Shashi Kandambi Jassim, General Manager/Chief Executive Officer of National Savings Bank, has a journey in the banking sector that is both unconventional and driven by a blend of circumstance and ambition. In addition to her role at NSB, she also functions as a member of the Governing Board of Institute of Bankers Sri Lanka, and a Member of the Advisory Council of the Association of Professional Bankers Sri Lanka. She is also the Chairperson of the Lanka SWIFT User Group and a Board member of the Lanka Financial Services Bureau, Sri Lanka Bankers Association, and NSB Fund Management.
Reflecting on her entry into banking, she recalls how she initially joined Sampath Bank as a banking assistant while waiting for university admissions. However, as fate would have it, her temporary stint in banking gradually evolved into a long-term career path, diverging from her initial aspirations of entering the medical field. Despite this departure from her intended trajectory, Shashi’s tenure at Sampath Bank proved instrumental in shaping her approach to leadership.
Choosing Sampath Bank was not a random decision for Shashi; she was drawn to its reputation as a digitally progressive institution that revolutionized the banking landscape through innovative technologies. Starting as a teller at the counter, her pursuit of learning and advancement propelled her up the corporate ladder. Her motivation stemmed from a personal commitment to prove herself in the absence of a traditional degree, a promise she made to her parents. This drive, coupled with the support and educational opportunities provided by her employer, enabled Shashi to excel and quickly ascend through the ranks.
Shashi’s ascent within the banking sector was marked by a dedication to excellence and continuous self-improvement. She embraced each assignment with a perfectionist mindset, often going the extra mile to ensure superior outcomes. Moreover, she pursued additional educational qualifications, including banking diplomas and postgraduate studies, further enriching her expertise in the field. Notably, her achievements also extended beyond academic pursuits, earning her prestigious opportunities such as a program at Harvard University, where she networked with industry leaders and gained invaluable insights.
Shashi’s journey in the banking and finance sector took a significant step forward in 2015-2016 when she was appointed as the President of the Association of Professional Bankers Sri Lanka. This role allowed her to contribute directly to the professional development of young bankers, equipping them with valuable knowledge and skills.
In recognition of her commitment to the industry, she was honoured to receive the prestigious Gold Award for Banking and Finance Sector Top 50 Career Women in 2017 by Women in Management (WIM) in collaboration with the International Finance Corporation (IFC). This award held immense significance as it marked the first external recognition of her contributions to the industry, and it served as a motivator for her to continue advocating for excellence in the field.
Throughout her career, Shashi specialized in corporate banking, retail banking, international banking, corporate finance and treasury leveraging her experience to navigate various roles within the sector. Her journey culminated in her appointment as the General Manager/CEO of National Savings Bank, a significant milestone that marked a transition from the private sector to the state sector. Despite facing scepticism about her ability to thrive in a new environment, Shashi embraced the challenge as an opportunity to contribute to the welfare of her country and make a meaningful impact.
According to Shashi the decision to switch careers, especially from the well-trodden path of the private sector to the state sector, wasn’t an easy one. While well-meaning advice (around 90%) urged her to stay put, a burning desire to lead an organisation from the top and the strong support of close friends who understood this aspiration, ultimately fueled her decision. Another key factor was the existing leadership at the National Savings Bank (NSB). Shashi saw in the chairman and board of directors a willingness to empower and provide the freedom to drive the organization forward. Today, after joining NSB, she is delighted to share that the support from both the board and the regulator has been truly encouraging, validating her initial convictions.
Before officially joining the National Savings Bank (NSB), Shashi embarked on a journey to reconnect with past mentors who had significantly impacted her career. These visits included Mr. Bandaranayake of Sampath Bank, whose guidance played a crucial role in her professional development.
However, one meeting stood out. Shashi had the privilege of conversing with Mr. ESB Ballale, a former CEO/GM of NSB widely lauded for ushering in a golden era for the bank. Notably, Mr. Ballale, like Shashi, made a career shift from the private sector to NSB. Their blessings and invaluable advice instilled in her a renewed sense of confidence, making the transition to NSB feel less daunting.
In her current role, she is focused on leveraging her expertise to drive positive change within NSB. Recognizing the organization’s rich history and capable workforce, she aims to introduce best practices and optimize resources to enhance outcomes for all stakeholders. Despite initial apprehensions about change, Shashi emphasizes the importance of alignment and collaboration in implementing reforms that benefit both the organization and its employees.
As the 19th General Manager/Chief Executive Officer of National Savings Bank (NSB), Shashi envisions a path forward that builds upon the achievements of her predecessors while steering NSB towards further growth and success. Central to her strategy is the concept of empowerment. She recognizes the untapped potential within NSB’s workforce and aims to unleash it by empowering team members at every level. She perceives empowerment not merely as delegating tasks but as entrusting individuals with decision-making authority within their designated boundaries. By promoting a culture of empowerment, Shashi seeks to cultivate leadership qualities among branch managers and instil a sense of pride in the NSB brand among all team members.
Upon assuming her role, Shashi initiated discussions with branch management teams to solicit feedback and gauge their commitment to NSB’s success. She found a shared enthusiasm for enhancing the organization’s performance and bolstering its reputation. Shashi acknowledges that achieving this goal requires a concerted team effort, underscoring the importance of collaboration and alignment across the organization. Through empowerment, she aims to harness the collective capabilities of NSB’s workforce and propel the organization toward excellence.
In addition to empowering internal teams, Shashi is keen on expanding NSB’s clientele by tapping into new market segments. Leveraging her extensive experience and network, she plans to attract diverse customer bases to NSB, thereby broadening its reach and relevance. Moreover, she emphasizes the need for product innovation to cater to evolving customer preferences, particularly among younger demographics. She envisions reshaping existing products and introducing new offerings tailored to the needs of millennials and Gen Xers, ensuring that NSB remains competitive in a rapidly changing banking landscape.
Furthermore, Shashi recognizes the importance of digital transformation in enhancing NSB’s service delivery and customer experience. While acknowledging budgetary constraints compared to private banks, she believes that meaningful digital improvements can be achieved through training and attitudinal shifts among team members. By optimizing existing digital infrastructure and enhancing service standards, she aims to make NSB more appealing to younger generations while capitalizing on its unique advantage of government-guaranteed deposits.
Shashi views her recent milestone as a significant achievement both personally and for the banking industry as a whole. Reflecting on her journey, she recognizes the unique perspective and strengths she brings to her role as a female leader. One aspect she emphasizes is her ability to approach human resources management with a balanced and empathetic outlook. Drawing from her experiences and perhaps even inherent qualities, she believes that her understanding of the diverse needs and feelings of employees enables her to address issues more effectively. With NSB boasting a seizable workforce, Shashi sees the management of HR resources as crucial to the organization’s success, and she attributes her gender as providing her with an advantage in this regard.
Moreover, Shashi highlights the resilience and adaptability inherent in her nature as a female leader. Drawing parallels between her roles as a mother, daughter, wife, and sister, she underscores the multifaceted responsibilities women often navigate in their personal lives. These experiences, she contends, have honed her ability to weather challenges and manage stress effectively, qualities that are invaluable in leadership positions. She believes that her capacity to empathize, support, and share the burdens of others, cultivated through her diverse roles outside the bank, equips her with the strength and determination needed to lead NSB through turbulent times.
In the broader context of the banking industry, Shashi’s ascent to the CEO role as a woman signifies a step forward in diversity and inclusivity. Traditionally, the banking sector has been male-dominated, with women often underrepresented in senior leadership positions. Her appointment challenges these norms and serves as a testament to the increasing recognition of women’s capabilities in steering major financial institutions. By breaking barriers and paving the way for future generations of female leaders, her achievement contributes to cultivating a more equitable and diverse landscape within the banking industry.
Shashi aims to balance the strategic objectives of the bank with the goals of the STHREE campaign, a dedicated initiative aimed at empowering women financially. While NSB is traditionally known for its role in deposit-taking and financial services, Shashi sees an opportunity to further promote financial inclusion and empowerment, particularly among female clientele. To achieve this, NSB offers specialized products under the STHREE campaign, such as the “STHREE” savings accounts, which include both regular savings and planned savings options. These accounts are tailored to help women plan for significant life events, such as education, marriage, and other milestones. Additionally, NSB provides small-ticket loans specifically designed for self-employed women, offering special interest rates and benefits to support their entrepreneurial endeavours.