AraratBank is reintroducing itself in new colors and with a new ideology. “Rising together” is the new motto and the foundation of the bank’s new agenda, which the AraratBank management announced at the rebranding event on September 24.
Banks.am presents the key points of the event and AraratBank’s new vision for development.
Reimagining the values
In the early morning of September 24, AraratBank’s team drove the group of journalists to the top of Mount Teghenis. There, at the height of 2,851m above the sea level, AraratBank representatives officially announced a new beginning for the bank.
The choice of venue was not accidental, as from the top of Mount Teghenis, you can see important symbols of the Armenian nation: the four peaks of Mount Aragats, Mount Ara, Geghama mountains, Lake Sevan, and of course, Mount Ararat. According to CEO and Chairman of the Executive Board of AraratBank Mher Ananyan, the rebranding of the bank is based on reimagining of real values and on unity.
“We bear the name of Ararat, so we are already committed to being a decent organization, to be guided by important values and principles. Introducing the rebranded AraratBank today, we take on a new responsibility. With modern services, advanced digital technologies and new service approaches, we are striving to become a human-centric bank. By creating a new environment and warm customer-bank relations on the way to new heights, we establish a new basis for trust and responsibility,” he said.
Chairman of the Board of AraratBank Grigor Hovhannissian noted that the bank has created its new vision of development, given the importance of cutting-edge technologies and rapidly evolving digital banking.
“Thanks to financial globalization and innovative banking technologies, modern bank has become a public institution that is present in the life of each of us. Today, the bank itself is a social responsibility. Our new vision is built on that. The bank must be human-centric and it should contribute to the development of our society and country, respond to modern challenges and changes. Ararat is one of the unique symbols that unite all Armenians. In life, We all have our own Ararat to reach, and we will climb and rise together,” he explained.
As a sign of the bank’s new slogan of reaching heights together, Mher Ananyan and Grigor Hovhannissian have raised the flag of AraratBank in new colors in front of the bank team and guests on the top of Teghenis.Key
After the symbolic start, the speakers have spoken in more detail about the rebranding of AraratBank during a fishbowl discussion “Mutual trust and responsibility - the basic values of a modern bank” in the conference hall of Ararat Resort hotel in Tsaghkadzor.
Touching on the challenges of present times, Mher Ananyan has emphasized the importance of staying true to real values through rapid development.
“Quite a lot of people believe that their success, progress and prosperity depend not on them, but on someone else - their leaders, the head of state, ministers and so on. And there are people with greater values who are well aware that their progress depends on them. We want to unite around AraratBank the people who are confident in their abilities and link their success with themselves. Yes, the bank is the place where thought, diligence, desires and goals come together and become real values through the bank,” he observed.
Mher Ananyan has added that with the rebranding, the bank management challenges itself and now they should make efforts to get better and constantly improve.
Touching on the need to keep pace with technical progress, Grigor Hovhannissian has also stressed that as a guarantee of success, the bank should have a strategy that is in line with the individual, public and state interests.
“It is important for the bank to be involved in environmental programs, to make society more inclusive, to support young families, women entrepreneurs, and technology startups. It should be noted that AraratBank is probably one of the leaders in terms of loan portfolio - we are present in all fields of lending, but we must make sure that the fields I mentioned are more prominent in the near future,” he said, adding that AraratBank plans to promote programs supporting the Diaspora as well.Balancing ease and discipline
According to member of the Board of AraratBank and co-founder of Braind Karen Babajanyan, the need for rebranding stems from the inevitability of repositioning and of stressing competitive advantages.
“Competition has forced AraratBank to choose a clear direction and the way of repositioning, that is simplicity and ease. Our message is also that we should not be afraid of banks. The target audience should enter the bank and it should be a pleasant pastime,” said Karen Babajanyan.
Renaming AraratBank, Babajanyan has said, was not even on the agenda as the bank’s management is confident in the competitive advantages and binding nature of the existing name. In the process of rebranding, the task was to change the logo, making it more modern and dynamic.
“We needed to create a logo that would be able to pass the test of time in terms of appearance and structure and would not lose relevance quickly. With that in mind, we went in a more minimalist direction and created the logo inspired by the concept of the mountain,” he added.
Yellow among the new colors of AraratBank symbolizes the ease and simplicity that underlies the new ideology of the bank. To balance it, black is also included in the brand colors to provide the necessary discipline, and the sloping line which is often found in the branded elements is a symbol of continuous rise.
New design, new approaches
According to Karen Babajanyan, three central branches of the bank will change the interior design in the near future and ten other branches will be dressed in new colors by the end of the year. All operating branches will be completely transformed in a reasonable time, maintaining high standards in the regions as well. Business cards have also been changed, which customers will be able to order very soon.
Referring to digital banking, Babajanyan has emphasized that successful examples of banking applications in the financial system oblige AraratBank to improve constantly.
“In the digital application, we will focus on UI (user interface) and UX (user experience) to improve the system following the customer feedback and continuous monitoring,” he added.
Karen Babajanyan has also noted that the bank is obliged to secure a pleasant environment for customers through comfortable interior in the branches, trained service staff, and by turning from an aggressive salesman into a friendly consultant.
“There is also the issue of raising the level of financial literacy of clients. If the bank not only sells this or that product but also recommends it, the same customer might return 6 months later for a much more promising service. The more simplicity, ease we offer and the quicker we respond, the more the feeling of comfort will contribute to the customer’s loyalty and trust in the bank,” concluded Karen Babajanyan.