People’s Bank unveils MTI-enabled strategic plan for future growth
08 Nov 2015 - {{hitsCtrl.values.hits}}
(L- R): - Hemasiri Fernando - Chairman, People’s Bank, receiving a copy of the strategic plan from Hilmy Cader – CEO, MTI Consultants, with Jehan Amarathunga – Director, People’s Bank and N. Vasantha Kumar - Chief Executive Officer/General Manager, People’s Bank
The management of People’s Bank recently presented its 5-year strategic plan for future growth to over 1000 head office and branch network professionals, from different levels of the organization. The plan ‘SP 16/20’ was formulated by MTI Consultants, in close collaboration with the staff of People’s Bank.
The plan is based on MTI’s internationally acclaimed 8S Model, and outlines key strategic initiatives that will help People’s Bank achieve its 2020 profitability targets and secure its position as the undisputed market leader in the financial services sector. Over the next five years, People’s Bank will continue to remain dedicated to empowering the people of Sri Lanka and as part of its mission the bank will continue to serve and meet the needs of its stakeholders including customers, owners, employees and society at large.
At the presentation ceremony, Hilmy Cader – CEO, MTI Consultants officially handed over the first copy of ‘SP 16/20’ to Hemasiri Fernando – Chairman of People’s Bank. Also present at the event were N. Vasantha Kumar, Chief Executive Officer / General Manager of People’s Bank along with the Directors of People’s Bank and the bank’s senior management. Employees were briefed on the bank’s way forward and were given an overview of the strategic focus and key initiatives which will be implemented over the next five years.
People’s Bank currently serves over 16 million account relationships, through 737 branches and is also connected to a network of over 2500 ATMs which are linked to the Lanka Pay gateway. The new strategy places customers at the heart of People’s Bank’s operations and also focuses on boosting the bank’s overall efficiency. In order to ensure the optimal allocation of resources and energy, all business units and products have been classified as primary or secondary developments, and the latter have been identified as areas with high potential that the bank will concentrate on developing.
As part of the new strategy, the bank will move towards electronic and lifestyle based channels and will strive to enhance its service culture and branch ergonomics. Several customer-centric initiatives have also been identified to help People’s Bank reach a wider range of high-end customers, whilst maintaining its current customer base. Additionally the bank will also explore other funding opportunities and will consider expanding its international footprint in high potential markets. The bank has also begun its paperless banking journey and will focus on offering revolutionary new green banking solutions throughout
its operations.
By becoming the most digitalized bank, People’s Bank hopes to bring a new level of convenience to its customers whilst reducing its carbon footprint and levels of energy consumption at the same time.
Commenting on the plan, Hemasiri Fernando – Chairman of People’s Bank stated, “People’s Bank has invested in developing a 5-year strategic plan, which will help fulfil our vision for 2020. Having always played a pivotal role in the economic development of Sri Lanka, the bank will continue to be an economic driver and spearhead financial inclusivity by providing a wider segment of the population with access to high quality banking facilities and services. We are in the business of providing financial services that contribute to people’s quality of life and enterprise development via affordable, accessible and efficiently delivered solutions. Our new strategic approach will enable us to solidify our position as Sri Lanka’s undisputed market leader in the financial services industry and in preparation for the future; we will also focus on transitioning into the most digitalized and technologically advanced bank in the country. In a volatile and competitive climate, we hope that ‘SP 16/20’ will enable us to fulfil our pragmatic vision, gain a competitive advantage and reaffirm our ethos of being the pulse of the people. We will also work closely with our main stakeholder – the Government of Sri Lanka and support all of its efforts to modernize the country and build a thriving economy.”
Also commenting on the new plan, N. Vasantha Kumar, Chief Executive Officer / General Manager of People’s Bank, stated “Our new strategic plan is based on MTI’s internationally acclaimed 8S Model and is well-aligned with the Government’s vision for 2020. Staff members from all levels of the organization helped to develop ‘SP 16/20’ and we now want them to take ownership and help us to effectively implement the required initiatives. Our key focus will be on creating a more customer-centric and goal-orientated culture.”
Commenting on MTI’s development of the plan, Hilmy Cader, CEO of MTI Consultants stated, “We are delighted that People’s Bank selected us to develop its holistic strategic plan, which has laid the foundation for the bank to achieve its financial and marketing targets over the next five years. This strategy should enable People’s Bank to uplift its offering and deliver a new level of excellence, innovation and efficiency throughout its operations.”
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