampath Bank I think we have done tremendously well in imports and that is at the heart of being a commercial bank. When it comes to handling businesses it is turnaround time that matters. When a client comes to us with a request what counts is how soon we can go back with a solution. For that two things are needed, one is technological products that can provide what you need and secondly, technical superiority of our credit officers and international treasury who can come up with a solution. On that front we have done well.

When it comes to retail we are talking about people having current accounts, savings accounts, wanting to have overdrafts and loans. Again what matters here is how fast you can deliver the service. Across the board all customers look for solutions for payments which have traditionally been cash or cheque. Since both payment methods are now more or less out dated, this is where internet banking and mobile products are coming in. ATMs are no longer new but it is still important to track what percentage of payments are ATM driven and how much of products can be mobile driven. 

In the future these are the aspects that will really be drivers. We had started introducing these products well before other banks. I won’t say we have the best solutions but we have solutions that have been accepted by the public.

Q: As a trailblazer in Sri Lanka’s financial sector, what are the future goals for Sampath Bank?

A: Global finance is evolving in incredibly fast and in complex ways. Sri Lanka’s banking sector has the great responsibility of keeping the country connected to the global market place and linking our economy with the rest of the world. To do this we must continue to keep pace with the dynamic changes taking place around us and using our expertise and knowledge to take Sri Lanka forward. 

To be an intrinsic part of the country’s development and its economic growth we need to adapt to new technology and use it to provide more complete financial solutions to our customers. We must respond to the fast changing marketplace and continue to upgrade our services and products to meet new challenges.    

Q: In your previous awards focus has been paid to sustainability reporting. How has this assisted Sampath to differentiate itself and give back to the community?

A: Sampath Bank started its CSR in 1987, when we issued our first ATM card a part of fee from each card went into our CSR. So we have a strong background and are aware that we are not alone in this society, especially as a bank we have to integrate into society. We will continue to do that. Entrepreneur development has been a core focus on Sampath Bank. We are also involved in education. 

In this society there are many who need help, Sampath Bank has gotten somewhat involved in assisting kidney disease patients, this is an acknowledgement of the responsibility we have to work for the wellbeing of our entire society. A couple of years ago we donated a Rs. 50 million neuro-navigator to the General Hospital, when Yal Devi goes to Jaffna it passes a station constructed by us. Such efforts will continue.

Q: Sampath Bank has also climbed up the LMD rankings, establishing itself at number seven as a company that is both business-savvy and patriotic. How would you look to improve on this achievement?  

A: One category LMD evaluates as part of this ranking is ‘nation mindedness’ and we are very proud to have been placed number one in that segment. Sampath Bank has a very clear commitment to supporting and driving Sri Lanka’s economic and social growth. We are dedicated to giving our best to all 20 million Sri Lankans and immersing ourselves in their development for we cannot move forward as a nation otherwise. Sampath Bank has also ranked very well in interlinked categories such as ‘honesty’. Such accolades are given to us by the public as an acknowledgement of the sincerity that we have displayed in our corporate culture for 35 years. We have always put Sri Lanka first, working hard to take our nation forward and we will continue to serve and grow with our beloved country.