FINANCIAL SERVICES INDUSTRY
Sandun Hapugoda
STEPPING UP TO GLOBAL TRENDS
Following global trends to improve customer service and financial stability
Financial services today
Sri Lanka’s financial services have witnessed a challenging period since the onset of the COVID-19 pandemic. Bringing stability to it must be a top priority this year.
Latest trends or innovations
A few key trends include the greater use of data and analytics for differentiation, and automation through AI and machine learning.
This will…
Reduce human intervention and increase output while ensuring a better consumer experience.
Strengths in financial services
An increase in demand for digital technology has encouraged financial services institutions to invest more in online platforms, and credit and debit cards, as well as other digitally enabled mediums.
Weaknesses of financial services professionals
Sri Lankan financial services professionals have been somewhat slow in the context of tech adoption.
The result of the above
This has impacted their organisations’ overall digital adoption.
To overcome this…
Financial services professionals need to be more open to existing global technologies and focus on business innovation.
Evolving customer behaviour
Recent global developments have forced consumers of all age groups to embrace digital financial solutions.
Impact of emerging customer behaviour
They are growing more comfortable in accessing and paying for products and services online although there is still a long way to go.
Barriers to the industry’s growth in Sri Lanka
Youth participation is a major challenge.
Overcoming the barriers
Professionals in the financial services industry need to take the necessary steps to make it more attractive and lucrative for today’s youth.
Scope of financial services in Sri Lanka
The Central Bank of Sri Lanka has been adopting various measures to consolidate financial services, which have tremendous growth potential despite the economic crisis.
Trends in regional financial services
Globally, banks are increasingly moving towards fintech.
Local comparison
Sri Lanka’s current economic environment can’t support this type of digital transformation.
The way forward
We need to think outside the box to keep pace with global innovation trends.
Tech developments
Sri Lanka has impressive stats when it comes to smartphone penetration, social media usage and adoption of QR codes.
Barriers and obstacles
The country has not been quick to adopt digitalised financial services – and that needs to change.
Gender balance in financial services
Over the years, Sri Lanka has made significant progress in addressing the issue of gender balance in financial services.
Bridging the gender gap
Practical steps still need to be taken collectively to bridge the gender gap.
Initiatives to improve customer satisfaction during challenging times
Businesses should focus on improving the consumer experience when invest¬ing in digital solutions.
Focus areas for improvement – for financial services professionals
They must broaden their horizons by understanding global trends in digital financial services – and ensure they’re introduced to Sri Lankan consumers.
Role of payment technologies in economic recovery
Sri Lanka must start looking at technologies such as blockchain and open banking for financial services to expedite the economic recovery.
Digital security in business insurance
Security needs to be a top priority in the design phase; not at a later stage.
Competition drives innovation
Yes, competition is a key driver of innovation.
Outcome of healthy competition
By adopting digital financial services, the industry has grown and there has been a significant increase in healthy competition, which is good for consumers.
Qualities one needs to pursue a career in this industry
Always work as if you are running your own business.
Vision for payment technology in Sri Lanka
The focus should be on growing financial services to attract global players to invest in Sri Lanka.
Investing in tech
Foreign direct investments (FDIs) can boost the country’s economy and enhance its standing in the region.
Your mantra for success
Investing in people, empowering teams and always doing the right thing.
– Compiled by Dona Senara
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