The Managing Director and Chief Executive Officer of the Commercial Bank of Ceylon PLC, Sivakrishnarajah Renganathan, hopes that 2021 will be a year of reconstruction and adaptation as the COVID-19 pandemic will not end any sooner.
He said that Commercial Bank would further review and set up its operational and business processes to comply with the new standard, while continuing to help its customers restore their businesses as well.
“I would like to view 2021 as a year of rebuilding, from the point of view of both operations and customers. The pandemic is going to remain much longer than expected, and hence it’s time to start adapting fully to the new normal. We will review and re-establish our operational and business processes further to fit the new normal, whilst continuing to keep assisting our customers’ to rebuild their businesses as well.
“As for changes in the industry, the pandemic has already changed the way the industry operates and it will continue to change to ensure that customers receive products and services that fulfill their needs, in keeping with the prevailing conditions. Digitisation and the payment ecosystem moving towards ‘touchless payment’ solutions are expected. In addition, customers’ on boarding to all support services are expected to be via digital platforms.”
Speaking further the MD said that due to the pandemic, there has been a shift in consumer behavior across many industries. “We have seen a rise in digital onboarding and transactions, and our customers are also experiencing changing spending patterns, etc.”
Under the leadership of Renganathan, the bank has achieved great heights. Speaking about how he will lead his team to tackle the effects and challenges posed by the pandemic, he mentioned, “We follow a strategic process in dealing with the pandemic effects which focuses on addressing the key sectors or parties that are affected. Each segment is analysed to identify the effects that are unique to them and solutions are worked out accordingly. This is vital since the effects on each is unique and one size will not fit all here.”
In conclusion, Renganathan stated, “Banks, as any other industry, will have to identify, evolve and adapt to the changing socio economic factors and customer behaviour to stay relevant and future safe.”