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PAN ASIA BANK WINS TWO PRESTIGIOUS AWARDS FROM GLOBAL BANKING & FINANCE REVIEW

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PAN ASIA BANK Wins Two Prestigious Awards From GLOBAL BANKING & FINANCE REVIEW

Pan Asia Bank, which has been expanding the horizons of the local banking industry with its innovative banking products and impressive growth record has been bestowed with two awards by Global Banking and Finance Review.

Pan Asia Bank has been recognised as the ‘Fastest Growing Commercial Bank in Sri Lanka 2014’. In addition, Pan Asia Bank’s ground breaking product ‘Sammana’, the specialised banking product for senior citizens has been recognised as the ‘Most Innovative Banking Product in Sri Lanka 2014’.

Global Banking and Finance Review annually recognizes outstanding achievements in the financial services industry. In its review and selection process, criteria such as innovativeness, strategic focus, achievements and the progressive and inspirational changes within the companies in the financial sector are taken into consideration.

Pan Asia Bank, which commenced operations in 1995 has been steadily expanding its footprint in the local banking arena and currently operates with a network of 78 branches across the island. The bank has recorded an impressive growth since inception and during the last few years, the bank doubled its asset portfolio and tripled its gross income. In terms of physical expansion, the bank has doubled both the branch network and staff strength during the same period. During 2014, the Bank’s total Advances grew by 17% (up to Q3 2014), well above the industry average of 5% (up to Q3 2014). In a year in which low demand for credit hampered the industry growth, Pan Asia Bank re-strategised and leveraged on its strengths to diversify its lending into the small and mid-market segment.  The Bank also adopted sound risk management strategies, especially with regard to managing the credit risk stemming from the pawning portfolio.

PAN ASIA BANK Wins Two Prestigious Awards From GLOBAL BANKING & FINANCE REVIEW

PAN ASIA BANK Wins Two Prestigious Awards From GLOBAL BANKING & FINANCE REVIEW

Pan Asia Bank has also earned a strong reputation as a bank that has consistently offered true value added products to the Sri Lankan market over the years. Some of the innovative products that have been introduced recently are “Sammana” loan scheme for pensioners, “Aspire” higher education loan scheme, “Pan Asia Bank Black Master Card” which carries a low interest rate of 19.75% p.a. with no joining fees or hidden charges, “Daskam” Children’s Savings account which offers an additional 10% deposit by the bank for each and every deposit, with an enhanced interest of 8% and “Champion Saver” Savings Account which offers the highest interest in the market.

In recognition of the unique benefits offered to the customers, Global Banking & Finance Review has recognized ‘Sammana’ as the most innovative banking product in Sri Lanka for 2014. This product offers a loan scheme specially designed to meet the specific needs of pensioners, filling a vacuum for a product designed to suit the needs of a well deserving sector of senior citizens.  This product also provides financial assistance to retired members of the armed forces and the Police.  Another unique feature of this product is that loans can be repaid until the applicant reaches 70 years of age. In addition, customers are also offered loan protection cover at comparatively low premiums and the insurance cover will provide relief to the borrower’s closest family members in the event of a customer’s demise prior to full settlement of the loan.  They will also receive the balance amount from the original sum assured. This prestigious award underscores the positive impact it has had on the society at large since “Sammana” caters to a largely overlooked segment of the economy and enables them to continue to contribute positively towards the economic progress of the country.

Mr.Dimantha Seneviratne, Director/CEO, Pan Asia Bank commenting on the awards stated “We are truly honoured and encouraged by the recognition received for our efforts in serving the community.  Being a relatively a young bank, innovativeness and identifying and meeting the customer needs are at the forefront of our priorities.He further commented “We have actively participated in the country’s development drive in many ways. By ensuring our presence in all provinces, including the North and East, we have ensured that Pan Asia Bank is able to reach out to our discerning customers wherever they are.  I would rate the major strengths of our bank as our dedicated staff, their dynamism and team work. Furthermore, the ability to develop innovative products as well as our ability to adjust the products to customer needs in a shorter time frame. That is where we get the support and direction from the  Board of Directors. Our ability to be flexible in order to meet the customer needs has been and always will be the greatest strength of Pan Asia Bank. And we wish to thank our loyal customers who had been with us throughout this successful journey. Accolades of this nature motivate us to strive to reach greater heights”.

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Research exposes the £68.8 billion opportunity for UK retailers

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Research exposes the £68.8 billion opportunity for UK retailers 1
  • Modelling shows increasing the proportion of online sales by 5 percentage points would have significantly boosted retailers’ revenues during the first lockdown
  • 72% of Brits want retailers who started an online service during the pandemic to continue operating it full time

New data released today by global payments platform Adyen, outlines the economic gains that could be accessed by getting more UK retailers online.

Economic modelling conducted by Cebr for Adyen indicates that if the retail sector increased the proportion of turnover stemming from online channels by 5 percentage points, £68.8 billion would have been added to the economy during the first lockdown.

While retail turnover stemming from online sales has grown significantly during 2020 – from 19% to 28%[1], there is still considerable room for growth.

Myles Dawson, UK Managing Director of Adyen comments: “The UK retail sector is facing an incredibly tough quarter, so creating the link between physical stores and online channels is more important than ever. With the festive period approaching and many shoppers unable, or uncomfortable leaving their homes, establishing and maintaining a positive online experience is a billion-pound opportunity for retailers.”

The research[2] of 2,000 UK consumers found that 31% are less likely to shop in physical stores now because of positive experiences shopping online during the pandemic. Furthermore, 72% of these consumers want retailers who started an online service during the pandemic to continue operating it in the long term.

However, making the process of shopping online as frictionless as possible will be key to unlocking the opportunity presented by online channels. 70% of Brits say that when shopping online, the ease of use is as important as the quality of the product, and 72% won’t shop with a retailer whose website or app is difficult to navigate.

Myles Dawson concludes: “Many retailers did amazing things during the pandemic in terms of adapting and creating new experiences – it’s a testimony to their agility that 57% of Brits said their expectations of the retail sector has improved during the pandemic. The challenge now is to consistently meet these expectations going forward. With local lockdowns in place, online channels will be key to serving many consumers in the short term. However, retailers need to see the shift to unified commerce as a long-term trend. The sooner they can demonstrate agility and jump on board, the longer they’ll reap the rewards.”

[1] https://www.ons.gov.uk/businessindustryandtrade/retailindustry/bulletins/retailsales/august2020

2 Research conducted by Opinium Research LLP

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Want to serve your customers better? An effective online strategy is what financial institutions need 

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Want to serve your customers better? An effective online strategy is what financial institutions need  2

By Anna Willems, Marketing Director, Mention

A strong online presence matters.

Having a strong online presence, that involves social media is now a crucial part of all business strategies. Whether they are retail brands, sports teams, libraries or even restaurants, most companies are investing more and more in developing their digital brand image and online presence – financial institutions are no exception.

When it comes to market trends and innovation, financial institutions are first on the line. After all, we — people and companies — trust them to manage our money to the best of their abilities. And even more so than any other market, we demand secure, trustworthy, fast and user-friendly services.

Reaching such high expectations is not a given. To this point, banks and other financial institutions have no other choice but to have a perfect understanding of their market, their audience, and their needs. What they need to get there is a fail-proof online strategy.

Gaining a deep understanding of your market

One of the best things about using social media to learn about your audience is that people give unsolicited opinions. They speak their mind and share their thoughts candidly.

This is the key to help any business to learn about themselves. They get to analyze their audience’s challenges and aspirations without having to ask them directly or serve them time-consuming surveys and polls.

UK-based Asto, a company that is part of the Santander Group, is committed to helping small businesses have access to financial and non-financial tools. Asto was looking for something that could help them discover what their target audience was talking about and find opportunities to add to the conversation. Mention enabled Asto to keep on top of reviews and customer comments, which has helped us provide a better service for our customers.

Which platform suits your offering the best?

There’s no point choosing to create campaigns on TikTok if your customers don’t use it – you need to think about who they are and work back from there.

You do this by automating the process using a social listening tool. A social listening tool will help you to view your market as a whole and identify where the key conversations are happening — and, therefore, where you should be. What’s more, you will never miss any relevant mention of your institutions, products, services, or competitors.

Handling a crisis

Financial institutions need to watch carefully for negative press – social media is the first place people will go to if they feel they’re not getting the service they need. In theory, rogue employees or unhappy clients can post anything they like online to try and hurt your brand. And if their messages gain traction, you’ve gone from one person saying bad things, to thousands.

That’s why listening needs to be part of any crisis management plan. Now, sometimes, there are crises you cannot prevent. And those usually hit pretty hard.

Power of influencers

For an influencer marketing campaign to work for your financial institution, partnering with nano content creators may well be the best way to go. They’re ability to play a part in how they shape your brand story can make a huge difference when it comes to engagement and reason to believe in your service.

Many financial institutions are already leveraging influencer marketing. It’s an efficient strategy to: Build trust and gain credibility, reach out to new audiences and share engaging stories.

The online review conundrum

94% of consumers check online reviews before they decide to buy something or subscribe to a service. They need what we call social proof. It says that the more people say they use your service, the more it will look like a good service. In short, you need to show how happy people are using your service. But not all online reviews are positive.

Having said that, we find that financial institutions shouldn’t ignore negative reviews. Instead, embrace them as an opportunity to rebuild trust in your brand. Less delicately put, take the bull by the horns and turn them to your advantage. Always respond to relevant complaints (and as fast as possible). Take responsibility for what happened. Be helpful.

And ignore trolls.

Learn from the competition

Over the last two decades, a marketer’s daily life has greatly evolved. Most importantly, we now can measure everything we do, including the consequences of our actions on our business. Having said that, you can’t evaluate how well you’re doing without comparing against

others.

Truth is that 77% of businesses rely on listening to keep an eye on their competitors. What this means is that 4 in 5 of your direct competitors are likely watching each and every single step you take. And you should do the same.

Setting the trend

From staying up to date with the latest industry trends and innovations, to keeping an eye on the competitors’ newest services, to being the first to know of potential brand crises – tracking relevant online conversations lets marketing and communication professionals working for financial institutions to stay one step ahead in an industry that is leading change and innovation.

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Why the Boom is Long Overdue (and Here to Stay)

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Why the Boom is Long Overdue (and Here to Stay) 3

By Roger James Hamilton, CEO, Genius Group

Virtually every aspect of our lives has been taken over by tech, so why is it that our schools, that are educating the business leaders of tomorrow, are still operating in much the same format as they did 100 years ago?

The global pandemic put digital learning in the spotlight and an Edtech boom has ensued, with companies like Coursera, Quizlet and Udemy seeing unicorn style growth. And the market is not slowing down. The education technology (Edtech) boom will continue.

Resilience and Growth

Unicorns are defined by rapid growth. Traditionally, these companies are not overly concerned with early profitability, long-term sustainability or value creation as much as with putting their competitors out of business.

But something different is going on in the Edtech market. The unicorn has lost its appeal. When learning platform Quizlet achieved unicorn status this year, CEO Matthew Glotzbach was keen to play down the moniker reserved for start-ups valued at $1 billion or more, preferring to liken his company to a camel.

Unlike unicorns, camels are real, hardworking beasts. Respected for their adaptability to various climates, resilience, and abilities to survive for long periods without sustenance. These are all traits much better suited to weather the economic storms created by the pandemic.

Despite their considerable abilities to adapt to challenging conditions, the climate is looking particularly sunny for camels within the Edtech market. In fact, all creatures great and small have the potential to capitalise on unprecedented growth in this sector.

The nature of education makes it a traditionally slow-moving area, which renders it unattractive to some investors. Yet, the coronavirus outbreak and subsequent surge in remote learning this year triggered a flurry of uptake in e-learning platforms.

We’ve seen the adoption rate for new technologies be accelerated by events like this before. For example, the SARS crisis of 2003 contributed to the boom in China’s ecommerce industry, as quarantines lead consumers to shop online. Of course, this market trend did not slow down once quarantine restrictions were lifted. Ever since, global online sales have risen exponentially. The same is set to happen in the Edtech market.

Providing a Solution

As with ecommerce in 2003, the demand for Edtech in 2020 was already there. It has been there for years. For the past decade at least, there has been a notable need in recruitment for qualified talent in data science, coding and digital. Edtech can bridge the skills gap, not only within formal education but also for adult learners upskilling and reskilling for today’s digital world.

Similarly, the financial crash of 2008 had the effect of fast-tracking the rise of the gig economy, requiring millions more to learn entrepreneurial skills. The idea of a job for life is now a distant memory. The Edtech sector can deliver the tools to equip students of all ages with the skills necessary for creating their own opportunities, as well as exchanging knowledge and collaborating in a digital economy.

Rising unemployment, as well as competition for jobs and government furlough schemes has seen interest in digital learning courses for adults also soar during the past few months. Figures show that the corporate e-learning market is set to increase by as much as $3.09 billion between 2020 and 2024.

Roger James Hamilton

Roger James Hamilton

The Edtech boom kickstarted by the pandemic is just the beginning in a paradigm shift in how we view education and work.

Over the next 10 years, with the rise of artificial intelligence, automated technology, and augmented reality, traditional, manual and customer service based roles will diminish and there will be less need for a large workforce when computers and machines can do the role equally well.

The need for a truly 21st century education system that reflects the needs of the job market is long overdue. Edtech companies are offering solutions to many of these issues that have troubled the economy for the past decade or more.

A Different Animal

Enter the zebra (back to our animal analogies). These types of Edtech businesses will be the ones to watch within the sector. With zebra companies, there’s a sense of community and collaboration, rather than competition. They understand that there’s room for more than one superstar in a market. Zebras are herd animals after all. The zebra believes that competition is healthy for everyone involved—something to watch and use for motivation and growth. It closely observes consumer trends and continually strives to solve new and developing problems for those consumers.

For zebra companies, profit margin is vital because it is necessary for steady growth and sustainability. Revenues hover between $5M and $50M, it serves customers within a specific niche, requires annual growth capital of $100K to $1M, and generally has more than four streams of revenue.

Zebras are both black with white stripes and white with black stripes – they have a fluidity in their approach and are camouflaged at the same time. This creates a double bottom line: Zebras want to conduct real business, by solving a pressing problem in a sustainable way, whilst reacting to contemporary challenges. This too could be said of the Edtech industry as a whole.

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