Russel Fonseka
General Manager and CEO

Q: What is your assessment of today’s customers and their needs?

A: In today’s dynamic market, customers have undergone a perceptible shift in priorities and expectations, largely influenced by the recent impact of economic uncertainty. Trust and stability stand out as the most crucial attributes customers seek in their financial partners. Convenience and accessibility have taken precedence as customers prioritise the ease with which they can receive required services.

Moreover, customers are increasingly cautious, evaluating whether they receive value for their money or investment. The ethical dimension has also gained significance with clients assessing whether the brands they associate with adhere to the ethos of sustainability, and environmental, social, and governance (ESG).

In response to market volatility, customers exhibit a preference for fixed rate contracts over flexible ones, seeking stability and predictability in their financial commitments. And as a result of reduced consumption, expenses and purchasing power, customers are more discerning in their choices.

A notable trend is the increased level of education and tech savviness among clients. They are well-informed and aware of various means to access their needs, in the most beneficial and meaningful ways.

Q: How has the country’s economic environment impacted buying behaviour?

A: The economic environment has significantly influenced buying behaviour. One of the most palpable impacts is the contracted purchasing power, particularly among middle-income households and professionals.

Despite a high level of concern over savings and investments, the constrained purchasing power has hampered the actual capacity to save or invest. It is expected that the government’s strategic focus on export-oriented industries, tourism and the enhancement of migrant worker remittances will shape the economic landscape.

Concessions and promotional schemes must therefore be implemented with policies aiming to support and benefit these targeted sectors. The Central Bank of Sri Lanka has also intervened by reducing interest rates, fostering an environment where entrepreneurs are encouraged to expand businesses, boost production and create employment opportunities.

These initiatives, channelled through the banking sector and financial services, include concessionary loans and special interest rates for currency deposits in the specified sectors, fostering production expansion and encouraging foreign remittances.

The current trend of professionals and skilled labour migrating poses a challenge to local industries. And the potential shortage of experienced labour could negatively impact both industry and service sectors, leading to limitations in purchasing choices in the local market.

BOC is also deeply committed to achieving customer excellence through a multifaceted approach that encompasses various key aspects. We have instilled a culture where every staff member is considered a brand ambassador.

Continuous training and motivation initiatives ensure that our bank maintains a competent and skilled workforce that’s equipped with a positive attitude. This approach is designed to deliver exceptional services to our diverse customer base.

Strategic steps have been taken to transform conventional banking into a more digitally savvy and yet simple model to enhance convenience, reduce time and barriers, and build trust by upholding strong governance principles.

Meanwhile, an effective communication strategy is key to keeping customers consistently updated. We actively respond to queries and address pain points by utilising a blend of both traditional and digital communication channels.

The bank also made significant investments in IT security and compliance to ensure the integrity and trustworthiness of our banking services, while providing a secure and reliable platform for customers.

BOC places strong emphasis on research and development to stay ahead of the curve, and understand the changing preferences and dynamics of our customers. To enhance accessibility, we’re focussed on expanding our brand reach both physically and online.

Q: Does your organisation offer customers a ‘phygital’ experience – and if so, how?

A: Absolutely, we pride ourselves on offering a seamless phygital experience by leveraging both physical and digital channels to provide effective and efficient services. This approach is a strategic strength that reflects our commitment to meeting diverse needs.

Maintaining a strong brand presence is crucial, and we ensure that customers can easily identify and trust our services, whether they engage with us physically or digitally. Recognising the significance of the physical aspect in banking experiences, we understand that it contributes to building trust and enhancing engagement with the brand.

In many instances, one-on-one engagement is essential to arranging tailor-made solutions for our customers that align with their specific needs. Our 653 branches and over 1,400 CRM/CDM and ATM locations across the country numbering over 2,000 customer touchpoints, ensures a robust physical presence for those who prefer in-person interactions.

Simultaneously, online banking platforms also provide a comprehensive digital experience. The B-App, a mobile-friendly version of BOC Smart Online, and other quick update mobile apps such as SmartPassBook and SmartPay, enable real-time fund transfers, bill payments and routine transactions, that cater to the dynamic needs of our customers.

To facilitate two-way communication, we have established a dedicated customer care hotline (1975) and introduced the BOC Meta-WhatsApp channel. These platforms enable customers to inquire about all BOC services, and foster a personalised and accessible communication channel.

Q: What is your organisation’s approach to communicating with customers?

A: We employ a comprehensive 360 degree approach to engage with customers, and tailor communication strategies to the specific characteristics of the target market and the nature of the message to be delivered. Leveraging technology, we seize the opportunity to connect with customers in a relatable and customised manner, particularly through digital and social media channels.

In the digital landscape, we strive to make communication more relatable to the targeted customer base. This is evident in our active presence on social media platforms such as Facebook, LinkedIn, Instagram, TikTok, X and WhatsApp.

They serve as effective channels for online banking and mobile banking updates, and ensure timely and relevant information. Many of our services cater to a broad audience and we understand the importance of maintaining a synonymous message in traditional media to sustain brand presence in people’s minds.

This includes physical interaction facilitated by our extensive branch network, ensuring that we cater to customers who prefer face-to-face engagement. Our communication platform encompasses both digital and traditional channels, including physical letters and mass communication. This enables us to reach a wide spectrum of our customer base and maintain a holistic brand presence.

We consistently communicate the purpose of our brand, how we engage with customers and the values that the bank represents as a corporate citizen. This broader narrative aims to establish a deeper connection with our customers, and emphasise our commitment to not only transactions but also building meaningful relationships and societal contributions.

Q: What are the organisation’s plans for the future?

A: We envision a dynamic future with strategic initiatives aimed at fostering entrepreneurship, empowering MSMEs and advancing digital financial literacy among our customer base. This strategic shift in our business focus aligns with the commitment to being a responsible banking entity, dedicated to nurturing the entrepreneurial spirit within the country and enhancing the overall value generation of the bank.

One of our pivotal steps towards supporting entrepreneurship involves a strategic departure from traditional recovery processes. Instead of terminating relationships with customers facing financial challenges, we’re adopting a proactive approach to assess opportunities for revival and rehabilitation.

Looking ahead, our plans include exploring more avenues to expand our reach internationally. This expansion may involve establishing bank representatives and branches in strategic locations, with the goal of improving remittance volumes and capitalising on banking and financial opportunities in overseas markets. The global outlook aligns with our commitment to providing enhanced services to a broader customer base and leveraging international markets for mutual growth.

 Telephone: 2204444 | Email: boc@boc.lk | Website: www.boc.lk