The next 100 global companies to watch highlights some of the most exciting, innovative and promising companies from around the world. At the Next 100 Global Awards 2021, LOLC Finance was named Financial Company for Credit Cards.
The Next 100 Global Companies list recognizes leading-edge companies whose strategies, accomplishments, dedication and leadership demonstrate exceptional achievement and are committed to delivering the products customers need and the results desired by customers act as a catalyst for the industry.
A wide range of criteria was used for the selection of these companies worldwide, including leadership and team experience, quality and track record, industrial footprint – regional / global, social contribution and the economic impact, the level of expertise, the growth rate, the technological advantages, the response and the engagement of the customers, the disruptive nature of the solution in their respective markets and the impact on their respective sectors.
Taking the largest segment of Sri Lanka on a journey to a cashless world, LOLC Finance – Sri Lanka’s largest non-bank financial institution (NBFI) launched its credit card operations at the end of 2018. Launched in Partnering with MasterCard â¢, the main objective of the card proposal was to improve the value-added services offered to existing customers. LOLC Finance has issued eight types of cards catering to various customer segments and needs. A significant number of 70,000 cards have been issued after three years since the issuance of the first series of cards, despite unprecedented systematic shocks the industry has faced.
In early 2021, LOLC Finance introduced a new credit card named SAVI, exclusively designed for retirees and government sector employees across Sri Lanka. The card was introduced as part of LOLC Finance’s overall digitization strategy, which is in line with the Central Bank’s â2020 – Year of Digital Transactionsâ plan, aimed at promoting and publicizing digital payments nationwide. . SAVI has been awarded the âBest New Credit Card in Sri Lanka for 2021â by the Global Banking and Finance Review.
Speaking on the global recognition, Hasala Thilakaratne, Head of SMEs and Consumer Business at LOLC Finance PLC, said: âDespite the difficult operating environment that was experienced throughout 2020 and 2021, the Cards unit Credit has managed to reach a portfolio of over Rs. 2.2 billion. One of the key factors behind this impressive performance has been the continued investment and willingness to introduce new products and upgrade the functionality of existing credit cards and to invest in digital technologies, in order to be at the forefront. The introduction of continuous added values ââand customer benefits has played a major role in achieving such global recognition and I believe we are on the right track as our customer centric approach is the reason for our success â.
Senal Tharanga, Managing Director of LOLC Finance Credit Cards Business Development, added, âFirst of all, I am extremely grateful to our staff for their dedication and hard work, despite the many setbacks and challenges we have experienced in the past. in the midst of a global pandemic. An online credit card app has been launched to allow customers to apply for a credit card even during travel restrictions, only as an online app or via QR scan. In keeping with our customer-centric approach, cardholders have benefited from extended payments and fee waivers based on individual needs across the country, based on areas most affected by the pandemic.
LOLC Finance is the largest NBFI in the country with the largest fixed deposit and savings deposit base among registered financial companies in Sri Lanka.