Standard Chartered Sri Lanka wins “Credit Card Initiative of the Year” at ABF Retail Banking Awards 2021
Standard Chartered Sri Lanka won the “Credit Card Initiative of the Year – Sri Lanka” Award for the Bank’s ‘2By20 Campaign on Loan on Card’ at the recently announced Asian Banking & Finance Retail Banking Awards 2021. The most prestigious banking awards in Asia were handed over to the winners via digital presentations recently in place of the gala awards dinner, due to the pandemic.
The ‘2By20’ campaign was designed and proposed in Q4 2019 by the Bank, to drive new assets through low-cost channels leveraging on unutilised credit exposure. The campaign target was to achieve LKR 2 Billion (USD 11Mn) from Loan on Card (Cash from Credit Card) transactions within the year 2020, and therefore the name ‘2By20’. Backed by the business challenge for a fee-based Consumer Banking Product drive, the Standard Chartered Sri Lanka team completed the campaign with an achievement that was leaps and bounds ahead of any competing initiatives.
“I congratulate our Voice and Virtual teams for their “Never Settle” attitude on achieving this recognition,” Bingumal Thewarathanthri, Chief Executive Officer, Standard Chartered Sri Lanka stated, adding, “to be able to win an international award for a banking product structured within a set of values from both client and employee perspective is truly special for Standard Chartered Sri Lanka, as it stands as an example of showcasing banking acumen without compromising on ethical principles.”
The ‘2By20’ promotion was based on the principles of customer centricity, need based solutions, equal opportunity and creating loyalty and client stickiness, with the right product; creating a need to use the unutilised credit line in their Standard Chartered Bank card for a lower cost compared to the Credit Card interest.
Aroshana Fernando, Head of Consumer, Private & Business Banking, Standard Chartered Sri Lanka explained the award-winning campaign model, “We rewarded our staff based on total new assets they brought in above their individual targets. Working on winning rewards based on the new asset balances they created, our teams increased the monthly average Loan on Card volumes over 2019. Overall, the campaign was a huge success and amazingly, their best results came during the pandemic period when point-of-sale spends were low and overall retail spends were declining.” He also stated that the ‘2By20 Campaign on Loan on Card’ contributed to 20% of Consumer Private and Business Banking Net Fee Income and 8% to total Consumer, Private & Business Banking revenue in 2020.
The Asian Banking & Finance Wholesale and Retail Banking Awards 2021, organised by the Asian Banking & Finance magazine, honours outstanding banks that have introduced ground-breaking Retail Banking products and services that proved to be industry game changer. Asian Banking & Finance is the industry magazine serving Asia’s dynamic financial services industry. Each issue carries a balanced mix of articles which appeal to the C-level executives of large Banking and Financial Services institutions in Asia.
