NSB steers towards modernisation expansion

National Savings Bank (NSB) has been steered towards modernisation expansion and digitalisation of operations, services, and product delivery and has witnessed its contribution towards enhancing customer experience. This was disclosed to the Business Times by the outgoing NSB Chairman Jayaraja Chandrasekera.

The NSB has now on-board a very reputed IT service provider for a state-of-the-art core banking package, which will definitely drive the bank to new heights in the industry, he opined.

The NSB is now in the process of implementing a triennial strategic framework aimed at diversifying business operations, expanding portfolio, managing and mitigating risk, and seeking opportunities for organic, sustainable growth, he revealed.

A plan has been devised to mobilise savings deposits attracting more middle class clientele, he said adding that the NSB has the highest rural depositors’ base with saving pass books issued and maintained by around 4,000 post offices in the island.

Mr. Chandrasekera, a senior banking professional with over 40 years of experience at Hatton National Bank and later at Pan Asia Bank as a member of the Board of Directors, stepped down from the helm of the NSB this week.

The bank has extended its reach beyond the nation’s shores to build new relationships and strengthened existing ones with global money transferring companies further ensuring secure remittances from anywhere in the world.

It is now connected to 35 exchange houses and 13 correspondent banks facilitating global money transfer services.

The acquisition of Sri Lanka Savings Bank (SLSB), as a subsidiary of the NSB, will pave the way to diversify and expand its operations in the Sri Lankan banking sector by reaching untapped market segments with a new portfolio of products and financial services, he added.

In 2018, NSB has made steady progress in all core business areas and its deposit base recorded the highest mobilisation in history of Rs. 101.6 billion and reached Rs. 839.6 billion.

The bank’s assets too grew by 2.6 per cent to reach Rs. 1.04 trillion; he said adding that the NSB was the first local bank to adopt the SLFRS 9.

(Bandula)