Retail OTP – Term deposits
Principal Authors: Zoriana Kachurak and Martin Alles – Ogilvy Group Ukraine; Aleksander Strelchenko – OTP Bank Ukraine
Contributing Authors: Nataliya Sumovskaya and Maryna Rozenbush – Ogilvy Group Ukraine; Anastasiya Datsko – OTP Bank Ukraine
INTRODUCTION: HOW TO GENERATE AN INFLOW OF DEPOSIT FUNDS IN THE MIDST OF A FINANCIAL CRISIS.
This case tells a story of how a very simple and relevant insight resonated with the consumers in a very big way, generating results which surpassed expectations two fold.
In Ukraine, deposits have always been the toughest category among retail banks’ portfolio of financial products. Despite dynamic developments in the banking field in the past several years, the general public is never the less extremely suspicious, and has great difficulty parting with their money. This trait was exacerbated by the overall situation in Ukraine’s financial sector at the end of 2008. All the banks were forced to actively attract liabilities in order to keep stability during the global financial crisis. Wide spread information about serious problems at several of Ukraine’s biggest banks (Nadra, Ukrprombank etc.) and their possible defaults, NBU(National Bank Ukraine) moratorium on ahead-of-schedule deposits withdrawals only increased the distrust in the banking system and made people to mostly keep their savings at home.