Stakeholder Outcomes
Empowering Customers Through Unwavering Support
As a truly customer-centric bank, our customers are at the heart of everything we do. We strive to deliver a seamless experience building on the trust and excellence built over the years.
The Bank takes immense pride in fostering financial inclusion, delivering innovative solutions and ensuring a seamless banking experience for individuals and businesses alike.
CONTEXT FOR 2024
Strategic Pillar
EXCELLENCE IN CUSTOMER EXPERIENCE
Our customer strategy is built on a foundation of financial accessibility, exceptional customer service and responsible banking practices. These pillars ensure that BOC continues to serve as a trusted financial partner to individuals and businesses across the country, reinforcing sustainable economic growth and financial resilience.
Priority Areas
- ● Accessibility to financial services
- ● Unmatched customer proposition
- ● Responsible banking
ACCESSIBILITY TO FINANCIAL SERVICES
BOC remains steadfast in its commitment to ensure accessibility of financial services to a diverse customer base across Sri Lanka and beyond. With a customer base of over 16.2 million customers, the Bank's reach is unparalleled, serving individuals, SMEs, large corporations, and Government entities alike. A cornerstone of BOC's mission is to provide highly efficient, customer focused, technologically sophisticated, resilient and innovative financial services to the Nation with global access, empowering employees and enhancing value to the stakeholders. The Bank's ability to provide banking services across diverse geographies is achieved through a combination of physical branch networks, mobile units and an expanding digital footprint. Throughout 2024, the Bank was committed to breaking barriers to access, especially in rural areas and underserved markets, thus fostering a culture of savings and expanding the reach of credit. The Bank has also focused on expanding its partnerships with international organisations, allowing cross-border financial services that cater to both domestic and global needs. These initiatives ensure a wide-ranging impact across sectors, bolstering the Nation's financial inclusion goals.
The Bank partnered with Sri Lanka Post expanding BOC Connect – Agent Banking network to reach out underserved segments of the community who did not have access to banking services.
Enhancing Our Customer Service Levels
In addition to geographic accessibility, BOC has expanded its service portfolio to accommodate diverse banking preferences across a wide spectrum of customers who possess different and evolving needs. The Bank's significant investment in its digital banking solutions has created an array of channels through which customers can access services, from online banking to mobile apps and agency banking. In 2024, the Bank's digital transformation initiatives were accelerated, which automate approval processes and reduce customer lead times. Furthermore, proactive measures to ensure business continuity, including credit restructuring for distressed borrowers and expanding financial literacy programmes, have reinforced the resilience of its customer base. With customer satisfaction at the core, BOC remains focused on providing uninterrupted and efficient services to its customers ensuring that financial services are accessible to all, regardless of location or circumstance.
Ensuring Business Continuity
The Bank remained committed to uninterrupted banking services, even in the face of economic and operational challenges. We implemented proactive credit restructuring measures to assist customers who faced financial challenges, helping to prevent defaults and maintain a healthy loan portfolio. During the periods of heightened economic stress, our dedicated recovery
teams managed to revive customers, which contributed to maintaining our recovery position and improve Stage 3 ratio. In addition, we expanded our financial literacy programmes to equip customers with essential financial management skills, reaching SMEs and individuals across the Nation. Strengthened risk management protocols further safeguarded our operations.
Expansive Spectrum of Customer Touchpoints
"Branch on Wheels" mobilised to connect with customers across the island. These efforts ensured that every customer has continuous access to essential financial services.
In 2024, 16 branches were relocated to ensure greater visibility and customer access. The Bank opened 5 new branches (including limited-service branches) in Galle, Kurunegala, Polonnaruwa, Kilinochchi and Colombo. These additions enhanced the branch footprint to 654 including 73 limited service branches. These physical enhancements were complemented by the installation of 113 new CRMs - (Cash Recycle Machines) and the establishment of 19 Smart Zones, further expanding our reach. As a result of these concerted efforts, nearly 47% of customer initiated transactions were conducted via digital or electronic channels, marking a significant step toward a digitally empowered banking environment.
The Bank's innovative Smart Zones network expanded with three onsite Smart Zones and 16 offsite Smart Zones, contributing to the overall total of 573 and 269 respectively. The expansion in our delivery channels ensures that we are meeting our customers where they are, whether it's through physical branches, mobile units or digital platforms.
By year-end, we achieved a total of 2,294 direct customer touchpoints, which reflects the success of our customer service strategies and the positive outcomes of our efforts to address complaints and improve service quality.
Model Branch concept was implemented, to enhance the customer service experience across the branch network covering all provinces and providing on-the-job training to the staff. In order to serve the youth of the country, 88 new School Sansada units and 47 Mobile School Savings Units were opened.
The Bank decentralised its Islamic Banking services enabling Shari'ah compliant solutions to make available across the branch network.
To further enhance accessibility, BOC upgraded its customer touchpoints to ensure a seamless banking experience. Meanwhile, digital transactions and digital adoption witnessed growth momentums reflecting our customers' growing reliance on digital channels. Our call centres were revamped with AI chatbots and multilingual support, reducing average complaint resolution times.
Additionally, initiatives like "Tea with BOC"- interactive sessions with our customers, were conducted. These sessions helped to foster stronger relationships with our customers and ensured that personal engagement remains at the heart of our service delivery mechanism.
Collectively, these initiatives have bolstered our multi-channel footprint and ensured that our customers enjoy uninterrupted and convenient access to BOC's comprehensive financial services, reinforcing the Bank's commitment to maintain and enhance customer satisfaction across all levels.
AN UNMATCHED CUSTOMER PROPOSITION
BOC has consistently positioned itself as the leader in providing an unmatched customer proposition through a robust suite of financial products and services.
BOC's innovation-driven approach to product development has also played a crucial role in maintaining an unmatched customer proposition. The Bank introduced several new products that cater to the unique needs of different customer segments, during the first year 2024 also. The Export Circle provides exporters with competitive financing and advisory services, enhancing Sri Lanka's global trade capacity. Meanwhile, the SME Circle focuses on offering SMEs flexible credit solutions, digital tools, and expert guidance to promote growth and expansion. For foreign nationals and expatriates, the Foreign Circle has provided specialised banking services tailored to their financial requirements. By continuously enhancing its product offerings and ensuring that they align with customer needs, BOC has maintained its reputation for excellence in customer service.
Business Revival And Rehabilitation
Recognising the ongoing economic challenges faced by businesses and individuals, the Bank has launched multiple initiatives to support and rehabilitate businesses in distress, ensuring that they have the resources needed for recovery. In 2024, the Bank's Business Revival and Rehabilitation Unit focused on reaching out to affected customers to revive and regularise loan payments. This unit further focuses on evaluating and supporting struggling enterprises, offering them tailored solutions to help them recover, rebuild, and thrive.
The introduction of dedicated management teams strengthened partnerships with industry bodies and Government collaboration playing a pivotal role in driving business revival, ensuring that the Bank's customers, both large and small, can continue contributing to Sri Lanka's economic recovery.
In response to economic challenges, BOC reinforced its commitment further by launching proactive restructuring programme aimed at supporting distressed borrowers, offering special concessionary interest rates and flexible repayment options. These initiatives benefited over 10,000 business accounts, helping many enterprises stabilise their operations during turbulent times. Furthermore, our dedicated recovery teams, deployed across all key provinces, conducted in-depth case evaluations and early interventions, resulting in an improvement in loan recovery rates compared to the previous year.
Strategies to Support Customers
Our customer support strategy was multifaceted, addressing diverse needs with precision. We implemented a three-pronged approach to support customers:
● Loan restructuring, rescheduling and revival:
Flexible repayment options were provided to ease immediate financial burdens, enabling customers to manage repayments effectively.
● Sector-specific financial solutions:
Customised loan products were developed for key sectors such as tourism, export, and manufacturing.
● Capacity building and advisory services:
In addition to financial restructuring, we organised extensive financial literacy workshops that empowered SMEs and individual entrepreneurs.
Service Excellence
Service excellence is a cornerstone of our customer proposition. Significant emphasis was placed on improvements to our processing speed. These impressive figures were supported by continuous training programmes for over 8,000 frontline staff, ensuring that every interaction reflects our commitment to quality and efficiency. Enhanced customer feedback mechanisms, including digital surveys, interactive platforms, and direct engagement sessions allowed us to provide a seamless service. The results have been overwhelmingly positive, as evidenced by consistently high customer satisfaction scores and improved operational metrics.
The "Happy Customer Experience Week" held during October 2024 was a flagship initiative, combining rigorous staff training, motivational communications from senior management, and direct customer engagement. This initiative contributed to improved customer metrics further demonstrating enhanced loyalty and satisfaction.
Innovation and Product Development
Innovation is at the heart of BOC's strategy, driving the creation and enhancement of specialised financial products designed to meet the unique needs of our diverse customer base. Our product development is structured around three core circles and within these three integrated and dedicated business lines, timely delivery of services to our valued customers are ensured.
Tailored specifically for exporters and the Export Circle offers financing with competitive interest rates and dedicated advisory services. In 2024, this initiative led to an 18% increase in our export portfolio, facilitating the opening of over 1,200 new export loan accounts. These solutions have enabled exporters to manage risks effectively and streamline cross-border transactions, ensuring they remain competitive in the global market.
Recognising the vital role of small and medium enterprises in driving economic growth, the SME Circle provides flexible credit facilities, integrated digital solutions, and comprehensive capacity-building initiatives. This product suite recorded a 22% increase in SME loan approvals, supporting more than 3,000 SMEs in scaling operations, enhancing efficiency, and fuelling business expansion. Tailored advisory services and dedicated support teams have empowered entrepreneurs to navigate financial challenges and seize growth opportunities.
Designed for expatriates and international clients and the Foreign Circle delivers customised financial solutions, including multi-currency accounts, cross-border banking services, and specialised financing for overseas investments. This innovative product line resulted in opening of over 1,000 new expatriate accounts, thereby strengthening BOC's global presence and catering to the unique needs of our international clientele.
RESPONSIBLE BANKING
As one of the most trusted and premier financial institutions in the country, the Bank places emphasis on spearheading responsible banking practices that align with ethical standards and regulatory requirements. Alongside compliance, the Bank has focused on responsible communications, ensuring that customers fully understand the financial products and services being offered. This is evident in BOC's proactive measures to provide clear, transparent, and easily accessible information to customers, particularly regarding the risks associated with borrowing and investing. The Bank also continued to prioritise ethical practices, ensuring that it operates with the utmost responsibility towards its stakeholders.
Educating customers remains a cornerstone of BOC's responsible banking strategy. Recognising the importance of financial literacy in building a sustainable economy, the Bank has expanded its efforts to educate customers, especially in underserved communities, about sound financial management practices. In 2024, the Bank launched a series of financial literacy initiatives aimed at SMEs and individual customers. This approach not only serves the Bank's customers but also contributes to the broader economic goal of enhancing financial resilience across Sri Lanka. By focusing on customer education and compliance, BOC is ensuring that its role as a responsible financial institution is firmly entrenched in every aspect of its operations.
Compliance and Responsible Communications
The Bank adheres to rigorous regulatory frameworks and international banking standards. Our robust anti-money laundering (AML) and Know-Your-Customer (KYC) protocols ensure that every transaction is secure and compliant.
Throughout 2024, we conducted regular internal training sessions for employees, reinforcing our commitment to ethical banking practices and transparent communication. Clear, timely, and accurate product disclosures are communicated through our digital channels, ensuring that customers are fully informed about every aspect of our services. This unwavering commitment to compliance not only builds trust but also supports the integrity of our financial operations.
Educating Customers
Financial literacy is a cornerstone of our responsible banking agenda. In 2024, over 35 financial literacy workshops and training sessions were conducted, reaching more than 8,000 participants across the nation. These programmes focused on key areas such as responsible borrowing, effective savings management, digital banking security, and fraud prevention. By providing accessible online resources and interactive seminars, we empowered our customers with the knowledge necessary to navigate the increasingly complex financial landscape.
Specialised capacity-building programmes for SMEs further enhanced their ability to manage finances sustainably and make informed business decisions.
WAY FORWARD
Looking ahead to 2025 and beyond, the Bank is poised to build on the substantial progress made in 2024. Our strategic priorities for the coming years include:
● Advancing digital transformation
Rolling out advanced credit approval systems and expanding our mobile banking capabilities to ensure a seamless, intuitive digital experience for all customers. Upgraded platforms will enhance operational efficiency and customer engagement.
● Expanding support to the MSME segment
Doubling our SME portfolio growth by introducing innovative financial solutions tailored to the evolving needs of small and medium enterprises. This will involve launching new product lines and enhancing advisory services to empower SMEs further.
● Enhancing trade finance and green lending:
Strengthening our trade finance services and promoting green banking initiatives to support sustainable economic growth. These efforts will drive increased international trade and contribute to environmental sustainability.
● Islamic banking growth:
Establishing a dedicated Islamic banking unit at our overseas touch points to cater to the increasing demand for Shari'ah-compliant financial solutions, further expanding our market reach.
● Strengthening financial literacy:
Scaling up our customer education programmes to ensure responsible financial behaviour across all demographics. This includes enhanced digital outreach and community engagement initiatives designed to foster a financially empowered society.
