The financial sector can unlock value in promoting sustainable development and elaborated on the Bank’s approach in striving to ensure better quality of life said Theja Silva, the Company Secretary and General Counsel of Nations Trust Bank.
Nations Trust Bank PLC is one of Sri Lanka’s fastest growing licensed commercial banks, offering a wide, comprehensive range of solutions to Individuals, SMEs, Corporates and Institutions. The Bank strongly believes that change is needed within the organization and the financial services sector as a whole for it to survive and thrive in the future.
How has your bank understood the role of the financial sector in sustainable development and what has been your bank’s approach?
As a bank, we are expected to safeguard and enhance the value of wealth of our stakeholders, so they could enjoy a better quality of life. However, while we continue to provide better financial solutions and returns to our stakeholders, we have come to realize that because of larger environmental, social and economic impacts and vulnerabilities at play, such as the increasing climate variability with intense droughts and floods, the value of this wealth is at risk of being eroded and quality of life of our stakeholders affected.
We want to support our customers to adopt more environmentally friendly and socially inclusive options, while we do the same in our business. For example, over the past three years, we have been measuring the carbon footprint of our hub operations and taking action to reduce our emissions including in installing a 40kW solar PV system in our largest owned office complex. We want to promote such economical options such as Climate Smart Agriculture, Smart Mobility and Green Buildings through our financing that helps our customers to improve their productivity and resilience.
We are also innovating in the digital sphere and understand that the technologies and new economic models arising in the fourth industrial revolution have significant potential to deliver sustainable outcomes. Our digital bank, FriMi, is already helping our customers to go paperless and avoid unnecessary commute and as we continue to evolve, we plan to make sustainable choices more convenient for our customers through these digital channels.
We also will pursue greater financial inclusion through digital mediums and we have already opened our infrastructure for open innovation through Nations Open API Banking.
Could you explain more on your CSR initiatives and outcomes that you are pursuing?
Our Board of Directors have set aside 1% of our Profit After Tax to undertake community development programs that have strong development impact. We have decided that we will focus these funds in to two broad areas: education and environmental stewardship.
In terms of education, we have identified that digital divide will be a major impediment as the country looks to seize opportunities in fourth industrial revolution. Therefore, one of the key outcomes that we are seeking is to improve digital literacy and digital intelligence, so no one is left behind as the country progresses in this direction.
Since last year, we have been partnering with ShilpaSayura Foundation to promote e-learning and develop programming logic in schools. Earlier in the year, we supported Akuressa Godapitiya Kanitu Viduhala in providing a computer lab and conducted a three full day program on e-learning, visual programming and introduced students to IoT using Micro:bit units.
We are also making investments to improve STEM education and last year handed over a full-fledged science lab to Galgamuwa Nithalawa School.
Other outcomes on education related initiatives are to enhance emotional intelligence and build awareness on sustainability. We have a long-term partnership with University of Colombo Alumni Association, where we are conducting workshops and offering mentoring sessionsfor a period of 3 months for students to develop their socio-emotional skills and prepare them for future of work.
We have also supported the BEEZ Society and the Roteract Club of Faculty of Science of University of Colombo to raise awareness amongst youth on the importance of sustainable development in Colombo and Jaffna. We are also currently setting up a research endowment that the local university system could draw upon to conduct meaningful research.
In terms of our environmental stewardship, we work with leading environmental societies in the country such as the Wildlife and Nature Protection Society (WNPS) and the Wildlife Conservation Society of Galle (WCS-G). We support research, awareness and policy advocacy and direct conservation efforts by these societies.
Monthly public lectures and the magazines Loris and Warana/Vaaranam of WNPS are sponsored by us. We fund the animal rescue service and animal hospital operated by WCS-G at Hiyare. Our conservation efforts also include hog deer conservation in Honduwa and also leopard conservation.
What do you see as Critical Success Factors for your efforts in sustainable value creation?
We are fortunate that we have a Board that is long-term oriented and with respect to our community, development efforts are genuinely interested in the impact we make. We are also fortunate to have employees who are passionate and willing to contribute their time in furtherance of our sustainability initiatives. This organization ethos and culture is a critical factor for our success.
We believe that the strength of our partnerships and collaboration will be key to further our sustainability agenda. We have been fortunate to have long-term partners that have shared values and common objectives and we will remain open to collaborate with like-minded organizations.
As an industry too, the banking sector has been collaborating to promote sustainability through Sri Lanka Banks’ Association’s Sustainable Banking Initiative, where 18 banks have come together on a common agenda. With our CEO, Renuka Fernando, as the current Chairperson of Sri Lanka Banks’ Association, we have been playing an active role in supporting this initiative as a member and providing leadership.
We have higher expectations for the 2030 vision and will seek to provide strategic leadership in the industry through innovation and collaboration in continuing to improve quality of life.
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