From Soyuz to Ingosstrakh Bank: a major player in the Russian banking sector changes its name
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A credit institution with a 30-year history is changing its name. It became known that Soyuz Bank has rebranded and will now finally enter the Ingo Ecosystem of the parent company and will receive a new name, the press service of the new Ingosstrakh Bank reported. This was done to make it easier for customers to navigate banking products and receive the maximum number of convenient products from the insurer’s ecosystem.
The banking market is undergoing many changes. In a difficult time for the country, many players left the market, and other credit institutions, in order to stay afloat, agreed to merge. According to experts, stable private banks of medium size in terms of the size of the country have gained popularity today.
One of these banks is Ingosstrakh Bank. It was founded 30 years ago, in 1993, as JSCB “ALINA-MOSCOW”. The upcoming rebranding is far from the first one since the establishment of the organization. Already 6 years after the start of work, the bank was renamed JSCB INGOSSTRAKH-SOYUZ, and in 2003, after the merger of three banks (Avtogazbank, Sibregionbank and People’s Savings Bank), the merged bank received the name JSCB SOYUZ (OJSC). In 2015, the name of the bank was changed to Bank SOYUZ (JSC).
In fact, today the Soyuz is returning to its historical harbor. The bank, the main shareholder of which is SPAO Ingosstrakh (99.99% of shares), was expected to be associated with the structures of the insurance company in terms of the brand. As a result, in May of this year, the bank’s supervisory board decided to rename Soyuz into Ingosstrakh Bank.
In practice, the bank has been part of a large ecosystem for many years, so this is not a sudden decision, the group and the bank have been moving towards this for a long time. So, two years ago, the bank acted as an operator of the insurance company’s loyalty program, that is, it issued bank cards under the brand of insurers. Because of this, customers could be confused – whose product do they use and who to contact in case of unforeseen situations?
The main task of all innovations is to combine the needs and tasks of the client in insurance and credit products.
“The ecosystem is a natural stage in the evolution of the financial services market, IT and fintech services. If some time ago it could be said that they were competing, then recently it became clear that the partnership would be beneficial for companies and convenient for users. The market saw the heyday of the ecosystem approach in 2020 during the global pandemic: almost all companies went online after their client, and the advantage of working on the principle of “one application – a set of services” became obvious,” the bank noted.
According to bankers, now the ability to close the maximum of customer needs with a minimum of clicks is a prerequisite for competition for the consumer of financial services. If a bank cannot offer, for example, a selection of insurance products when applying for a car loan immediately at the time of signing the contract, it no longer meets the needs of the modern user.
Another huge advantage of ecosystems is personalized offers, individual approach and fine manual tuning. The better the bank knows its client, the easier it is for him to offer the products and services that he really needs. As a result, the user receives the financial product that he needs, and even on interesting terms, and the bank increases sales.
“Our focus is on long-term cooperation with clients, we are not chasing momentary benefits. As a subsidiary of an insurance company, we are committed to long-term investments and long-term relationships,” says Stanislav Danysh, head of the bank.
As for the visual part, the bank has retained the core of the corporate identity — the bank’s logo will remain the same — gold coins symbolize stability and reliability, demonstrate adherence to history and respect for the brand that has successfully existed on the Russian banking market for more than 30 years.
The bank emphasizes that they did not want to radically change the existing image – to cross out the 30-year history of the brand would be unfair to the bank and its faithful and loyal customers.
The new brand is a combination of historical reliability and heritage, as well as the innovation and strength of the parent company brand. The Bank believes in an open ecosystem and develops it. The financial products of the group are the core, but the bank has already attracted and continues to attract a large pool of partners.
But Ingosstrakh Bank is not only retail clients. Among the main activities are also corporate, investment banking business, as well as work with wealthy private clients.
Among the bank’s clients are the largest Russian companies in various industries: mining and forestry, engineering and automotive, construction, agriculture, textiles and insurance.
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From Soyuz to Ingosstrakh Bank: a major player in the Russian banking sector changes its name
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