Privilege Banking: “Your package of individual services”
After rebranding IDBank has introduced itself to the customers as “a new bank”, and among the other services, offered by the Bank is the Privilege Banking, which has been implemented since December last year. This is a package of individual services, which includes a number of privileges. Mr. Ruben Melikyan, acting Chairman of the Management Board and financial director of the Bank, and Ms. Lida Safaryan, the head of Privilege Banking Unit told us about the advantages and specifications of the Privilege Banking.

-Mr. Melikyan, Privilege Banking may be said is the age mate of the rebranding of the Bank, it is just a few months old. Is it a market demand, or just another tool to emphasize the individual approach applied by the Bank?
- After rebranding IDBank has changed not only its name, but also the strategy, which now features customer oriented policy, meaning individual approach to each customer. Privilege Banking is an individual service itself, which aims at meeting specific needs of customers, including a wide aspect of opportunities. IDBank strives to be a partner for its customers, and not a financial institution, acting as an agent only. So, being a partner, means understanding of the partner’s approaches, demands and possibilities, and offer the package of such services which mostly fit the needs to resolve financial and other issues. Yes, in additions to the market demand Privilege Banking perfectly emphasizes the new strategy of IDBank – to stand by the customer, to work for the customer.

- What is the feedback, you receive from the customers using Privilege Banking service? Does it have any effect on the loan and deposit figures?
- By implementing Privilege Banking service the Bank didn’t pursue the goal to increase its profit, but we aimed at providing convenience and, let me repeat myself - individual approach to our customers. This goal is proven by the fact that the service is free. Be sure, our customers appreciate this approach. So, not only we have assured the confidence of our loyal customers, but also acquired new customers – partners. New customers, who have joined IBBank to enjoy Privilege Banking services, make today the significant part. Today we have hundreds of customers within the frames of this service only.

Ms. Lida Safaryan, the Head of Privilege Banking Unit answers our questions.
- “Your package of individual service” – this is the slogan, which the Bank has chosen for Privilege Banking services. What is the uniqueness of this package?
- Actually, our slogan expresses the nature of the service offered by Bank; the package was developed as a result of special surveys and analysis, and now we offer our customers exceptional banking services and privileges. Privilege Banking customers are being served at separated premium class service area, they are individually approached, get preferential terms and conditions for banking products and services. All of this is free of charge and available for those customers of the Bank, who hold USD 50 000 or equivalent other currency deposit/bonds.

- Can you please give more information on what the service package includes.
- So far as the package is individual, each Privilege Banking customers gets his/her individual package, based on specific financial needs. Here I must say about comprehensive and high quality consultation on the banking services. In general, the package includes providing of Visa Infinite card, with a number of services and privileges, among which special tariffs for banking services, travel insurance for 1 year period, and many others; highly- qualified individual client manager assists the customer in choosing the best solutions in line with the individual financial needs and preferences of our customers. Individual client manager can be contacted even if the customer is abroad, or for example after the closure of banking day. Privilege Banking service area is open for members of the families of our customers, where they can be served using preferential service packages, receiving Visa Gold cards free of charge, as well as a number of other services.

-The name of Privilege Banking itself intends availability of privileged services, about a part of which we have already talked. It can be assumed that being Privilege Banking customer means being privileged customer. What is the target group of services, according to your analysis?
- Being Privilege Banking customer means have higher financial demands. Our customers perform more financial transactions, than the others. Naturally, when you perform a lot of transactions, you are not willing to waste your time, besides, convenience is also important. Knowledge of customers’ values, psychological specifications, lifestyle allows us working with them more efficiently and build right business model. Development of Privilege Banking strategy is based on examination of each customer’s individuality. Customers using Privilege Banking services attach great importance to the reliability and high quality services of the Bank. Our analysis reveal that Privilege Banking customers are the persons, who value the time and comfort; they prefer dealing with a confident and stable financial institution. Being privileged customer today means having some sound social position and a reputation of a confident businessman; actually, trust of such persons, rates the Bank as positive.

To become Privilege Banking customer, you need to visit IDBank, at 13 Vardanants str., call (+374) 10 59 33 81/3381, or e-mail to privilegebanking@idbank.am.

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Information updated 10.03.2022 09:08
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