Q: Could you briefly take us through Sampath Bank’s journey so far?

A: Sampath Bank first opened its doors to customers back in 1987 as a bank dedicated to empowering and enriching the lives of Sri Lankans.

We pioneered the use of technology in delivering customer convenience and innovative services, enhanced through a talented and committed workforce. This paved the way for the bank to become the third largest private bank in Sri Lanka – with over Rs. 1 trillion in assets over a short period of more than 35 years. It is the youngest bank to reach this milestone in Sri Lanka.

Sampath Bank has maintained its edge in terms of innovation and the use of new technology, and delivered a number of firsts to the market, winning many international awards and accolades over the years.

Initially, customer service and convenience were at the heart of all innovations. Marking a pivot, we have added sustainability as a core consideration in innovation and the use of technology.

Q: Online banking has its pros and cons. What is being done to educate the public about getting trapped by financial frauds and scams?

A: Online banking is the future. Today, time is money and convenience is everything. As such, online or digital banking is here to stay and grow.

We are acutely aware that the danger of security breaches exists. Therefore, it is critical to educate and create awareness with regard to using these technologies and how to safeguard oneself.

A majority of the younger generation is aware of the security measures that should be adopted – for example, the need to keep their passwords private and not click messages or links from unverified sources. However, others may not have the same level of understanding.

Regardless of the awareness level of multiple generations of users, Sampath Bank has adopted a standard approach where we communicate the security features adopted, expected customer behaviour to keep their accounts and information safe, and potential fraudster behaviour, from sign up to digital services as well through our frequent communications, such as messages and mails.

In terms of systems and procedures, we have deployed and adopted best in class features that ensure the highest possible level of security for our online banking customers.

We continuously monitor new trends, and keep both ourselves and our customers informed of new threats and frauds.

Q: What are the challenges faced by the banking sector and how do you stay ahead of the competition?

A: Since 2019, the banking sector has been through many challenges that have been external in nature and we’ve accepted this as the ‘new normal.’

Sampath Bank has been adaptable and continuously focusses on developing efficiency in operations, training and empowering our human capital, and using technology to increase organisational agility. Agility is a critical component to survive in this turbulent environment.

At Sampath Bank, we are focussing on redefining our purpose and values. During difficult times, when things are blurred in terms of direction, it’s the purpose and values that can guide us through.

The next is effective strategising. As difficult as it is to plan long term in a volatile environment, you need to have long-term goals and strategies in place to achieve them.

All three ingredients put together form our formula for staying ahead of the competition.

Q: Sampath Vishwa and WePay are some of your innovative products. What are your thoughts on the future when AI comes into play?

A: AI has become a buzzword when it comes to discussions about future technology. Of course, it has tremendous power to transform the way we do business.

But at Sampath Bank, we will be harnessing it gradually. Before we can fully utilise the power of AI, we need to do a lot of work to create the environment for it to function effectively – such as refining and validating data, streamlining processes and developing security features.

Our short-term focus is on ensuring this enabling environment for AI to operate.

Q: Has Sampath Bank undertaken any CSR projects of national level interest recently?

A: Yes, we have continuously focussed on engaging with communities and supporting sustainable development in Sri Lanka.

Currently, our chosen area is water as it’s one of the single most important sources of life on the planet. In addition to tank restorations that support and manage this critical resource, the bank is also actively engaged in supporting water-based life through initiatives such as coral restorations and turtle conservation.

Sampath Bank has been very active in this space, reaching out to every part of the country with these projects and will continue to do so.

Q: What of the future of Sampath Bank? Any expansion plans – especially overseas?

A: We have traditionally been more focussed on organic growth in the domestic market. With the challenges that we’ve faced as a country, we are open to other expansion opportunities both in the domestic space as well as overseas.

We’re very keen on exploring opportunities opening up with the Port City Colombo development to contribute to this national endeavour. We believe that it will also give us access to regional markets and have already taken steps in this regard.

We are also looking at growing our offshore exposure. Sampath Bank has been very strong in this area, and we are looking at both new geographies as well as new industries to engage in offshore lending.

Locally, the Central Bank of Sri Lanka is also encouraging the sector to consolidate and we will consider any opportunities in this area as well.

– Compiled by Yamini Sequeira
COMPANY DETAILS

 Telephone: 2303050 | Email: info@sampath.lk | Website: www.sampath.lk