Organisational Knowledge

Organisational knowledge represents a company’s expertise, insights, processes, and information. It encompasses tacit knowledge (skills, experiences) and explicit knowledge (documents, data). Its significance lies in fostering innovation, enhancing decision-making, and improving efficiency. Accessible organisational knowledge facilitates quicker problem-solving, reduces redundancy, and nurtures a learning culture. It supports employee development, ensuring continuity even with staff turnover.

Moreover, it enables adaptation to market changes, competitive advantages, and long-term sustainability by leveraging past experiences and best practices. Effective management and organisational knowledge sharing create a robust foundation for growth, fostering resilience and agility in today’s dynamic business landscape. Since its establishment, DFCC Bank has gathered extensive expertise comprising systems, procedures, and protocols that delineate its operational methods. The Bank’s amassed knowledge is sustained by internal specialists who guide and coach employees across various facets of banking. This collective learning approach allows seasoned staff members to impart wisdom to the upcoming generation. Leveraging the Bank’s intranet, “WeConnect’’ is a repository that houses policies, procedures, and regulations, providing staff with convenient access. Through these initiatives, the Bank cultivates a culture of continuous learning, staying committed to our motto, “Keep Growing.’’

A structured handover procedure facilitates knowledge transfer from a departing staff member to a new hire. This involves the outgoing staff member imparting their comprehension of job processes and protocols to the incoming employee. Alongside this, the supervisor takes on the role of guiding the recruit and offering additional assistance as required. Moreover, a work buddy system has been instituted to create a support network for new employees, aiding their integration into the workplace and fostering comfort and confidence in their new roles. In addition, the Bank’s Training Unit provides diverse avenues for knowledge-sharing, learning, and professional development. These include classroom and virtual sessions, an e-learning platform, job rotations, and special assignments. These initiatives expose employees to internal and external experts, providing access to diverse perspectives and information on recent advancements.

Corporate Culture

Corporate culture embodies shared values, beliefs, norms, and behaviours. Its importance lies in shaping employee engagement, morale, and productivity. A strong culture fosters cohesion, inspiring commitment to company goals and values. It influences decision-making, driving consistency and alignment across the workforce. A positive culture enhances teamwork, innovation, and adaptability, attracting and retaining talent.

Moreover, it defines the company’s reputation, impacting relationships with customers, stakeholders, and the community. Cultivating a vibrant corporate culture nurtures a supportive environment, driving performance, creativity, and long-term success while guiding organisational actions and interactions. DFCC Bank’s fundamental values are the bedrock of our corporate ethos, deeply woven into the Bank’s engagements with all stakeholders. These values encompass ethics, customer-centricity, innovation, professionalism, accountability, team spirit, social responsibility, stewardship, Diversity, Equity, and Inclusion (DEI). Fresh recruits undergo rigorous orientation aimed at instilling these values and expected conduct. Regular refresher programmes are conducted to fortify these principles across the entire workforce.

An ongoing internal communication campaign heightens staff awareness regarding the Bank’s values and anticipated behaviour. This involves electronic direct mail (EDMs), employee testimonials, and videos. The CEO stresses these values and reiterates them during visits to regional branches and updates communicated through various meetings, forums, and a periodic bulletin.

Aligned with the introduction of the DEI value, the existing secure environment framework underwent a comprehensive review and expansion. Employees were educated about the new DEI policy through flyers and interactive platforms like quizzes, which are easily accessible on the Bank’s intranet. Ensuring a secure environment that is harassment-free and prioritising staff wellbeing remains a significant focus area.

DFCC Bank nurtures an inclusive, open, and supportive work atmosphere, fostering diverse perspectives and transparent communication through multiple channels. Our commitment lies in enabling transparent, fair, and inclusive opportunities for all aspects of the employee journey, encompassing reward systems, learning access, career growth, and performance management.

Integrity and Ethics

Integrity and ethics serve as the guiding principles, crucial in fostering trust, credibility, and accountability within individuals and organisations. Upholding integrity ensures consistency between actions and values, fostering authenticity and reliability. Ethical conduct forms the bedrock of fair and responsible decision-making, influencing relationships with stakeholders and the community. It shapes a positive reputation, essential for long-term success and sustainability. Integrity and ethics establish a framework for transparent, moral behaviour, promoting a culture of respect, fairness, and honesty. They serve as the cornerstone for building strong, enduring relationships, fostering a conducive environment for growth and fostering trust among employees, customers, and partners.

The Bank’s operations adhere strongly to a robust framework of ethics and integrity, rigorously upheld across all business transactions and associations. These facets constitute a fundamental component of the Bank’s operations, encompassing interactions with employees, business affiliates, and customers. Honesty, fairness, trust, and respect are inherent in the Bank’s functions, procedures, and methodologies. An established Whistleblowing Policy enables employees to report instances of ethical breaches, complemented by cross-functional committees and other frameworks empowering employees to voice their concerns.

Anti-bribery and Corruption

Anti-bribery and corruption efforts are critical in preserving fairness, transparency, and trust in business environments. Implementing stringent measures against bribery and corruption safeguards integrity, ensuring ethical conduct and compliance with laws and regulations. It upholds a level playing field, fostering healthy competition and fair business practices. Mitigating these risks protects reputation, reducing legal repercussions and financial losses. Additionally, it cultivates a culture of accountability and trust, enhancing relationships with stakeholders, customers, and partners. Anti-bribery and corruption initiatives are pivotal in sustaining ethical standards and fostering a conducive environment for sustainable growth and a more robust, ethical business ecosystem.

The Bank’s Anti-Bribery and Corruption Policy (ABC Policy) undergoes regular updates, reviews, and endorsement by the Board of Directors. It governs the Bank’s Anti-Bribery and Corruption Framework, overseen by the Fraud Risk Management Committee (FRMC). This policy applies to all directors, employees, and authorised representatives, prohibiting engagements with individuals or entities associated with or vulnerable to bribery and corruption.

The FRMC conducts routine policy assessments, using audits, compliance checks, and HR assessments to ensure alignment with the Bank’s steadfast stance of zero tolerance towards bribery and corruption. Employees and stakeholders are actively urged to report concerns through the Bank’s Whistleblowing Policy or other available channels, refraining from facilitating payments or political contributions. The Employee Handbook also outlines employee conduct guidelines, including bribery and corruption regulations.

Whistleblowing Policy

A Whistleblowing Policy is a vital mechanism for employees to report misconduct, fraud, or unethical practices within an organisation. It encourages transparency, ensuring a safe avenue for individuals to voice concerns without fear of reprisal. Such policies safeguard integrity, supporting compliance with laws and ethical standards. They help prevent potential risks, protecting the organisation’s reputation and financial well-being. A Whistleblowing Policy cultivates trust among employees and stakeholders by fostering a culture of accountability. It acts as a proactive measure, allowing prompt investigation and resolution of issues, ultimately bolstering ethical practices and maintaining a healthy work environment.

DFCC Bank has enforced a policy allowing employees to report any misconduct or inappropriate behaviour in confidence or anonymously. The Bank assures the whistleblower’s confidentiality and pledges to shield them from reprisals. In cases where the reporting is done confidentially, management will initiate a conversation with the employee to gather additional details and offer feedback on the steps taken in response to the raised concern. However, if the reporting is done anonymously, two-way communication may not be feasible; nevertheless, an investigation into the surfaced matter will be conducted.

Gifts and Inducements

Accepting gifts and inducements can compromise objectivity, leading to biased decision-making or preferential treatment. It undermines trust, potentially damaging the organisation’s reputation and credibility. Additionally, it may violate ethical standards, company policies, or even legal regulations, exposing the employee and the organisation to risks such as conflicts of interest or accusations of impropriety. Declining gifts and inducements ensures ethical conduct, preserves professionalism, and upholds the organisation’s integrity, fostering a culture of transparency, fairness, and trustworthiness.

The Bank has implemented a policy governing accepting gifts and incentives by its employees. As per this policy, employees are restricted from seeking or receiving gifts and incentives from customers and other third parties involved in the Bank’s business, except for nominal token gifts (valued at or below LKR 10,000) associated with celebratory occasions.

Core Banking System

DFCC Bank has reaped significant benefits since implementing T-1 optimisation within the Temenos T24 system for data analytics. This strategic move has propelled the Bank towards a multitude of advantages across various operational facets:

T-1 Real-Time Insights

This has become a reality through T-1 optimisation, facilitating swift access to accurate data. This empowers the bank with near-instantaneous analytics, hastening the generation of insights critical for informed decision-making. Improved Customer Service is another hallmark of this optimisation. T-1 Real-time data analytics offer deeper insights into current customer behaviour, enabling the Bank to provide personalised and timely services that significantly augment customer satisfaction and loyalty.

Enhanced Risk Management

This is a direct outcome of timely access to real-time data. It empowers the Bank to conduct quicker risk assessments, enabling the formulation of proactive risk management strategies and fraud detection protocols, thereby reducing potential losses.

Personalisation and Customer Insights

This has reached new heights with T-1 real-time analytics. Immediate comprehension of customer interactions allows for personalised services tailored to individual needs, significantly enhancing the overall customer experience.

The ability to access data from the preceding day has accelerated decision-making processes. Armed with this previous day’s data, decision-makers can promptly respond to market fluctuations or operational hurdles, enhancing the Bank’s responsiveness and agility.

Operational Efficiency

A marked improvement has been seen due to T-1 optimisation. This streamlined data processing and analytics approach has minimised time lags and enhanced resource allocation, resulting in smoother operations.

Predictive Analytics Capabilities

Swift access to data enables the Bank to effectively leverage predictive analytics models, anticipating market trends and risks and enabling proactive planning. Innovation and Growth opportunities have flourished due to real-time analytics. This empowerment allows the Bank to swiftly identify market gaps, accelerating product development and market entry strategies.

Compliance and Reporting Processes

This process has become more efficient thanks to real-time data generation. It ensures adherence to regulations while concurrently mitigating compliance risks. Competitive Advantage has been attained, setting apart banks that offer responsive services from competitors reliant on slower data processing methods.

Robotic Process Automation

DFCC had partnered with Automation Anywhere to establish a robust platform for automating various tasks, including user unlock and password reset requests for the DFCC internal staff users. This collaboration supported the Bank in streamlining operations, fortifying security measures, and enhancing user experience by delivering faster and more reliable service. The Robotic process operated 24/7, swiftly managing username and password reset and unlock requests within 03 minutes of submission.

This initiative yielded several benefits:

Enhanced efficiency: Automation significantly accelerated processes, enabling Bank internal users to quickly regain access, reducing downtime, and boosting productivity, especially for Branch users, who saved time by avoiding customer servicing delays due to internal staff password reset and unlock requests.

Cost savings: Implementing automation reduced the need for human intervention, resulting in savings on labour costs associated with handling repetitive tasks like password resets or account unlocks.

Reduced errors: Automation minimised human errors inherent in manual processes, ensuring accuracy and adherence to security protocols, thereby reducing the likelihood of mistakes and security vulnerabilities.

Improved security: The password reset or account unlock process, carried out through an online app sheet involving supervisor approval, enforced stringent security measures, diminishing the risk of unauthorised access.

Self-service capabilities: Automation empowered users to independently resolve issues using self-service portals, reducing reliance on support staff and enabling swift access restoration.

Faster response time: Automated systems operated round-the-clock, allowing users to initiate password resets or account unlocks at any time, resulting in quicker responses compared to manual processes constrained by working hours.

Compliance and auditing: Automation ensured consistent application of security policies and compliance with regulations and provided detailed logs for transparent tracking of actions during the reset or unlock process.

Scalability: The automated process efficiently handled many reset or unlock requests, ensuring scalability as organisations expanded or experienced demand fluctuations.

Focus on higher-value tasks: By automating routine tasks like password resets, IT and support staff could allocate more time and resources to strategic initiatives and tasks requiring human expertise.

Digital Banking Strategy and Innovation

The digital banking department of DFCC endeavoured to instil a customer-centric ethos by integrating technological initiatives and strategies with customer needs and preferences. This approach involved several key strategies:

Firstly, the Department actively collaborated with customer-facing units, staff such as branches, contact centres, relationship managers, customer experience unit marketing, and customer service. This collaboration sought to comprehend customer pain points, preferences, and feedback. Secondly, the department prioritised data analysis by enhancing its analytics capabilities and visualising the data to gain insights that support data-driven decision-making. By leveraging customer data analytics, they identified patterns, trends, and behaviour to design activities and actions to develop features, improve existing features, create customer awareness efforts and collaborate with internal and external stakeholders.

Additionally, the department fosters cross-departmental collaboration to ensure that its digital initiatives align harmoniously with overall digital banking strategies. Furthermore, transparent communication was emphasised, ensuring customers were well-informed about any technological changes, upgrades, or disruptions that might affect them. Lastly, an innovation-driven culture was encouraged among all stakeholders, allowing for the exploration and implementation of new services.

We are placing a premium on user experience with a focus on personalisation, which involves surpassing customer expectations, enhancing engagement, fostering loyalty, and stimulating growth while delivering services tailored to individual customer requirements and preferences. We accorded significance to the customer experience aspect through various means.

We perform usability tests to ensure that newly developed features and functionalities within our mobile application and online banking platform are user-friendly and functioning efficiently. Various mechanisms were implemented to enhance our customer experience and ensure positive feedback within our digital channels. Furthermore, we use customer data and insights for decision-making and also conduct data-driven marketing campaigns to enhance personalisation through our digital communication channels.

Security and Infrastructure

The Bank upgraded its security and infrastructure measures by relocating its primary production and disaster recovery sites to Tier 3 certified data centres. This enhances the resilience of the data centre support infrastructure and offers an expected uptime of 99.982% with minimal downtime. Additionally, the Bank modernised its branch connectivity by implementing the latest SD-WAN technology, providing multiple redundant paths, cost savings, and high-level security. We have also upgraded security infrastructure, including firewalls, encryption tools, and access controls, to help organisations strengthen their defence against cyber threats. Improved security measures contribute to regulatory compliance and the safeguarding of sensitive data. We have made Software and Applications up to date. Infrastructure upgrades included the installation of the latest software and application versions. This ensures that organisations benefit from the latest features, security patches, and performance improvements.

Business Processes and Operational Efficiencies

Upgrading server hardware, storage systems, and network components has increased system performance. Faster processing speeds and reduced latency contribute to quicker execution of business processes. Infrastructure upgrades involved the implementation of redundant systems and failover mechanisms. This ensures higher availability and minimises downtime, critical for maintaining continuous business operations. The enhancements also involved the adoption of virtualisation technologies and cloud services. Virtualisation enables the efficient utilisation of server resources, while cloud integration provides scalability, cost savings, and accessibility from anywhere.

Apart from Infra supports to Business Processes and Operational efficiencies, keeping a customer-centric mindset, IT has cross-collaborated with Business and Digital Banking units and delivered the Video EKYC solutions, an end-to-end digital transformation with zero customer footprint to branches. DFCC Bank has recently secured the prestigious award for Best Banking Process at the Global Banking and Finance Review for its implementation of EKYC (electronic-know-your-customer) technology. This award underscores the Bank’s unwavering commitment to digital innovation, security, and operational efficiency, particularly in Video EKYC. This sets the stage for seamless and secure 100% digital customer onboarding, removing the need for physical branch visits and enabling superior digital enablement and service delivery.

Video e-KYC simplifies the onboarding process, reducing paperwork and wait times resulting in a smoother and faster customer experience. Customers can complete the KYC processes remotely using digital channels, eliminating the need to visit physical branches, thus making banking services more accessible. Automate identity verification, ensuring compliance with regulatory requirements while efficiently managing and mitigating risks associated with identity fraud or money laundering. Video e-KYC combines the convenience of remote access with the security of real-time visual verification. It is a valuable tool for banks seeking to comply with regulations, mitigate fraud risks, and provide customers with a secure and efficient onboarding process.

Compliance

DFCC Bank always conducts its operations adhering to the governing regulatory framework. The Bank’s policies have been drafted to meet the regulatory requirements, and the Board of Directors’ approval is obtained before implementation. Additionally, policies are reviewed annually to align with current regulations. The Compliance Department diligently oversees this process to ensure the Bank complies with all regulatory requirements.

Further, all customer accounts are opened and operated in adherence to the legal framework established by the Financial Intelligence Unit (FIU) and the recommendations outlined in the Financial Transactions Reporting Act (FTRA).