LOLC FINANCE

Q: What customer excellence principles make your organisation stand apart?

A: We prioritise the understanding and anticipation of customer needs, transforming our organisational structure, staff competencies and operational processes to align seamlessly with customer expectations.

Our omni-channel approach facilitates effortless interactions, transactions and communications, ensuring that our customers enjoy a consistently pleasant experience whether they engage with us in person or through digital mediums.

Furthermore, we are dedicated to cultivating an environment of trust, positioning LOLC Finance as the most trusted and secure financial partner in the nation. This customer-centric ethos defines our brand and strengthens our relationships with clients.

In the current economic climate, emphasising the importance of leveraging data driven insights enables businesses to better understand and anticipate customer needs, fostering stronger relationships that enhance customer loyalty and satisfaction.

Q: The need to provide holistic customer experiences is rapidly gaining importance. How do you view this?

A: As the largest non-banking financial institution (NBFI) in the country, with a profit after tax (PAT) of Rs. 8.1 billion and a deposit base surpassing Rs. 200 billion by the end of the first half of 2024, we pride ourselves on offering a comprehensive range of products and services that caters to diverse customer needs.

Our strength lies in being a one stop shop, seamlessly integrating traditional financial solutions with cutting-edge digital capabilities. For example, our innovative iPay platform serves as a versatile tool that bridges the gap between convenience and accessibility.

It enables customers to access a wide array of financial products including liability and lending solutions in a secure and user-friendly manner. With a robust network of over 45,000 merchants and 300,000 customers nationwide, this year the platform has surpassed Rs. 300 billion in transactions.

By leveraging both online and digital channels, we ensure that our customer service remains consistent, efficient and tailored to meet the evolving demands of a tech savvy audience.

 

Q: What is your organisation’s approach to customer excellence?

A: We consider sales and after sales service to be equally important, recognising that both are integral to building a sustainable financial business. When customer demands and needs are varied and complex, we categorise our approach into two key areas.

The first is customer service – providing outstanding customer service and after sales support to ensure a seamless experience at every touch point.

Secondly is building customer confidence – delivering the right products through customer preferred channels with utmost transparency, fairness and competitive pricing.

At LOLC Finance, we strive to deliver an unparalleled customer experience in lending services, recognising our responsibility as the largest NBFI in Sri Lanka. Our commitment extends to aligning the efforts of both our front and back office teams with the company’s vision, ensuring a unified approach in meeting and exceeding customer expectations.

By continuously enhancing our products, services and delivery channels, we aim to set new benchmarks in customer excellence.

Q: How does your organisation harness the power of data and analytics to elevate customer experiences?

A: At LOLC Finance, we harness the power of data and analytics to enhance customer experiences and drive innovation. Through advanced data services, including chatbots and customer lead analytics, we are able to offer personalised and responsive solutions.

By leveraging our extensive data and integrating external interfaces, we gain deep insights into customer behaviour and needs, allowing us to continuously refine our offerings.

Our data driven approach is central to the development of real-time loan and advance services, which we plan to introduce in the near future.

As a financial services provider, we believe that data analytics is key to staying ahead in Sri Lanka’s evolving financial landscape. LOLC Finance is poised to lead the way in delivering cutting-edge, customer-centric financial solutions.

Q: What are the latest trends and innovations in customer excellence in your industry?

A: Primarily, technology plays a significant role in the banking and NBFI sectors. Today’s customers expect real-time access to products and services, and they value convenience and simplicity in their banking experiences. This demand is reshaping the industry with self-service banking solutions growing in popularity.

As a result, online banking and banking super apps are poised to define the future of financial services.

In this context, banks and NBFIs must continue to innovate, ensuring they meet these demands while enhancing the overall customer experience.

 

Q: LOLC Finance’s future plans are…?

A: We are heavily focussed on enhancing the digital delivery and distribution of our products and services.

In continuing to innovate and embrace digital channels, we recognise the importance of maintaining the core values of stability, exceptional customer service and ethical business practices. We plan to create parallel distribution lines for our parallel digital channels, complementing our extensive branch network to ensure customers have multiple ways to interact with us.

At the same time, we are committed to elevating the professionalism and service standards of our staff across all platforms.

Moving forward, we aim to provide equal opportunities for customers to engage with us through both digital and traditional channels, ensuring that have the same high level of service quality.

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