Assignment Writing Help in Strategic Marketing
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Introduction
Seylan
Bank is a Public Limited Liability company, which was established in Colombo,
1987 as ‘Seylan Trust Bank Ltd’ and subsequent on 6th July 1990, changed
its name to ‘Seylan Bank Limited’. Its
vision is to be the most caring and trusted bank. Its mission was to build a
strong bank serving the needs of all its customers within and outside Sri
Lanka. Seylan bank took over the management of two local branches of British
based bank of Credit & Commerce International (BCCI), which went into
liquidation. The bank has introduced mobile banking as a strategy into remote
villages in order to develop the saving habit among the masses. Having the
dynamic and innovative team, the Bank increased its reach to be available at
the customers’ door steps. Throughout the SWIFT network, the bank enhances its
international product & service portfolio. It thereby reaches to the large
numbers of expatriates working in the Middle East. The bank has identified and
developed a learning & growth culture with the motive of value addition to
its staff and consumers, thereby creating shareholder wealth. E-leaning is
being introduced to the staff which enables more people to access training
modules and more techno savvy which giving the Seylan team a knowledgeable
workforce in the long run.
1.
Key
Performance Indicators & It’s effect on Bank’s performance
Seylan
Bank presented itself customer friendly, flexible and up to the commitments
given to the customers and caught the attention as ‘The Bank with the Heart’.
Seylan Bank has differentiated itself in the Sri Lankan market place with the
range of various innovative services, such as:
§ Extended
week-day working hours as well as Saturday service
§ 1%
bonus interest providing on minimum average balances for saving account.
§ Special
high-interest saving account with contracted monthly deposits
§ 5%
thank-you bonuses on interest reinvested in fixed deposits
§ Personal
Assistance Loans for customers with limited credit opportunities
§ Cash
card access to NRIs (often used by Sri Lankan residents to transfer funds to
their dependants)
The
Bank has maintained its reputation as an industry innovator, leading the market
with a mobile palmtop banking solution, launched the country’s first corporate
website in all 3 official languages: Sinhala, Tamil & English. The bank has
also found the ways to strengthen customer relationships. Such as, bank has
introduced the ‘Reward plus Program’ featuring the lucky draw price for some
fortunate depositors was replaced by a more sophisticated loyalty program
called ‘Merit Rewards’, which recognized customers’ academic & professional
excellence, sporty achievements or bravery achievements.
Seylan
Bank enjoyed an immediate success after that in terms of asset management as
well as profitability. Other key measures also showed the dramatic growth in
terms of steadily increase in the workforce; rapidly increase in the number of
branches worldwide. Seylan Bank became the fifth largest bank in Sri Lanka and
ranked 3rd among the privately held financial institutions.
2.
Problem
Statement and its impact on Bank’s performance
The
incredible growth achieved by Seylan Bank is the classic case of overtrading.
Its aggressive expansion in terms of business volumes as well as physical
infrastructure had made a tremendous pressure on the limited amount of capital
available. It’s gearing ratio i.e. degree of leverage to finance operation i.e.
total assets divided by the total shareholders’ funds have shot up the highest
in the industry. This pointed to be the serious problem ahead. This problem
laid the Bank’s financial performance creates a long gap between business needs
and available resources. Its capital adequacy ratio also goes down as growth in
capital failed to keep the pace with the growth in the volume of the business.
The
Central Bank of Sri Lanka moved to impose restrictions on Seylan Bank’s
expansion plans. This includes restrictions on the number of branches, planned
expansion of student service centres and even its ATM network.
The
other problems were related with the management that they are not aligned with
current professional standards for industry. The customers’ perception was that
the Bank was not being performed and run properly.
Over
the next few years, there were long queues of branch staff outside the Seylan
Bank locations across Sri Lanka. Branch staff faced some severe problems
related with upset customers and securing additional funds from head office to
meet the extra ordinary demand for withdrawals. The management faced shrinking
number of funding lines from other banks. Capital Intelligence, the
international credit rating agency announced the overall weak financials of
Seylan Bank which is below the sovereign rating.
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