Mrs. Keasila Jayawardena is a well-known personality in the Banking sector with an experience expanding well over a decade as the Chairperson of Kandurata Development Bank and Regional Development Bank.
A graduate from the University of Peradeniya, with a Degree in Political Science, she also obtained her master’s Degree in Political Science from the same University. She began her career as an academic in the University of Peradeniya and published a number of academic articles on important topics in Political Science and Studies including Preferential Voting System, Women and Politics in the Third World Countries and Presidential System in Sri Lanka.
She was appointed as the Chairperson of Kandurata Development Bank in 2004 and served in the position for four years. She has served as a Member of the Central Provincial Council during the period 2009 – 2011.
Being appointed the Chairperson of Regional Development Bank (RDB) in 2011, Mrs. Jayawardena was able to initiate several programmes to improve the living standards of the rural masses by providing accessible and affordable credit facilities, thereby strengthening the rural economy towards eliminating poverty in the country during her tenure at the RDB which ended in 2015.
Q. NSB has achieved an undisputed name as the best savings bank of the country. What are the
secrets behind this success?
NSB remains the best savings bank in Sri Lanka due to its values. At NSB we believe in inculcating the savings habit beginning from childhood and up to a senior citizen. The purpose of cultivating such a thrifty culture amongst the people is to ensure strong economic fundamentals in Sri Lanka. To achieve this noble goal, we have catered to customers of all ages and fi nancial inclusion to all walks of life.
This is evident in NSB’s most iconic promotional theme, “Sathen Sathe….” Where we encouraged savings by incremental cents
and rupees. Further, we have always been driven by sound fi scal management leading even to the Government to consider our valuable input
to the growth of this nation. Hence the 100% government guarantee for all deposits and interest thereof. In all honesty, the success behind NSB is not
a secret but simply inculcating thriftiness amongst Sri Lankans. Mrs. Keasila Jayawardena is a well-known personality in the Banking sector with an experience expanding well over a decade as the Chairperson of Kandurata Development Bank and Regional Development Bank. A graduate from the University of Peradeniya, with a Degree in Politi cal Science, she also obtained her master’s Degree in Politi cal Science from the same University. She began her career as an academic in the University of Peradeniya and published a number of academic arti cles on important topics in Politi cal Science and Studies including Preferenti al Voti ng System, Women and Politi cs in the Third World Countries and Presidenti al System in Sri Lanka. She was appointed as the Chairperson of Kandurata Development Bank in 2004 and served in the positi on for four years. She has served as a Member of the Central Provincial Council during the period
2009 – 2011. Being appointed the Chairperson of Regional Development Bank (RDB) in 2011, Mrs. Jayawardena was able to initi ate several programmes to improve the living standards of the rural masses by providing accessible and aff ordable credit faciliti es, thereby strengthening the rural economy towards eliminati ng poverty in the country during her tenureat the RDB which ended in 2015. Success behind
Q. How do you manage
competition?
Competition is a key motivator in survival because competition leads to more innovation to keep abreast of the peers in the industry. In fact, a healthy dose of competition is essential for the evolution of the banking industry as a whole. Today we face competition from hitherto unknow aspects of the industry such as fintechs, telcos supermarkets, etc. This has forced us to rethink our strategies to be more in line with modern customer expectations.Case in point, a decade ago customers did not insist on the availability of Internet based and mobile telephony based banking, but today they have been introduced and are continuously innovated to bring about new concepts like QR code settlements via smart phones. It is by listening to the thoughts of customers we go about tailoring our deliverables to better suit the requirements of our most discerning patrons. I am happy to note that NSB is foremost in embracing such technologies, thereby granting a better banking experience to the customer.
Q. Developing a rich entrepreneurial culture is a key to develop our country. In your view what is an entrepreneur’s role in a nation?
Let me give you an analogy in keeping with the times. Just like a torchlight being powered by putting together a few batteries entrepreneurs are essentially the batteries of the economy, whose efforts put together drive the national economy towards growth. It is my firm belief that entrepreneurship should start at the micro scale and progress towards a full-scale venture. Post Covid-19, we witnessed a major change in the way trade is conducted increasingly through indirect means utilizing the ecommerce platforms, social media platforms and mobile applications in conjunction with delivery partners. We even witnessed groceries being sold in three wheelers, mini vans and trucks travelling across a nation in lockdown plying their trade while observing health and safety regulations. The paradigm shift in thinking forced upon society by a pandemic can become the strength of an evolving economy. This sort of a quick thinking entrepreneurial spirit should be encouraged at all times,
Q. Banks can play a major role in empowering women. What is NSB’s contribution so far? Certainly, from being employed directly at banks to granting financial inclusion to womenfolk
around the country, banks have a substantial role to play in empowering women. At NSB we take empowering women very seriously, to the extent that almost 70% of the staff of NSB consists of women. Being a state institution steeped in a rich heritage, for NSB to achieve such a position is hitherto unheard of in the annals
of history. In addition, via our ” Ithurum Ayojana Kavaya,”NSB’s reach pioneered small scale ventures to obtain financial inclusion which was previously denied to them. For example, small scale ventures can engage with the NSB using Just like a torchlight being powered by putting together a few batteries, entrepreneurs are essentially the batteries of the economy, whose efforts put together drive the national economy. It is my firm belief that entrepreneurship should start at the microscale and progress towards a full-scale venture. bmd 66 April 2021 THE MAGAZINE FOR ACHIEVERS Success Behind NSB Is No Secret ! the Inthurum Ayojana Kavaya to demonstrate their capacity and thereby gain financial assistance from NSB to further their endeavours.
Q. What role has NSB played in empowering SMEs owned by women entrepreneurs in Sri Lanka?
Small scale women entrepreneurs predominantly operate in craftbased industries, home gardening, small-scale cultivation, smallscale dairies, etc.There is an
ample opportunity for banks, because, due the small scale of these ventures, the financing bank’s exposure to such liabilities are also inherently small. For example, small scale land owners or home gardeners can engage in cultivating cash crops such as turmeric, ginger, tapioca etc., which can be marketed within a smaller time frame of 9 months from cultivation with the least input and generate an income. This would be ideally suited to our stay at home ladies who have time
to spare.
Q. What challenges has NSB faced in pursuing such endeavours?
Being a specialized bank, the NSB is subject to far more regulations and limitations when compared to a commercial bank. For example, regulations allow the NSB to grant credit in syndicated facilities to corporate borrowers while neglecting small and medium enterprises, whereas any commercial bank can lend to
them. Similarly, NSB is denied entry into the credit card business, leasing, business loans etc. by way of the NSB Act. Thus, as the adage goes, NSB faces competitors with one hand tied behind its back, still perseveres. Hence, a review of regulations governing NSB would be ideal in keeping with the latest developments in the banking industry, for NSB to engage with a much broader clientele.
Q. What are your future plans to empower women entrepreneurs?
Our intention is to bring about more financial inclusion to womenfolk in the country and we intend to use technology to aid us
in this regard. For example, we have fully embraced QR code settlements pioneered by the Central Bank of Sri Lanka. This facility allows for settlements to be made simply by scanning a QR code displayed at a merchant establishment when trading good and services. This means that even a street vendor hawking King Coconut is granted financial inclusion utilizing a QR code, having an account with NSB and a smart phone. When you consider the implications of such technology we can realize that a vast potential exists for financial inclusion to all and especially to the womenfolk of this country. It is our aim to embrace such technologies to empower women in their march towards progress. we have fully embraced QR code settlements pioneered by the Central Bank of Sri Lanka. This facility allows for settlements to be made simply by scanning a QR code displayed at a merchant establishment when trading good and services.
Q. How do you see the Future of NSB?
We are the National Savings Bank, We inculcate the savings habit to the nation. In keeping with that ethos, it is envisioned to live up to our name by reaching the farthest corners of this nation and provide financial inclusion to all. We intend to achieve this by way of offering the best financial services in keeping with the times to our customers backed by superior technology. The banking and finance landscape is fast changing due to technological advancements and we believe in embracing such technology to provide our financial services to
customers. Our presence once restricted to the physical landscape has now ventured out to the digital landscape, which we believe is the path to growth. Hence, it is not hard to imagine NSB, armed with the latest technological advances reaching the entire country with its fullyfledged branches, off site locations and numerous agency service points leading to financial inclusion to the masses.
Q. What is the best advice you can offer to generations Y and Z?
Both generations y and Z are the crucial drivers of the banking industry. This demographic segment is generally substantial and dictate
different consumer behaviour patterns For example, we know that ‘Generation Y’ are keen to obtain credit facilities for long term purchases such as housing, vehicles, etc. Generation Z are children and young adults whom I think are critical to the future of banking because they are more grounded to the digital landscape than the millennials. This generation is far more interested in gifts and competitions rather than financial value addition. Generation Y or millennials as they are commonly known are essentially between 25 to 40 years of age at present. Bankers of this generation are generally those in the middle to upper management at banks. This generation is whom we depend on to take over the reigns of corporate management in the near future and as such must be groomed to become responsible bankers to ensure the continuation of establishments such as NSB. My best advice to this generation is for them to aspire climbing the corporate ladder by enriching themselves with the necessary tools including by obtaining higher qualifications such as Masters or Doctorates, consolidate their banking experience in a variety of areas including line management, administration and show their prolonged commitment to the organizations that they work for. This is the time for millennial bankers to lay roots and seek stability in their profession. Generation Z is yet to be exposed to banking due to their youth and if at all, they are mostly engaged with banks as interns or in clerical positions. My best advice to this generation would be to keep an open mind and not be tied down to one employer. They have an entire life ahead and therefore would benefit from the exposure obtained by shifting from employer to another and start building up their exposure.