by Erik Abrahamyan
VTB takes the lead in brand awareness in Armenia's banking market, according to a survey conducted by the Institute for Political and Sociological Consulting (IPSC).
The press service of VTB Bank (Armenia) has told ArmInfo that the public opinion poll was conducted in December 2013 in Yerevan and 4 major towns of Armenia: Gyumri, Vanadzor, Armavir and Dilijan. A total of 1,200 respondents took part in the poll. The respondents were chosen on a random basis with due regard for the average family income (50 thsd AMD and higher), age (ranging from 18 to 55) and other parameters. The results of the survey demonstrate that over the specified period VTB Bank (Armenia) was an absolute leader by all metrics of brand awareness in Yerevan and the towns in marzes, including the top- of-mind awareness, spontaneous (unaided) awareness, total spontaneous awareness and aided awareness.
As compared to the previous survey conducted in July 2013, the top-of-mind metric of VTB Bank (Armenia) has risen by 2% in Yerevan and by almost 6% in the other specified towns. The Bank keeps being in the lead in Armenia by the top-of-mind awareness, i.e. VTB Bank (Armenia) was the first brand that came to mind when the respondents were asked an unprompted question about a category. By the total spontaneous (unaided) brand recall, the Bank is in the lead both in Yerevan and in the marzes. This index made up 56.9% (15.6% higher than the index of the nearest competitor).
The points given to VTB Bank (Armenia) by 61.4% of the respondents estimating the Bank's activity ranged from 7 to 10 on a 10-point scale. The Bank remains the most reliable bank in Armenia. Its reliability index made up 20.4% (almost twice as high as the nearest competitor's index). This means that 20.4% of the respondents called VTB Bank (Armenia) the most reliable bank in Armenia.
"VTB Bank (Armenia) has not only retained its leading position by all brand awareness metrics, but also improved it within six months. We are committed to the strategy of business development and image formation of our bank and we'll keep dynamically developing and attaining our goals", says Yuri Gusev, Director General, Chairman of Directorate of VTB Bank (Armenia).
To note, VTB Bank (Armenia) joined VTB Group in Apr 2004 and is fully owned by VTB Bank OJSC, the second biggest bank in Russia. VTB Bank (Armenia) is one of the leaders of Armenia's banking sector. It has the largest branch network - 69 branches all over the country (including 2 mini branches).