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Sri Lanka’s Sampath Bank flags competition from telcos

ECONOMYNEXT – Sri Lanka’s Sampath Bank Plc has drawn attention to the threat banking faces from competition from mobile phone companies which are offering payment and other transaction services.

“The year ahead is likely to present an uncertain operating environment,” Sampath Bank Managing Director Nanda Fernando told shareholders in the firm’s annual report.

“We are also likely to experience strong competitive pressures, not only from peers in the banking industry, but also from telcos that appear to be intruding into our territory.”

Nonetheless, Fernando said, Sampath Bank stands firm in its determination to maintain its growth momentum, both in terms of the top line as well as the bottom line.

Fernando said Sampath Bank was focusing in improving its digital online banking facilities to cater to changing technology and consumer trends.

“Additionally, cost management and the promotion of electronic delivery channels will continue to be absolute priorities in our medium term growth agenda,” he said.
(COLOMBO, March 03, 2017)

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