“Bank of Ceylon”- No.1 Bank and No.1 Brand in Sri Lanka
The Brand “BOC” was named as the most valuable consumer Brand in the country and the No.1 rank in the Banking sector by the Brand Finance Lanka at the award ceremony held recently. Being recognized as the No.1 Brand in the country by Brand Finance Lanka for the 10th consecutive year, “Bankers to the Nation” recalls the beginning of it with the need that arose for a state aided Bank to assist Ceylonese Businessmen just before the World War II. Building a base of 12 Million loyal customers who consistently seek a credible financial service, By 2018 the brand “BOC” was rated with a brand value of Rs. 42.87 Billion by Brand Finance Lanka, which is a 5.5% increase compared to the previous year. In recognition of this achievement the “BOC” was awarded as the “No.1 Most valuable consumer Brand” and “No.1 Rank Banking Brand” in Sri Lanka by the Brand Finance Lanka in 2018. It also gained Rs.31.12 billion from InterBrand Sri Lanka fortifying itself as the unwavering No.1 Brand in Sri Lanka. With the brand equity that was build over 79 years, “BOC” acquired a title as one of the “Asia’s Best Brands” from Chief Marketing Officer’s Council (CMO Council) based in Mumbai-India and graciously accepted the “Peoples Service Brand of the Year” at the SLIM – Nielsens Peoples Awards 2018- a voicing of the true acceptance of the people, for lodging an unequivocal brand image in the minds of the people. This indigenous brand was yet again recognized internationally as a MasterBrand for the year 2017-2018 by the CMO council Asia and was named as one of the “Top 1000 Banks in the world” with the No.1 country rank by the “The Banker” U.K. Magazine.
Blending with the Sri Lankan community to bring out the best in their lives, the Bank of Ceylon is one of the key financers behind the country’s economic drive and has become a profound household brand for banking services as “BOC”. This not only because it has the largest balance sheet in the country owned by a single business entity with a trillion triplet in Assets, deposits and loans and advances, nor because it has been named as the country’s No.1 Bank and the No.1 Brand. It is also because of the Bank’s scale and capacity to alter the Sri Lankan banking industry driven by the integrity and financial strength of the brand “BOC” that has been demonstrated to all local and foreign stakeholders. At the end of the day, revenue growth is the moment of truth for any organization with regard to its brand performance. BOC brand has driven the organization to become the highest profit earning single business entity in the country since 2015, which is calculated for 2017 as a Profit Before Tax (PBT) Rs. 30.3 Billion. This is an unprecedented 22.8% revenue growth from 2016 to 2017. Expanding its scale brand “BOC” will soon acquire an asset base worth Rs.2 trillion becoming the unwavering banking giant in the Sri Lanka.
Digital disruption has changed the stance of every industry, especially banking, creating swirls of challenges coming from fintech. “BOC” with its experience gathered over many years comfortably ventured into multiple strategies by experimenting constantly to co-create the brand and products with customers. The approach the Bank took to cater to a dynamic customer base has been proven a success over the years. BOC’s agile nature to respond to customer requirements and infuse synergy into the Sri Lankan banking industry has paved way for many new technologies to penetrate the local market. Currently the brand can be accessed both physically and virtually by anyone through its local and foreign branch network that works both as the traditional brick-and-mortar component and the modern-day digital channels.
With the essence that was built to serve the Nation, Bankers to the Nation -“BOC” has created a powerful image within Sri Lankan community as a credible and a trusted financial partner that delivers to the genuine need of the people.