Institutional capital encompasses a broad spectrum of largely intangible, non-financial components which are a direct result of exemplary governance. It includes components such as organisational knowledge, systems and processes, corporate culture and values, brand, business ethics and integrity, and other such elements that help the Bank to be “in tune” to deliver value to all stakeholders.
DFCC Bank, over a period of 63 years, has built up an unrivalled store of organisational and industry knowledge. The Bank has financed pioneering projects in varied sectors during its development banking era and evolved into a fully-fledged commercial bank serving customers across the Nation. The Bank’s successful transformation into a robust multi-product financial institution has even been recognised by the World Bank.
The Bank has also attained a level of professionalism and expertise through a highly-skilled, qualified workforce possessing qualifications and experience in multi disciplinary fields. The Bank supports the professional development of its workforce through training opportunities, knowledge sharing programmes, and by creating a competitive yet focused working environment.
The Bank has taken numerous steps to review, maintain, and improve the robustness of its systems and processes in place, to suit the changing operating environment. The Bank’s IT systems undergo continuous review to ensure a safe, secure, and trusted banking system. Consequently, DFCC Bank upgraded the core banking system to provide convenience and agility required in a digital banking context. The following are the key initiatives implemented in 2018:
The corporate culture that exists at DFCC Bank is embedded in the Bank’s seven core values of being ethical, innovative, professional, accountable, team oriented, customer centric, and socially responsible. The Bank’s corporate culture has evolved over the past six decades to provide its team with a conducive, supportive working environment. The HR policies in place ensure the values of diversity, inclusion, and fairness in the workplace.
Through induction programmes, new employees are eased into the DFCC corporate culture. Programmes conducted throughout the year further reinforces the DFCC values and training programmes enable the workforce in career progression. Other policies like the Whistleblowing Policy, grievance handling, and open-door policies propagate transparency and fairness in the workplace.
In 2018, DFCC Bank launched the Regional Values Championship programme as a measure to encourage employee engagement. Each region appointed a team to champion one value and implemented initiatives related to the assigned value either at bank or regional level. This programme is ongoing and is helping to reinforce the core values of the Bank.
DFCC Bank continued the momentum created in the market through multiple brand building initiatives to reaffirm and strengthen the brand as a fully-fledged commercial bank since its merger in 2015.
Above the line, below the line, PR and digital marketing initiatives continued aggressively, which included a range of marketing campaigns throughout the year to drive the assets and liabilities portfolio. Significant product launches were witnessed during the year which facilitated the creation of top of mind recall for the brand, whilst positioning DFCC Bank as a modern and active player in the banking industry. Positive word-of-mouth created by varied stakeholder groups has created a favourable impact on the brand.
The DFCC credit card was the first-ever CashBack credit card as well as the first vertical card to be launched in the local card industry.
DFCC iConnnect, a state-of-the-art payments solution targeted specifically at the business clientele took payments solutions to the next level, creating a buzz amongst the target customers.
The key strategies to grow the brand continued and were aided by the results of a hybrid qualitative and quantitative research study that was conducted island-wide during the year.
DFCC Bank’s role as a pioneer of digitally-enabled products and services was further enhanced in 2018. A new range of digital products were introduced whilst the existing digital products were improved with customer convenience taking precedence.
A number of customer engagement programmes were also carried out during the year which facilitated greater customer engagement between Bank staff and select customer groups such as the Sahaya Hamuwa forums for Micro, Small and Medium Enterprises and the Galle Literary Festival author forum for premier clientele.
DFCC Bank received recognition from the following bodies in 2018:
The Bank is committed to conducting its business and day-to-day operations, adhering to the highest moral, ethical, and professional standards in line with its core values. The Code of Conduct of DFCC Bank outlines the responsibilities of the Bank and its team towards all stakeholders as well as themselves. The Corporate Governance section of this Report provides an insight into the governance mechanisms of the Bank and the systems, processes, and policies in place to uphold integrity in all business operations.
DFCC Bank follows a zero-tolerance policy against corrupt practices in all business dealings. This is outlined in the Bank’s Code of Conduct. The anti-corruption programme initiated by the Bank encompasses numerous reporting and supervisory mechanisms to prevent corruption from taking place, along with online and classroom training to raise awareness among employees.
DFCC Bank conforms to all relevant environmental and other statutory laws and regulations. There were no incidents of non-compliance with regards to the Bank’s operations, marketing, labelling, loss of customer data, and other processes recorded within the year. Further, no fines were imposed or paid for non-compliance with regulations concerning the Bank’s products and services during the year.