(LANKAPUVATH | COLOMBO) – DFCC Bank emerged triumphant as the Overall Winner – Gold at the recently concluded CPM Best Management Practices Company Awards 2024, presented by the Institute of Chartered Professional Managers of Sri Lanka (CPM).
In addition to the top spot, DFCC Bank was also adjudged the Winner of the Banking Sector – Private Category and received the Excellence Award for Best Management Practice in recognition of the Bank’s networkwide paperless drive, implemented in line with its Strategic Sustainability Framework. The awards were received on behalf of DFCC Bank by a team comprised of Asanga Uduwela – Chief Operating Officer; Nilmini Gunaratne – Vice President, Head of Marketing and Sustainability; and Nalin Karunatilleke – Vice President of Sustainability.
These prestigious awards reflect DFCC Bank’s commitment to driving positive social and environmental change through its objective of emerging as a carbon-neutral bank by 2030. One key contributor to this goal is the Bank’s focus on resource efficiency through paperless operations. Accordingly, DFCC Bank aims to achieve 100% paperless operations internally by 2024 and 50% externally by 2025.
Commenting on the recognition, Nilmini Gunaratne – Vice President and head of Marketing and Sustainability at DFCC Bank, said, “We were the first Bank in Sri Lanka to establish a formal sustainability strategy and framework across the organisation, which included a 10-year plan. We are also the first and only Sri Lankan entity to receive accreditation from the Green Climate Fund (GCF). We remain unwavering in our conviction that maintaining a triple-bottom-line focus on people, the planet, and profits ensures our long-term sustainability growth and profitability. Hence, we accept these accolades with pride, which underscore our efforts to continue to make “Sustainability a way of life” at DFCC. We take this opportunity to thank the CPM for this recognition and reaffirm our commitment towards furthering sustainable banking and development in the future.”
The Bank’s initiatives regarding paper reduction, spearheaded by its Task Force on Paper Reduction, were the highlight of the presentation. These included business process improvements, internal paperless certifications, use of Google Drive cloud solutions and workflows, e-Statements and green channels, e-versions of marketing materials, and e-pay slips, highlighted across three categories for the awards.
The presentation at the 11th CPM conference highlighted DFCC Bank’s reengineering processes and encouragement of paperless business operations. Under this programme, it has introduced a comprehensive internal paperless certification programme, aiming for an 85% reduction in paper usage across departments. Additionally, the Bank has implemented a digital onboarding system for account opening, enabling customers to complete the process without physical paperwork while also accepting digital signatures for transactions internally and in most external communications, further decreasing paper usage.
DFCC Bank’s active promotion of green products and channels to reduce paper usage and enhance the banking experience was also highlighted. These initiatives include the ongoing conversion of passbooks to e-statements, with e-statements becoming the default account statement type. The recent adoption of digital onboarding using the EKYC process is further expected to reduce paperwork significantly. Notable digital products such as DFCC Virtual Wallet, DFCC Online banking, and DFCC Galaxy – a Virtual Bank Branch in the Metaverse, alongside e-versions of marketing materials, were also demonstrated to contribute to a sustainable and efficient banking model while improving user experiences.
Another area that received attention was DFCC Bank’s efforts to reduce unnecessary printing, for which software has been installed on all printers/copiers to monitor and track individual printouts and photocopies, and these measures have resulted in behavioural changes. The Bank has also discontinued printing several documents, encouraging branches and departments to save soft copies in shared cloud drives. Electronic submission of papers to the board and management committees has also become standard practice, effectively minimising paper consumption and waste. These initiatives, together, yield positive environmental and social outcomes, aligning with DFCC Bank’s commitment to sustainability.
In addition to the quantifiable benefits, DFCC’s approach to sustainability has significant positive impacts on the Bank and the broader Sri Lankan economy. Accordingly, these efforts enhance customer convenience and satisfaction, drive business growth, and generate a competitive advantage while cementing the Bank’s image as a green brand. For employees, these initiatives are helping to increase motivation, job satisfaction, and convenience, positively impacting their productivity and well-being. Furthermore, regarding contributions to the economy, DFCC Bank’s commitment to sustainability promotes the growth of green and sustainable businesses while saving foreign exchange on the import of paper. These efforts, thus, underscore the tangible environmental and social benefits of DFCC Bank’s proactive efforts toward a sustainable, paperless future.
