Hindujas-promoted private sector lender IndusInd Bank, after toying with the idea of renaming itself for over a year as a part of its re-branding exercise has finally decided to shelve such a move. Instead, the bank has decided to reach out to the new customer segment ? mostly young population ? by focusing more on add-on features in the realm of customer service and product kitty with its existing brand.
?We had asked for feedback from our customers and employees, who are of the opinion that the proposed name change could create a confusion among people especially when the bank is visible enough after rigorous ongoing re-branding campaign. Customers believe, the bank has made substantial inroads in the last two or three years. Hence, a name change is not warranted at all,? said a senior official of
the bank familiar with the development.
While announcing quarterly performance Romesh Sobti, MD and CEO, IndisInd however said, ?Rebranding does not mean only change of name. It means selling your brand, introducing new products and being visible in the market. It happens through clients engagement. The name change exercise is completed. We got client feedback, employee feedback. Those show, time is not ripe for a name change. But the issue is not off the table.?
Earlier IndusInd had appointed Brand Union as a consultant for the survey on re-branding in 2010. The private sector lender, which has recorded a faster growth in the industry, planned to spend Rs 30-40 crore on promotional blitz for its re-branding exercise.
Ogilvy India had secured the mandate to establish bank?s new name after the survey conducted by Brand Union. ?Partners Bank? was touted as the new name of the bank.
Its current ad spend stands at Rs 10-15 crore per year.
The bank recently launched three services under its re-branding exercise. Those are ATM denomination selection service, christened as ?Choice Money ATM?, Cheque images along with statement of account, called ?check On cheque? and the 365 day banking service is called ?Open 365 Days?.
In early 2010, IndusInd had started debating about the possibility of a name change as the bank’s new top offficials headed by Sobti found, people had a problem in pronouncing the existing name.
Afterwards Hinduja group had acquired KBL epb, the private banking arm of Belgium?s KBL for Rs 8,900 crore. KBL epb had plans to grow in India and develop synergy with IndusInd which was awaiting a name change.