The Finance Company takes on new initiatives in improving business performance

Monday, 18 February 2013 00:00 -     - {{hitsCtrl.values.hits}}

The Finance Company PLC, the pioneer financial giant in the country has taken many initiatives to improve all its key business areas, recording higher volume growth in the third quarter 2012/13, despite the challenges caused by a high interest regime and a tight liquidity prevalent in the market.  

As a result of further expanding its presence in the island and the unwavering confidence of its loyal customers, the firm has been able to sustain the momentum that has upheld it in the past and thrive in its business operations within the non-banking financial industry.

The total new investment in financial products has recorded a significant growth of 29% during this quarter compared to the previous quarter. Opening new pawning centers in selected locations with the latest being in Kiribathgoda and Kurunegala has held the company in good stead as this business area has again proven its worth as an exceptional contributor to the firm’s revenues. The Pawning stock recorded a growth of 7% during the same period while the total deposit intake recorded a growth of 23%.

The  new  Real Estate projects  has continued unhindered into the third quarter as well and the company is confident of maintaining its market leadership position of this product which has contributed immensely to increase the  land ownership in the country.

Within a challenging environment where market dynamics might not be exceptionally conducive to a finance company’s operations, a vigorous approach in providing a better service to its customers undoubtedly plays a significant role. The aggressive branch modernizing and relocation in strategic business locations adopted by the company has resulted in TFC branches growing in their role to serve their communities more efficiently. The most recent moves being the shifting of its Piliyandala and Negombo branches to more customer convenient locations. Plans are currently underway to relocate more branches to more strategically appropriate locations in 2013. The dominating presence the firm has built over the years with its local communities has played a major part in the position of strength it enjoys today.

In an exciting new development, the company unveiled its all new Visa debit card and Advantage loyalty card to its savings and fixed deposit customers. The two cards were launched in February this year by Central Bank Governor Ajith Nivard Cabraal.

The Visa ATM card provides easy access to cash from over 2000 visa enabled ATMs island wide and also allows savings customers to purchase goods directly using their TFC savings account which is accepted at over 18,000 merchant outlets in the country. This includes travel, restaurants, groceries, utilities, shopping, medical and leisure amongst others and ensures that TFC customers enjoy a greater sense of security in cash management. The Advantage card lets TFC customers enjoy a world of rewards and discounts of up to 30% at over 150 merchants located all over Sri Lanka so that the firm’s customers can avail themselves to great rewards wherever they might be located.

The company has also taken several measures to rationalise its operational cost to better face the prevailing market challenges by centralizing its back office operations which will give the branch staff more quality time to give a better service to clients. The company has also set out on a business plan for the next five years with the help of an internationaly reputed consulting firm and also expects a capital infusion in the near future to further grow its business operations in order to ensure profitability, a healthy bottom line and maintain its position as a key player in the finance industry.

As to the future of the company, the positive sentiments expressed by the monitoring authority could be taken into reference, “the investment that had been made in The Finance Company, will bear fruit in the medium to long term.”

The Finance Company PLC, which is the first registered finance company in the country, has fulfilled the aspirations of generations with over 73 years of business excellence and operates through a network of 60 branches island wide.