NDB Bank has been at the forefront of supporting MSME’s, women-led enterprises and project finance. The Bank’s strategic initiative “Banking on Women” has paved the path towards the introduction and execution of many female-led initiatives such as the “NDB Araliya” Proposition.
NDB Araliya is a one-of-a-kind bundle solutions package offered under the NDB Banking on Women strategy initiative, with the intention of easing some common pain points and providing effective solutions to achieve the goals of aspiring females. NDB Araliya is a market research backed initiative which addresses a market void catering to the needs of the female clientele, which was hitherto underserved, whilst also yielding distinct competitive advantage to NDB.
During research conducted by the Bank in collaboration with The Nielsen Research Company and International Financial Corporation (IFC) during 2017 it was revealed that Sri Lankan women do not enjoy access to financing at the same levels that men would do, owing to series of reasons. Since 51% of the Sri Lankan population is female, the women’s market offers a large and yet untapped market segment. Based on these research findings and extensive internal brain-storming, NDB developed a Customer Value Proposition dedicated to three identified segments of women, namely, homemakers, salaried women and women entrepreneurs.
The NDB Araliya offering is twofold – with a financial offering as well as a non-financial offering.
NDB’s bundled offer also comprises loan facilities, overdraft facilities and credit card facilities, in addition to the savings product. Added benefits are branded debit and credit cards, business loans for a wide range of purposes such as inventory financing, capital expenditure and business installment loans, salary advance loans, etc. Meanwhile, the Araliya Savings account also addresses the need for family protection via special insurance cover for the account holder and family.
The solutions package also includes non-financial services which include third party advisory services, training forums, networking sessions as well as digital engagement, along with a recognition scheme via an Awards Program (Vanithabhimana).
The immense contributions made by women to the economy of the country and to other domains go largely unrecognized. To address this shortcoming, and also to encourage more and more women to come forward in economic and social activities, the “Sri Lanka Vanithaabhimana” Awards Program was launched by NDB under its “Araliya” Banking on Women Initiative to celebrate, reward and recognize the contribution made by outstanding women in their area of expertise, with the successful second program currently underway.
NDB Araliya often partners with the Bank’s CSR initiatives carried out targeting females, such as workshops focused around personal grooming, business knowledge and technical skills sharing sessions, etc. No other bank offers such a fully-fledged offering targeting the female segment and therefore NDB has been able to secure a competitive advantage in the women’s market and create a sustained impact to the segment with this initiative.
NDB Bank which was crowned as “Sri Lanka’s Best Bank 2021” by the prestigious Global Finance Magazine of USA, and recognized as “The Bank of the Year Sri Lanka” by The Banker Magazine UK, is the 4th largest listed bank in Sri Lanka and the parent company of the NDB Group. The only financial services conglomerate in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of the Sri Lankan capital market to provide its customers seamless access to the product and service offerings of all its group companies.