Pan Asia Bank sets sights on higher growth in retail banking

With over 16 years the Pan Asia Banking Corporation PLC has no thoughts of slowing down. Although the initial entry of Pan Asia Bank to the Sri Lankan banking sector was mild, in the last couple of years the Bank has launched an aggressive marketing approach to meet the needs of the banking population in Sri Lanka.

“We realised that the banking landscape, in terms of the future of the country, is now wide open with the ending of a 30 year old war,” says Pan Asia Bank Deputy General Manager of Retail Banking Irishad Ally.

“We looked at where the biggest potential is, in terms of growth and it goes without saying it is the retail and SME segment which would benefit the most out of this opportunity. So we wanted to join the party as an aggressive player in this segment,” he explains.

Pan Asia Bank increased its focus on retail banking and small and medium scale enterprises as it stabilises a bank’s portfolio and it makes perfect bottom line sense. “This is why we pitched ourselves in retail banking.”

Ally believes that retail banking would be a key area in the future growth strategy of PABC, as it provides a solid foundation on which the Bank can stand, enabling it to capitalise on opportunities that arose in Sri Lanka with the end of the war and further enhance the growth of the country.

“It is this solid foundation that has helped us achieve greater results,” Ally adds. He further comments on the ‘pillars of stability’, as he calls them, that have ensured the success of the Bank throughout the years.



(T)ogether (E)veryone (A)chieves (M)ore. A primary pillar of an organisation is its people. “People are an organisation’s biggest asset and you can create a difference with people. The best performing organisations have the best performing people working for them and when you have a great team, you can easily differentiate yourself from the rest. The biggest challenge in building a business depends on building a culture that would take on the challenges in the right spirit,” Ally comments.

Make sure your engine is perfect. Systems, Processes and procedures are an operational necessity to any successful establishment. However, as Henry David Thoreau (an American philosopher) once said, “Our life is frittered away by details. Simplify, Simplify.” Recognising the importance of this, Pan Asia Bank has simplified all its processes and procedures in order to appeal to the masses.

Customer is king. A vital pillar of stability is a bank’s customer base. Taking it one step further from offering customer service, Pan Asia Bank strives on appealing to its customers’ emotional and rational aspects, ensuring a high-quality ‘customer experience’ each and every time you visit the Bank along with a range of products and services which adds value to their customer’s day to day banking. It is this end to end customer experience that has made them a preferred banking option.

The time is here and now! The final pillar of stability lies in the aggressive marketing and sales approach of a company. The most important thing is to craft out a unique brand proposition with consistency in the strategic marketing makes an organisation easily recognised in the cluttered market place. Every bank caters to the same banking population; however, recognising several niches in this populace, PABC has thus been able to go out into the market and acquire a fare portion of the banking pie.

“Aside from these pillars, we also wanted to create value for all our product and service offers,” Ally continues. As a new entrant, Pan Asia Bank introduced some innovative products which made a significant impact in the market,” he explains, naming some of Pan Asia Bank’s products from the Champion Saver Account and a leasing offer that could reduce your interest rate down to 1%, to the Ran Loan offer (a gold related product akin to pawning). The Bank has continually put its customer needs first. A highlighted product was also the Ranaviru Harasara, a loan scheme set up for the soldiers of the three forces, appreciating them for their services. “Phase two of this project is also underway, to grant facilities to the families of soldiers disabled, missing or killed in action, as a part of our social responsibility,” he added.

“Understanding that you cannot serve every customer in one plate, we have come to realise that customers, base a lot of their banking decisions on recognition and convenience; and so, we have given them what they require,” he says.

In keeping with this, Pan Asia Bank has changed the look and feel and the layout of its branches, so that every branch will make the customer feel as if it is their home branch. “It is important to create an emotional link with the customer,” Ally explains.

Likewise, in order to provide convenience for its customers, Pan Asia Bank has expanded its business and increased its reach, with its current branch number standing at 64. “As it takes awhile for us to open branches in all parts of the country, we have entered into a strategic alliance with Sampath Bank, to enable Pan Asia Bank customers to use Sampath Bank ATMs and vice versa,” he reasons, adding, “However, having successfully opened 23 branches in 2011, we look to increasing our branches to 100 in 2012.”

Looking into 2012, Ally reveals that more products that will make an impact in the market are up PABC’s sleeve, while a dynamic sales and service culture, efficient business conduct, revenue optimisation and cost containment are values to be upheld in the coming years as well.

Speaking of the Bank’s successful ventures in 2011, Ally comments that all of it was possible due to the performing culture at Pan Asia Bank. “The entire team was driven towards one common objective with passion, by giving them a purpose. The year 2010 was devoted to building this culture, which paid rich dividends in 2011,” he commended.

Speaking about Internet and mobile banking, Ally commented that the Bank is keen on investing in technology. “More and more people are learning about Internet banking, and awareness is being created. Technology is a vital part of an organisation’s services, so we hope to take Internet and mobile banking to a high level in 2012,” he says. Ally admits to the competition in the banking sector in the country being intense. However, he said, “Our advantage is that we are a manageable size. In terms of implementation, it is easier for us to do it right now, rather than for a bigger bank (in terms of numbers). We have understood this concept and changed appropriately to become a better bank in terms of giving the best to our customers. We believe that, if the foundation is laid right, growth will follow.”