FRIMI

Q: What factors contributed to FriMi’s emergence as one of Sri Lanka’s most loved brands?

A: The evolution of FriMi into one of the most loved brands can be attributed to several key elements. Chief among them is our continuous commitment to change, transparency and learning from our missteps.

Our journey hasn’t been flawless but we’ve focussed on continuous improvement. Challenges have become opportunities for growth and service enhancement. We prioritise listening to our customers, valuing a two-way relationship and showing them the same affection they have for us.

This approach has helped us build strong bonds with our ‘FriMians,’ making FriMi a beloved brand.

Q: How is FriMi as a brand adopting new technologies?

A: FriMi has always been at the forefront of embracing new technology. As a pioneer, we were the first to introduce QR and digital transactions, digital onboarding with electronic and video KYC (Know Your Customer), as well as real-time identity verification with the Department for Registration of Persons.

Today, we have transformed into a comprehensive banking platform, aiming to provide a wide range of services. Utilising micro-services, we process transactions efficiently, ensuring a seamless customer experience.

Interestingly, chatbots and other bots across FriMi resolve 71 percent of inquiries, showcasing the commitment to innovation. The entire customer journey is automated, offering a personalised digital experience.

We pay attention to UI/UX design, ensuring we employ the latest technology at both the front and backend for an effortless user experience.

Q: What is your definition of brand loyalty?

A: Brand loyalty, in our view, is about how often customers think about FriMi, how attached they feel to our brand and how frequently they use our services.

To assess this, we look at active customer ratios and customer feedback scores, particularly net promoter scores (NPS), which show how likely a user is to recommend FriMi to others.

We constantly ask for feedback and compare our NPS with global brands to understand where we stand. We believe that the more a customer feels connected to our brand, the stronger his or her loyalty.

Q: How important is customer feedback?

A: Customer feedback is crucial to us at FriMi. Whether we’re launching new features or products, we seek our customers’ views, suggestions and even criticism. Our active and vocal customer base helps us co-create and improve our offering. If a customer’s idea comes to life, we even reward him or her.

In future, we plan to realign our brand for real-time feedback. We’re also exploring personalisation options. Soon, FriMi users can look forward to an updated platform with new app features and an upgraded world-class digital banking experience.

Q: In what way has branding added value to FriMi?

A: FriMi has leveraged branding as a cornerstone to enhance its value proposition. The motto ‘Live Effortlessly’ has served as a guiding principle, resonating with customers and emphasising the seamless and easy nature of their digital banking needs.

This distinct branding has helped FriMi stand out in a competitive digital landscape, attracting and retaining customers. By focussing our brand on essential services and promoting savings, we have fostered trust and loyalty, and added substantial value to FriMi.

Q: What are some recent challenges that FriMi has encountered?

A: The pandemic and economic challenges posed hurdles, but also showcased the convenience and safety of digital banking. User engagements were affected due to changing financial habits and the economic downturn, which provided valuable insights for improvement.

With support from the Central Bank of Sri Lanka and stakeholders, a stronger digital strategy is being developed and lessons from the past are guiding improvements to meet evolving customer needs.

Despite the shifting economic landscape, it’s seen as a chance to refine strategies and embrace innovative possibilities. The commitment remains to blend human interaction with technology, propelling Sri Lanka’s banking sector into a new era of digital innovation.

Q: And what strategies does FriMi employ to stay ahead of competitors?

A: At FriMi, our main competitor remains cash and we welcome other competition because it encourages digital progress at a national level. Our strategy isn’t merely about our growth but supporting digitisation across ecosystems, applications and other financial institutions.

We aim to integrate FriMi into everyday life, extending beyond banking and financial services. Through continuous innovation, we strive to enhance customer value and contribute to digitising Sri Lanka, pursuing our dedicated vision.

“Our main competitor remains cash and we welcome other competition because it encourages digital progress at a national level”

– Compiled by Tamara Rebeira

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Telephone 4374374  |  Email more@frimi.lk  |  Website www.frimi.lk