Sunday, August 12, 2007

UTI Bank is now Axis Bank

I must admit, I have never really associated UTI Bank with being a modern bank. I used to think this was my own fault because no one ever really told me that it is not, like ICICI, Citibank or ABN Amro. It's all in the mind though - when you think of Air India or Indian Airlines (now Indian) and then the glossy, sassy Kingfisher Airlines or the business-like Jet Airways (who also went in for an image change recently) which airline would you rather choose? Image has a lot to do with how you perceive a brand. In the marketing-oriented, consumer-driven world of today, it is more important than it ever was. You get out of your house and your visual senses are assaulted with billboards of all sizes, neon signs, small posters on road dividers, banners and so on and so forth. If you stay at home and switch on the TV, then there are the numerous commercials between your daily dose of your favourite serial or reality show or news broadcast.

Anyway, UTI Bank has officially changed its name to Axis Bank, though there has been no merger or take-over. It's just gone in for a new look with a new name. Turns out I was not so far off the mark after all, because listen to what is being said about the change:

The new name, experts say, will help the bank shed its unintended association with public sector banks and also give it an modern, global feel that could appeal to younger consumers.

I rest my case.

You can read more about the change here, and watch the ad, which features a very cute pair of little twin girls to illustrate the fact that UTI and Axis are the same except for the difference in name, here:


2 comments:

Charukesi said...

I don't see the point of these name changes - esp when the ad says clearly that nothing else has changed - so what does the customer get out of this? happened with "Indian" - nothing else has changed.

and I have mixed feelings about the ad too - I liked it at first look - and then I kept looking (because they are all around town) - and then this whole twins business is confusing - are twins alike in every way - or is uti bank saying physically there is similarity between uti and axis but personalities are different... etc etc

Charu
http://indsight.org/blog

wanderstruck said...

hey charu: what i thought was interesting was the fact that all these brands are being forced to change their names/images to keep pace with the times. i haven't travelled by the new Indian but the old was pretty sad compared to the newer airlines. as for UTI, i guess they are hoping, just as Indian probably did, that they will get more customers because they won't be associated with the old image anymore. the ad is supposed to reassure customers that the bank, and therefore the old customers' past business which rests with the bank, will stay safe and secure, but for both old and new customers there is the promise of a more modern, fresh feel with the new name. UTI and axis are not two separate entities, but the same, except for the name, like the two twins. something like that..!