Q: How has Singer Finance evolved into the entity that it is today since its inception in 2004?

A: Singer Finance, established 20 years ago, enabled hire purchase schemes for Singer retail products to empower customers amid growing demand for consumer finance. Initially operating out of the parent company’s retail showrooms, Singer Finance expanded significantly after Singer (Sri Lanka) was acquired by the Hayleys Group.

Leveraging the combined strengths of both entities, Singer Finance moved into its own head office and set up branches to enhance brand visibility. Group sales continue to contribute to the company’s revenue while new products such as gold loans are also performing strongly.

Over the last five years, Singer Finance has infused its people and processes with the benefits of advanced technology.

Q: What are Singer Finance’s key strengths?

A: Undoubtedly the key strength is having two strong parents, Singer (Sri Lanka) and the Hayleys Group, reflected in Singer winning the People’s Brand of the Year award at the SLIM-Kantar People’s Awards in 2023 for the 18th consecutive year.

The legacy of these parent companies and the strong market presence helps build brand credibility. All these factors coupled with our professional operations have built trust between the company and customers. We will leverage the group brand presence to further expand our presence to every corner of the country.

Q: And what sets Singer Finance apart from other finance companies, particularly in terms of its emphasis on excellent customer service and people-centric approach?

A: The main pillar of being customer and people-centric is cross selling products and services. At Singer Finance, we understand customers’ lifestyles and needs, and then provide customised services that fulfil their aspirations.

Singer Finance has ensured that its employees are flexible, dynamic and efficient, and have access to adaptable technology platforms. We believe that embracing new technology spurs innovation. We also offer doorstep service for customers who prefer interacting with staff but are unable to visit branches.

Singer Finance is looking to provide anytime, anyplace services to the people of Sri Lanka.

Q: What is your take on the future of financial services in Sri Lanka – and how does Singer Finance plan to adapt?

A: The delivery model for financial services is expected to become more agile and mobile in the future. Singer Finance plans to be available 24/7, 365 days along with offering digital transactions, which reduces the need for brick and mortar branches.

Exploring technology backed innovation will become paramount in the future.

Q: How does Singer Finance prioritise trust, integrity and transparency – especially in an industry that is vulnerable to discrepancies?

A: The pillars of trust, integrity and transparency ultimately depend on the approach and practices of the board, senior management and staff.

The fact that we are one of the top finance companies despite all micro and macro environmental challenges reflects the trust in our credentials. This means we are balancing the pillars well.

It all starts with recruiting the right people and then investing in their training, so that they can deliver high standards of transparency and customer care.

Sri Lanka’s regulatory standards are high and finance companies are being regulated well. Maintaining corporate governance standards is a priority as it’s synonymous with who we are: a trusted and sustainable financial partner for our customers.

– Compiled by Yamini Sequeira
COMPANY DETAILS

Telephone: 2400400 | Email: financecompany@singersl.com | Website: www.singerfinance.com