Status of brand development in ABBank

CHAPTER 2: RESEARCH METHODOLOGY & EMPIRICAL FINDINGS

2.6 Status of brand development in ABBank

Although founded since 1993, but in a long time ABBank only focus on customers in agricultural area. Since 2003, it transform in urban commercial joint stock bank from rural joint stock bank. In a short time, therefore it had not enough time to build and develop a brand image in customers‘ mind. And this is cause of its brand building is lack of many things as well as not have a strategy in developing brand in this time. In coming time, the bank will have a detail strategy to attract customers and reinforce its brand name and brand image in customer‘s mind. Over the past years, the banks had to mobilize capital, open branches, building human resource. That is why, until now the bank has not a real brand strategy yet. ABBank still has not an overall brand strategy, so in coming time it need have a brand strategy to make sure ABBank brand become one of strongest bank brand in 2010.

Activities in developing brand of ABBank

Through the some activities such as study, survey employees and customers as well as interview managers at ABBank, there are some problems as following:

 Service performance and development: To develop its brand, ABBank has some marketing and activities to develop as well as promote brand image to customers. With competitive pressure as well as aspiration to develop, the bank always cares for the way to diversify types of services and product. So far, ABBank has total 30 services and product in its category. Besides the traditional products and services providing to customers, An Binh has breakthroughs in products and services in order to attract customers such as credit loan to 200 million VND without mortgage. This is really a breakthrough in Banking in Vietnam. On the other hand, car loan, house loan with much support,

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out only in 8 hours since customers submit profile to bank. This is record in Vietnam banking system. This makes difference between ABBank and others.

 Network: In banking business, location is an important factor when making competitive advantage to competitors. Most of branches and transaction offices of ABBank have convenient venue. Why? Because convenient venue is considered bys some factors such as: a space for customer to put their means when go into trading, easy to get traffic or security aspect when customers want to put money in bank or draw money and so on.

 Press releases: It is important to have press conference in advance to take one branch or transaction office into effect. The bank often holds a press conference with the appearance of Investment economic review, Vietnam Economic times, banking Review or labor newspaper and some media. Therefore, the bank is easily to attract much attention from customers.

 Corporate events: ABBank has taken part in local activities in some provinces and Hold programs for employees on holidays, traditional days…

 Promotions: On the occasion of USD mobilization campaign the bank has hold a program to draw award to customers: “send USD, have big award with YOU card of ABBANK” ABBank hold promotional program for customers had saving in US dollar .On 27 and 28 December 2006 ABBank sponsored for ―Hòa Nhạc Chào Năm Mới 2007‖ program.

 Relationship program: The bank also takes part in the campaign of supporting flood victims, which subscribe one-day salary of staff. The money gives to Vietnam fatherland fund and then to victims for

overcoming their difficulties. Government authorities appraise this noble behavior.

 Social Activities: To fulfill its corporate responsibilities, and carry our CSR campaign, ABBANK has taken part in many social and charitable events to help support people suffering from natural disasters.

The bank has contribute VND 150 million to the program ―Benevolent arms‖ of the Health Ministry, an activity to raise funds for building healthcare infrastructure for the poor people.

 Advertising: Advertising is necessary condition and PR is sufficient condition. Although ABBank transform to urban commercial joint stock bank in a short time, but there has been a few advertising programs on TV and magazines.

 Brochures: The bank has printed many brochures about new services of bank such as YOUhouse, YOUcard, YOUspend, YOUHOUSE, YOUcar…All customers when come to transacting with the bank are sent brochures in order to introduce new services and products of bank to them as well as take advantage of customers to introduce these services to their friends or relatives. The bank asks employees to deliver leaflets introducing sales promotions and new services to inhabitants.

This activity makes attention in potential customers‘ mind.

Yin and Yang Model to Branding

History and development process of ABBank