Q: How important are customers as key stakeholders of your business?

A: Customers mean everything to us at LOLC Finance. As key stakeholders, customers need to feel valued and have their needs fulfilled.

Being the largest non-banking financial institution (NBFI), our customer segments are very diverse, spanning from microfinance and SME finance, to high net worth individuals and a few corporates as well.

Each of these segments has unique requirements and we believe that their demands help LOLC Finance to become a dynamic organisation.

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

A: Customers have many demands today but not every organisation can accommodate them. As the largest NBFI with 20 percent of the total market share however, LOLC Finance has the capacity to fulfil every conceivable customer need.

Ranging from microfinance and SME finance, to leasing, loans, credit cards, receivables financing, factoring, Islamic finance, gold loans, operating leases and all kinds of deposit products – we have it all, delivered through a variety of distribution channels and with the highest service standards.

LOLC Finance has a variety of channels for customers to engage with, enabling them to do so at their own convenience, whether in person or digitally and with a faster turnaround time.

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

A: Customer buying behaviour drives business and it is up to companies to capture customer buying trends. Establishing a strong communication link helps to understand what the customer needs – especially during difficult times.

Our product development teams draw on customer research and understanding to generate innovative ideas. We continuously evaluate the efficacy of our products to meet evolving customer needs and implement necessary changes.

LOLC Finance has remained open and empathetic to customer needs as they navigated the economic crisis, by providing financial assistance and advisory services.

Q: What steps does your organisation take to achieve customer excellence?

A: The first step that we have taken is to be a one stop shop. As the largest NBFI, we not only have the entire range of products but also efficient distribution channels and most importantly, a personal touch – be it through our team or even by personalising technological experiences. We remain focussed on deliver–ing a superlative customer experience.

After sales service plays a key role in achieving customer service excellence as we must maintain the relationship through the entire contract period while fulfilling their demands. Our customers can reach us through relationship managers, call centres or digital channels. Moreover, LOLC Finance’s central contact centre provides 24/7 dedicated service to customers.

Q: Does your organisation offer customers a ‘phygital’ experience?

A: Armed with the largest network in the country of more than 200 branches, online platforms, mobile banking platforms and iPay – the digital wallet – LOLC Finance offers a seamless phygital experience for customers.

LOLC Finance has taken customer service to new heights with iPay, providing customers with the convenience of making their lease rentals and card payments from the comfort of their homes along with the facility of conducting other banking transactions as well.

With nearly 500,000 registered users conducting almost 1.7 million transactions monthly, the convenience provided is truly amazing.

Furthermore, the ease of opening savings accounts or placing fixed deposits is made even simpler through iPay as it does not require any physical intervention and provides users with ready access, anytime and from anywhere.

We also educate customers on the benefits of adopting digital platforms.

At LOLC Finance, every client – big or small – has an account manager to contact or talk to. We’re proud to say that our entire base of over 600,000 customers can reach us with ease.

We also impact merchants who are important to the local economy. By partnering with them on digital platforms, we’re able to include them in mainstream banking and finance.

Q: In your view, is customer loyalty a thing of the past?

A: It’s up to organisations to create customer loyalty. In Sri Lanka, customers do stay loyal if their needs are met and they are offered unprecedented convenience.

Investing in technology remains a key pillar to building customer loyalty since more customers are seeking self-banking. Creating a base of future customers requires institutions to fulfil the needs of the tech savvy Gen Z today.

At LOLC Finance, we foster lifelong relationships with our customers through a flawless customer relationship management system that encourages ongoing engagement and repeat interactions.

Q: Could you discuss the role that technology plays in achieving customer excellence?

A: Technology is critical for success as customers are gradually moving towards self-banking.

Technology in financial transactions encompasses the products, platforms and distribution channels with zero documentation. LOLC Finance is improving its processes continuously to include minimal steps for customers while offering secure platforms. After sales service plays a huge role in customer excellence.

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

A: The future of customer excellence will be led by technological innovation. At LOLC Finance, we are looking more at e-wallet services.

A platform like iPay enables customers to conduct the entire suite of transactions. Furthermore, iPay is available to non-customers as well, which indicates that open banking will be the norm in the future.

Therefore, we will invest heavily in iPay while enhancing the digital distribution of our products and improving our service standards through an industry best team.

Customer service excellence requires that we maintain the highest standards while enhancing the product range and pricing model to build customer loyalty.

LOLC Finance is proud to build a connected ecosystem of self-banking in Sri Lanka in consultation with the Central Bank of Sri Lanka.

Telephone: 5715555 | Email: info@lolcfinance.com | Website: www.lolcfinance.com