Asia Asset Finance Limited (AAFL), a registered finance company will introduce a novel 360 degrees concept to Sri Lanka’s financial sector with the aim of overcoming heavy competition within the industry and from the banking sector as well as further shrinking margins and tighter regulatory requirements.
Its Chief Executive Officer /Director Rajiv Gunawardena told the Business Times that the 360 degrees financial concept will involve the financial institution, its employees, customers and other stakeholders in developing new financial products and services. This type of innovation is perceived as the key to growth and competitive differentiation, he added.
The time is opportune for finance companies to think beyond deposit taking and traditional money lending and leasing as customer confidence is rapidly diminishing after the Golden Key and Sakvithi saga, he said.
AAFL decided to implement this concept to move away from traditional systems by introducing innovative financial solutions and product diversification.
The “360 degrees concept” focuses on building the customer loyalty by not only providing credit facilities but also arranging means of generating higher revenue for customers for repayment of their loans. Further AAFL will add more value to its customer base not only by networking each other but also by creating more market opportunities for them.
“We now move to the next level where we add value to the customer base not only by networking each other but also by creating new markets/opportunities for them.
This concept of networking customers with the other customers of AAFL data base will create a new “augmented product” with an enormous value addition to our customers. We believe this would create greater customer loyalty and value addition to the company, he said.
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