The financial services industry in Sri Lanka is in the midst of a revolution. Traditional players today are facing rapid and irreversible changes across technology, customer behaviour and regulations. The sheer scope and speed of evolution in these three areas – coupled with changing market dynamics and aggressive non-bank competitors – means the industry in the future cannot simply be a continuation of traditional banking as it has been. With only 19% of the population living in urban areas, the financial institutions are facing the challenge of transitioning from conventional to digitally driven banking services due to lack of customer inclination.
Understanding what is shaping the industry and how to optimise your strategy in response, is crucial in crafting a sustainable competitive advantage. The fintech scene in Sri Lanka is up-and-coming, presenting new models of financial inclusion to the industry through collaboration and cooperation with the conventional providers of finance.
Sri Lanka’s financial services industry has continued to manage its risks prudently while maintaining a comfortable level of liquidity and capital, and ensuring credit quality. And as per World Bank, the country is transitioning from a predominantly rural-based economy towards a more urbanized one, oriented around manufacturing and services.
And it is with this positive news that The Asian Banker is pleased to announce the inaugural Finance Sri Lanka 2019 Conference. This leading annual conference is designed not just for traditional financial institutions like banks and insurance companies, but also for disruptors and related players. The exchanges during the event will help update the leaders and decision makers with the latest ideas from key influencers on transformational issues shaping the financial services industry in Sri Lanka.
Dr. Indrajit Coomaraswamy has been the Governor of Central Bank of Sri Lanka since July 4, 2016... Read more
Thomas McMahon has over 30 years of experience in international... Read more