StanChart Sri Lanka wins Credit Card Initiative of the Year at ABF Retail Banking Awards 2021

Standard Chartered Sri Lanka won the Credit Card Initiative of the Year – Sri Lanka Award for the bank’s ‘2By20 Campaign on Loan on Card’, at the recently announced Asian Banking and Finance (ABF) Retail Banking Awards 2021. 

The most prestigious banking awards in Asia were handed over to the winners via digital presentations recently, in place of the gala awards dinner, due to the pandemic. The 2By20 campaign was designed and proposed in 4Q 2019 by the bank, to drive new assets through low-cost channels leveraging on unutilised credit exposure. The campaign target was to achieve Rs.2 billion (US $ 11 million) from loan on card (cash from credit card) transactions within the year 2020, and therefore the name 2By20. Backed by the business challenge for a fee-based consumer banking product drive, the Standard Chartered Sri Lanka team completed the campaign with an achievement that was leaps and bounds ahead of any competing initiatives.

“I congratulate our voice and virtual teams for their ‘Never Settle’ attitude on achieving this recognition,” Standard Chartered Sri Lanka Chief Executive Officer Bingumal Thewarathanthri stated.

He added, “To be able to win an international award for a banking product structured within a set of values from both client and employee perspective is truly special for Standard Chartered Sri Lanka, as it stands as an example of showcasing banking acumen without compromising on ethical principles.”

The 2By20 promotion was based on the principles of customer centricity, need-based solutions, equal opportunity and creating loyalty and client stickiness, with the right product, creating a need to use the unutilised credit line in their Standard Chartered Bank card for a lower cost compared to the credit card interest.

Standard Chartered Sri Lanka Head of Consumer, Private and Business Banking Aroshana Fernando explained the award-winning campaign model.

“We rewarded our staff based on total new assets they brought in above their individual targets. Working on winning rewards based on the new asset balances they created, our teams increased the monthly average loan on card volumes over 2019. Overall, the campaign was a huge success and amazingly, their best results came during the pandemic period when point-of-sale spends were low and overall retail spends were declining.” 

He also stated that the 2By20 Campaign on Loan on Card contributed to 20 percent of consumer private and business banking net fee income and 8 percent to total consumer, private and business banking revenue in 2020.