The world transformed: Beyond borders and boundaries

• National Savings Bank marks 52nd anniversary 

The concept of boundaries, both physical and ideological, has long been a defining feature of human civilisation. Man has built barriers both tangible and intangible, including the Great Wall of China, Berlin Wall, and Iron Curtain to the digital divide, to demarcate territories, safeguard interests, and preserve identities.

Interestingly, throughout history, we have also witnessed the gradual erosion of these barriers, as the forces of globalisation, technological advancement, and cultural exchange have contributed to redraw the maps of the world and redefine the contours of our collective consciousness. The concept of a world without borders ignites imagination, sparking visions of a unified humanity, unconstrained by geographical or political divisions and the shifting global dynamics are pushing us towards a more interconnected world.

As an effort to read the present picture of the world with transcending boundaries, the National Savings Bank (NSB) kept the technological and ideological advancements in the forefront of our strategies as we commemorate the 52nd anniversary. Our journey over the past half-century has been one of remarkable progress, marked by transformative innovations and steadfast dedication in the pursuit of inculcating the habit of saving and thereby uplifting the people and the country. As we stand on the threshold of yet another year, full of challenges and obstacles posed by both local and global economic scenarios, we are compelled to reflect on the evolving role of technology in shaping the future of banking and finance, a future that transcends boundaries and borders in ways unprecedented in human history.

The erosion of borders in a digital age

The internet has already blurred national boundaries in the realm of information exchange. Social media platforms connect individuals across continents, fostering cultural exchange and challenging national narratives. The rise of e-commerce and remote work allows people to collaborate and conduct business transcending physical borders. As virtual reality continues to evolve, the concept of a shared online space, independent of geography, might become increasingly prominent. Accordingly, we, at NSB, have introduced and expanded the internet and digital banking facility enabling a larger group of people to access banking facilities exceeding the barriers of time and space.  

Economic interdependence

The global economy is already deeply interconnected, with complex supply chains spanning continents. The concept of a singular national economy is fading, replaced by a more interdependent system. This economic integration fosters collaboration and trade but also raises concerns about income inequality and the need for international regulations to ensure fair labour practices and environmental sustainability. Financial institutions in any country, which bear the responsibility of ensuring economic stability, should address the issues triggered by economic interdependence of countries and regions. National Savings Bank, as the premier savings bank in Sri Lanka, is fully aware of its mandate for the Nation and pledges continuous commitment towards empowering the people economically amidst a broadly interconnected world. 

Shared challenges demand shared solutions

Global issues such as inflation, climate change, pandemics, and resource scarcity necessitate a unified approach. National borders become irrelevant in the face of rising sea levels or a rapidly spreading virus. Under the circumstances, collaborative efforts in research, resource management, and disaster response will be crucial for a sustainable and affordable future. International organisations such as the UN will likely play a more prominent role in coordinating global solutions.

Challenges on the road to a borderless world

The process of globalisation, which has dissolved the borders, does not necessarily pave the way to global harmony. Cultural differences, ethnic tensions, and competition for resources can still lead to conflict. Maintaining cultural identities within a more interconnected world will be a delicate balance. Mechanisms for addressing international disputes and ensuring global security need to be adapted in the context of this new paradigm.

The future we choose

A world beyond borders is not a predictable future, but a potential path shaped by our choices. Embracing collaboration, fostering cultural understanding, and prioritising global challenges will be vital in navigating this new landscape. Technological advancements offer tools for connection, but navigating the ethical and political complexities of a borderless world will be an ongoing process.

Today, as we find ourselves standing at the crossroads of an increasingly interconnected and interdependent global community, the obligation to transcend boundaries and embrace a vision of unity and cooperation has never been more urgent. From the existential threat of climate change to the challenges posed by pandemics, terrorism, and economic inequality, the problems confronting humanity are as complex and multifaceted as they are inextricably linked. In the face of such daunting challenges, the need for collective action, shared responsibility, and inclusive dialogue has never been more apparent.

In the realm of banking and finance, globalisation is occurring at a faster pace and the last two decades saw an unprecedented scale of new links between the national banking system and financial markets. Globalisation of financial markets has major consequences on financial banking management and the banks are largely affected by financial globalisation. To cope with the constant volatility in the economic environment, banks were forced to adopt new strategies in banking management. The economic effects of globalisation on the banking system may be positive or negative, and the task of those in charge of the management of the banking system is to maximise the positive effects and minimise the negative ones. 

From the introduction of debit and credit cards, SMS and internet banking services, digital banking to issuance of international bonds, the technology and the ever changing expectations of the customers have revolutionised the way we save, invest, and transact. And yet, for all the wonders they have bestowed upon us, they have also brought with them a host of new challenges and ethical dilemmas, from money laundering, the issues of data security to the erosion of privacy in the digital age.

As the significant actors and decision makers of the global and domestic financial industry, it is our responsibility to capitalise the advantages of globalisation for the benefits of the people while adopting adequate approaches to minimise or mitigate the challenges of a ‘global village’.  

In this endeavour, the mission of the National Savings Bank takes on renewed significance. As advocates for financial integration and empowerment, we have a unique opportunity and a solemn duty to shape the future of our people and the country in ways that reflect our deepest values and aspirations. By fostering the habit of saving among the masses, promoting thrift and frugality, and ensuring easy access to affordable banking products and investment solutions are committed to alleviate inequality, poverty, competition and financial marginalisation aggravated by disappearing boundaries.

As we look ahead to the next chapter in our journey, we dare to dream big, rebuild and stand tall in the Sri Lankan financial landscape, amidst continuing impacts of the economic downturn experienced by the country and the people. We will embrace the boundless possibilities that lie beyond boundaries and borders, and let us work together, in harmony, to build a future worthy of the generations yet to come. It is through the relentless commitment and loyalty of our customers, staff members and all other stakeholders that we will continue to push the boundaries of financial discipline and forge a brighter tomorrow for all. The future beyond borders is not a destination, but a journey. It is a future fraught with challenges, but also overflowing with possibilities for a more unified and prosperous Sri Lanka and world.

Here’s to the next 52 years of financial excellence, state-of-the-art customer service and accelerated progress.

(The writer is the Chairman of National Savings Bank.)