DFCC’s Salary Partner to offer ‘all in one’ proposition

In this connected generation, our old expectations now look quite different. This is truer in a fast growing industry such as banks as customers are changing their expectations.

The connected customer wants banking services that integrate with their connected life, says Aasiri Iddamalgoda, Senior Vice President of Branch Banking and SME at DFCC Bank.

“This is one of the three propositions that DFCC is introducing. Salary Partner is designed for those with a minimum salary of Rs.75,000 net. We hope to build on this product,” he told the Business Times in an interview on Thursday.

Especially when it comes to their money, customers want to have immediate access to a product, solution or offer that can upgrade their financial situation. In this new account DFCC will offer free debit and credit cards (without any charges) and an overdraft facility with credit approval and the first chequebook will be free.

The reason to launch Salary Partner, Mr. Iddamalgoda said is that there was a demand in the market for such a product. Apparently many banks charge annual fees for debit and credit cards and an overdraft facility is not easy.

Mr. Iddamalgoda added that DFCC saw an opportunity in this space bearing in mind that customers want processes to be quick, simple and accessible.

He added that DFCC expects a growth for personal financial sevices (PFS), primarily in assets, but in CASA and liabilities as well. Now, the category of customers DFCC is mainly targeting with are those aged between 22 and 40 years, he added. “Some products we feel these customers are in search of include current/savings accounts, credit cards and personal loans/overdrafts. They are also a part of a target group that seeks out a good interest on their savings, and DFCC Bank offers this for them as well.”

When queried what investments should be made to compete successfully, he said that in a highly saturated market, DFCC has invested significantly in its systems and on training its staff to provide higher levels of service and a personalised experience for its clients.

Many of the economies remain volatile, and an economic shock can dampen the appetite for banking products. DFCC proposes to beat this challenge. “During any economic downturn, we do see a reduced appetite for banking products, however, this is mainly for corporate and development products, as those are more directly related to economic growth and progress. However, taking these hardships into consideration, we curate products and services that will help them navigate through hard times, as well as good times, such as DFCC Bank's Salary Partner product, which was especially created for our salaried customers,” Mr. Iddamalgoda said. (DEC)