Irina Lobanova
National agency of financial research, Leader of banking sector research department
Undoubtedly, both are important. There exists a definite limit rise on rates and commissions (or their reduction, while speaking of savings products), up to which the loyal clients of the bank will stay the same as they used to be before, but still, this way or the other way - for brand’s sake only, the clients will not overpay for sure. The problem, as a rule, is hidden in the level of customers’ readiness to “pay for image” of a particular financial organization and it is worth to note that the mentioned cost is individually specific for different banks and for different categories of clients. The reverse statement is also true: - on having definite image problems, high rates on deposits and low ones on credits cease looking sufficient and advantageous while attracting clients.
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Mikhail Semikov
Binbank, Marketing department director
Tactically best offered product conditions, for sure, can attract clients for servicing in a bank with less popular or poorly configured brand name. But in strategic perspective without having a strong brand name to occupy a more or less significant position in the market is extremely hard, since the market of financial products and services does not own an evident material constituent, and the characteristics of the brand – its assets, the awareness of its audience, its aptness with client’s image: - all mentioned play a significant role while choosing a bank. And those are much more difficult to reproduce, rather than the offered conditions for products.
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Vladimir Morozov
Rosgosstrakh, Marketing department director
Ideally bank rebranding should contain not only visual changes but also operational and service model optimization, improvement of product line, corporate philosophy and of course communication technics. That is why rebranding can not only attract new clients but also hold current ones. Though rebranding is more costly and time requiring way than ordinary modernization of products and services which along with literate PR and advertising company provides more client attraction.
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