Established in 1930s, Vysya Bank was formally incorporated in the city of Bangalore, Karnataka. The state of Karnataka is known as the “cradle of Indian banking” due to the region’s bygone banking relationship with several European East India companies during the 17th, 18th and 19th centuries.
BLAZE TO BRILLIANCE From the 1930s through the 1950s, Vysya Bank built its banking business organically in southern India. The bank focused on serving the Vysya community, a merchant/trading community operating across Karnataka and Andhra Pradesh. In 1958, the bank was licensed by the Reserve Bank of India (RBI) to expand its banking operations nationwide. In 1972, the RBI upgraded Vysya Bank to a national B class bank. In 1987, Vysya Bank established two independently operating subsidiaries providing equipment leasing and home mortgaging services. In 1994, Vysya Bank began marketing several innovative financial products to the fast-growing Indian middle-class segment (e.g. Vysprime and Vysinvest for NRIs, Vysbuy for consumer financing, Vysmobile for auto loan financing, and Vysequity for common equity financing).
FAITH FACTOR ING Vysya Bank was formed by the merger of Vysya Bank and the global financial powerhouse ING in 2002. In 2006, the bank completed its 75 years in operations. It has over 575 outlets with over 100 ATMs across the country. With growing competition in the banking industry, ING Vysya wanted some mechanism to maintain a continual relationship with the existing customers so as to increase their stickiness and find opportunities to cross-sell/up-sell these customers. The customers on their part had a lot of faith on the brand due to its long history and proven track record.
ENGAGEMENT THAT ENTHRALS Marketing & advertising has to be in sync with the current times in order to maximise the effect. Keeping the football world cup fever in mind, the brand came up with a unique idea in its marketing campaign. ING Vysya Bank joined the FIFA World Cup chorus by kicking off an innovative social media campaign – “Master Save”. The online contest that began on 13th of June, 2014 will conclude with the World Cup final slated for July 14. The bank will post four best saves everyday from the previous day match and invite football fans to vote for their choice along with reasons. Every day 5 winners will be declared with two grand prizes towards the closing stages of the tournament. The social media channels of the bank will also host sports trivia and interesting info graphics on football to keep the fans engaged. Earlier this year, the bank had also launched Champions League-themed debit cards in line with its commitment to promote the sport. It was the first time that an Indian bank has launched an official UEFA-branded debit card.
INNOVEDGE The brand has been known for its innovations and has won many awards over the years. SUNDAY STANDARD of The New Indian Express Group has named ING Vysya Bank as the safest bank (midsized) with a special mention to MD & CEO Mr Shailendra Bhandari. ING Vysya Bank won the Best Private Sector Bank award in Asset Quality category at the ‘Dun & Bradstreet – Polaris Banking Awards 2013’.
BRAND PROMISE Their mission is to enhance the wealth management and financial planning capability of individuals and organisational clients in worldclass service rendering environment, delivering superior and sustainable stakeholder value. Their success indicates that they have been successful in achieving their mission.
1. The bank has a pan-India presence with over 1000 outlets in the country.
2. ING Vysya has been ranked the “Safest Banker” by theNew Indian Expressand among “Top 5 Most Trusted Private Sector Banks” by theEconomic Times.
3. The merger between ING Group & Vysya bank in 2002 was the fi rst merger between an Indian Bank & a foreign bank.
1. 1995: The year in which Vysya Bank entered into a long-term strategic alliance with Banque Bruxelles Lambert(BBL) of Belgium
2. 2003: The year in which Western Union tied up with ING Vysya for inbound money transfer services across India
3. 2005: The year in which ING Vysya Bank rolled out its own proprietary online money transfer service
4. 2006: The year in which ING Vysya went private and delisted from the Bangalore Stock Exchange
5. 2010: The year in which Shailendra Bhandari was appointed as the CEO & MD of ING Vysya bank