The Case Study - Seylan Bank

50The Case Study > Seylan Bank PLC Annual Report 2009And its collective aspirations have been captured in a new missionstatement:“To exceed customer expectations by providing competitively pricedsuperior services through speedy and multiple delivery channels, whilstrewarding staff through recognition and empowerment; being a responsiblecorporate citizen; adopting environmental friendly practices and addingsuperior value to shareholders.”Before Seylan Bank could fully articulate a new strategic plan, however,management first had to make a rigorous and objective evaluation of where thebusiness stands today.Current State AssessmentCombining the specialised knowledge and skills of internal teams withthe expertise of outside consultants, Seylan Bank has analysed systems andprocesses, policies and procedures in every area of its operations.Financial PerformanceThe Bank has identified a broad range of indicators - including return onassets, operating profit, net income growth, cost-to-income ratio and growth indeposits - that can be used to gauge its comparative performance in the marketplace.Seylan Bank’s NPL ratio, for instance, was significantly higher than thatof its competitors in 2008. And the fact that operating expenditure was as highas that of Sri Lanka’s largest private bank - an institution twice the size ofSeylan Bank, measured by assets and branches - underlines a pressing need, asdiscussed earlier, to look for greater efficiencies.Products and Customer SegmentsThe enormously varied segmentation of the Bank’s target market means thatmarketing strategies must be more focused than ever. By grounding campaignsin independent research and solid analysis of feasibility, and by refining theinformation tools used to measure success, Seylan Bank will further its reputationfor highly innovative product development and delivery. A comprehensivestrategic marketing plan is now being implemented.