Within the framework of the UBA TALKS project, the Union of Banks of Armenia talked to Gevorg Tarumyan, the Chairman of Armbusinessbank Executive Board. Here are some extracts from the interview.
 
“Our task is to make the bank more up-to-date and equipped with digital platforms, ensuring access for our customers anywhere and anytime,” Gevorg Tarumyan said.

Speaking about rebranding, he noted:

“In general, it is desirable, and for our sector it is even а must to update regularly the policy of not only banking, but also non-banking companies to appear in a new light, since the market has become more vigorous and dynamic. Banking sector is the most dynamically changing one in the market in view of technological development, digitalization of services, tough competition. Customer expectations in terms of user-friendliness, diversity of services and products also undergo certain changes. I think that those banks rebranded have been successful, which were able to associate the new corporate identity not only with upgraded services, but also with reliability, stability and transparency. In my opinion, there is just one ultimate goal behind any change: to improve financial services and means of their provision making them accessible for a wider range of customers.”

Gevorg Tarumyan emphasized that “rebranding is not only about a change in visual appearance, logo or quality of services rendered.”

“I am confident that in our case as well, rebranding will have a positive effect on the overall perception of the system,” he said.

He also noted that the decision to undergo rebranding was made a year ago, as a result of the change in the policy of new shareholders.

“The bank so far has been known as one of the largest banks rendering services to legal entities. Now development of retail business sector has become the main focus in the bank’s profile. The choice of the bank strategy is not accidental, since we have all preconditions for dynamic development of retail sector and, most importantly, a large database of customers in wait of new offers. New digital products will appear soon making the boldest and most innovative ambitions of our customers a reality. We want to be seen as advanced, digitalized and innovative at the same time, combining this with our strengths. We will appear in a novel way before our clients that have come a long way with us and those who are new by the end of this year,” the Chairman of Armbusinessbank Executive Board said.