Build your deposit yourself
Media Room

Interview with Andranik Khachatryan, head of Yerevan branch network at Ameriabank CJSC

In Q1 2013 Ameriabank was in the lead by client deposits with 15% growth during the quarter. In 2012 the growth was over 40%. What is the key to your success?

The secret is in our numerous advantages. Firstly, it is the bank’s image, clients’ loyalty and stable growth. Secondly, it is a wide product mix, correct targeting, correct approach to clients’ needs and, last but not least, high quality service. Our strategy works and that’s why clients come to us and are open for long-term cooperation in many spheres. Note that the growth of deposits has nothing to do with high interest rates. We have never dumped prices, instead we attract clients with freedom of choice and non-standard solutions. Last year we conducted a deposit campaign named ‘Value the money’, which not only made Ameriabank’s products more recognizable, but also proved that the bank does apply non-standard solutions and approaches. If you follow the growth rates last year and in Q1 this year, you’ll see that all scheduled benchmarks are achieved.

We expand our branch network to be closer to clients, launch new product offerings, and strive to help our colleagues improve their professional qualification level. All this results in their being able to correctly determine the needs of clients and offer the products which suit the client best. Our staff are client-oriented and so are our products.

The bank has just introduced a new deposit product – Ameria deposit with unique terms. Why?

Armenian banks, including our bank, used to offer a limited choice of deposits with standard terms and it was difficult for clients to make their choice. Now we offer one product and leave it to the client to choose the terms. I would compare it with a Lego constructor – you combine various terms and get different products. You chose the maturity, interest payment and other schemes you prefer (get interest at the beginning or upon maturity, monthly, add or withdraw funds, terminate the agreement before due date, etc.). As you combine various input data, the system will automatically display the interest rate applicable to the product you choose. Our specialists will provide detailed consultation but the choice is up to you. You can build your own deposit, that’s the important thing.

This deposit product has another major advantage. Along with the deposit, we offer a credit card with a credit limit in the deposit currency (AMD, USD, EUR, RUB) in the amount of up to 30% of the deposit. The pledge is the deposit itself, and the interest rate for the credit line is the rate of the deposit. However, the credit limit cannot be higher than the maximum limit applicable to facilities in that particular currency.

Although this is a new product, it is already very popular.

In addition, we offer very attractive interest rates for AMD-denominated Ameria deposits. By that we strive to strengthen our national currency. This is our response to the recent regulatory changes in the Central Bank.

Do clients trust banks to keep their funds for a long period?

Actually clients prefer shorter-term deposits with maturity of less than 1 year. We have yet to reach the level when bank deposits are made for 5-10 years. Certainly, some clients do make long-term deposits, but they are few and overall clients are not inclined to deposit for a long term. And currency options have nothing to do with this, meaning that people mostly make short-term deposits not because of volatility of the Armenian dram, but because of general uncertainty in global economy.

Ameriabank does not differentiate interest rates by the deposit amount. Does the bank offer special terms to big clients?
Basically, it is premium-clients who deposit large amounts. For them we have special preferential terms which depend on several factors, not only on the amount of deposit. But attracting only HNWIs is not our goal. We want to be a bank for public and have a diversified deposit base.

What would you recommend clients to pay attention to while making a deposit?

Before making a deposit you have to choose a bank and I recommend to choose a reliable one. And while choosing among deposit options remember that high interest rate means nothing, since there could be so many restrictions that you will not benefit from high rate. What you have to bear in mind is your own financial needs and plans, so that you can choose the terms you need. But this brings us back to Ameria deposit. And last but not least: before you make a deposit, read the deposit agreement carefully!

Anahit Julhakyan

Delovoy express

Updated 04.06.2013, 19:41
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