INTERVIEW
Security Bank CEO Sanjiv Vohra on future-proofing a bank amidst a crisis CEO Vohra talks about the future of the banking industry amidst the entrance of digital disruptors.
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or Security Bank CEO Sanjiv Vohra, the key to thriving in the future is not just in digitisation and realignment of long-term goals: it’s in offering a customer-centric banking journey. “Our goal is to become the most customer-centric bank in the Philippines and that in itself is a big statementI,” Vohra told Asian Banking & Finance in an exclusive interview. “In more quantitative terms, our goal is to be the industry leader amongst our chosen customer segments measured by net promoter score (NPS).” Celebrating its 70th year anniversary this June, Security Bank entered a new decade characterized by a world fraught with massive upheavals. The coronavirus pandemic has altered the future of the banking industry-especially in the Philippines, where even the physicallyreliant customers shifted to banking digitally during the three-month long lockdown and amidst ongoing social distancing restrictions. Vohra is unfazed by these changes. Having been in the banking and finance industry for over 3 decades, he has witnessed two downturns prior to the past year--the 1997 Asian Financial Crisis, and the global recession of 2009. “Through all these events, the importance of positive relationships in the workplace cannot be underestimated,” Vohra said, adding that a service-oriented business like banking is all about relationships. “To nurture positive interactions means creating an avenue for open and transparent communication at all times. Honesty in communication breeds trust, and trust allows us to earn respect and loyalty over time. When we respect and trust the people we work with, we develop an increased capacity to thrive, innovate, mentally flourish and actively address challenges head on,” he added. The focus on long-term client relationships and communication is reflected in Security Bank’s BetterBanking brand promise, which Vohra said is nurtured through three things: humility, empathy and mutual respect. How has COVID changed the way Filipinos and local businesses bank ? The pandemic allowed Cash Management Systems like Security Bank DigiBanker to gain momentum as businesses were forced to operate remotely to prevent the spread of the COVID-19 virus. Cash management used to be more of a value-added service but today it has become a critical core business of banks. The rise of banking from home has been proven by the uptick in online transactions seen at Security Bank. Year-
14 ASIAN BANKING AND FINANCE | Q3 2021
When we respect and trust the people we work with, we develop an increased capacity to thrive, innovate, mentally flourish and actively address challenges head on.
Sanjiv Vohra, President & CEO, Security Bank
on-Year growth in the usage of Security Bank Online was at 59% with enrolment increasing by 39% in 2020. Online money transfer also posted a significant increase in 2020, as compared to 2019. EGiveCash, Security Bank’s domestic remittance service, grew by 284% while Fund Transfer transactions grew by 51%. How has the Security Bank overcome these challenges? Our immediate response was to ensure the safety of our people, our customers and our communities while making Security Bank more agile and resilient. Prior to the implementation of the ECQ, we activated our Business Continuity Plan by rolling out split operations arrangements. When the lockdown was imposed, workfrom home was in effect. For our clients, we made adjustments to our products and services, waived ATM withdrawal and money transfer fees to allow customers to access their funds whenever and wherever is most convenient for them and implemented a 30-day extension on loan payments even before the passing of both Bayanihan to Heal as One Act and Bayanihan to Recover as One Act. With Filipinos staying at home, we had to make sure that we have the capability to cater to their banking needs. In order to keep up with the increasing demands
