Hemant Kaul of Axis Bank Delivers Lecture on "Rebranding" at JBIMS, Mumbai

Hemant Kaul of Axis Bank Delivers Lecture on "Rebranding" at JBIMS, Mumbai

Mr. Hemant Kaul, President & Head of Retail Banking at Axis Bank, visited JBIMS for a guest lecture on "Rebranding" on September 18, 2007. Axis Bank recently conducted a rebranding exercise.

Mr. Kaul started the session with a brief background of the situation which necessitated the change in the name of the bank. A study conducted by London-headquartered global brand valuation firm Brand Finance ranked UTI Bank among India's 50 most valuable brands. Mr. Kaul admitted that UTI Bank had a very high top-of-the-mind recall. He pointed out that the customers of Axis Bank were very satisfied with the services offered by the bank. However, there was some confusion about the bank among non-customers. Many perceived it to be a public sector bank due to the presence of the term 'UTI' in its name. The rebranding exercise was, in a way, an opportunity to come up with a name which would clearly spell out what the bank stands for - professionalism and customer-friendly service.

The team behind the rebranding exercise meticulously evaluated a number of options to arrive at a new name. Axis is a short name and is easy to remember. Axis, in geometry, represents a reference for measurement. It implies tech-savviness, equilibrium and has a global connotation. Availability of online domain name was also one of the critical factors in finalizing the new name. The key behind the success of the campaign was the focus on a single message - "Everything is the same except the name." This was very effectively conveyed through the use of identical twins in the marketing communication. Mr. Kaul explained that if there are a plethora of messages going out to people, most of these messages do not get registered in people’s mind.

One of the other prominent features of this campaign was the heavy use of internal media by Axis Bank. They started communicating about the impending change in name through the account statements that they send out to customers. The fact that the bank has one of the largest ATM networks in the country also helped in communication. Axis Bank ATMs across the country carried the message through posters and ATM screens. The logistical challenges in the entire exercise were immense and the team at Axis Bank ensured that each and every aspect was taken care of.

The session was very interactive and students came up with numerous thought-provoking questions. Students gained valuable insights into the intricacies involved in a rebranding campaign.

Concluded.

Contributed by -
The Corporate Relations Committee,
Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai.

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