Leonid Krasavtsev has expressed his opinion on the necessary number of deposits in his blog, and I took an interest in arranging the names of deposits and counting how many banks give the same names for them:)
So, let me start. There are deposits the names of which tell a customer about their purpose. For example, opening a saving deposit a person understands that the money can be saved here, so they allow fulfillment of deposit. An urgent deposit is traditionally opened for a certain time period, and there is no possibility of its fulfillment, but there is a universal deposit which allows both fulfillment and withdrawal.
To the second type of deposits we can include the names that characterize a customer. For example, pension, student, child deposits.
One more type of deposits is those bearing names provoking many questions by their nature. For instance, ‘Profitable’ deposit: do we actually open a deposit in order to get some profit? Or does it mean that other deposits of this bank don’t suppose any profit for their owners? Or ‘Comfortable’ deposit – why is it comfortable and whom for is it such (maybe, for the bank that is going to get more from your money than you)? ‘Standard’ deposit – what standard? Nowadays, when all living standards are dynamically changing and every time there appears something new and unknown, a common depositor cannot understand such a name. Or ‘Freedom’ deposit – oh, yeah, you gave your money to the bank – and may be free!:)
There also are deposits with very original names. In this sense I was completely struck by wild imagination of ‘Dongorbank’. How would you feel opening such deposits as Imposing, Noble, Respectable or Honorable? Or, for example, Mont Blanc, Las Vegas, English Channel, Calypso or Geneva deposits. It makes an impression that this deposit range has been created in order to make a customer open a deposit just on hearing the name. It’s like I’m Noble today and I want to go to Las Vegas. J Dear bank employees! I didn’t mean to hurt you, not in any case, but you could at least add something like Mont Blanc (savings). But for this moment, the names are very beautiful. And there also exist such deposits as ‘Dream’, ‘Magnate’, ‘Master’ or ‘Hoverla’ in ‘Financial initiative’ bank. And there is ‘Amulet’ deposit in Energobank.
Active-bank and European bank have been using the name of the bank as a prefix, I suppose, in order to cultivate a strong association among customers.
As for the same names, I have made a short rating (I have analyzed 59 banks that are being monitored for our portal www.prostobank.ua). Thus, ‘Pension’ deposit is the leader – 18 banks out of 59 have deposits with this name. The second place occupy urgent and accumulative deposits – 17 out of 59. Top-3 of the rating is closed by ‘Child’ deposit, or as it is also called ‘By Majority’ – 16 out of 59 banks have such deposits.
There are also popular deposits with the following names: ‘Capital’ (14 banks have it), ‘Standard’ (12 banks), ‘Profitable’ (6 banks), ‘Comfortable’ (5 banks).
And the most ‘beautiful’ name bear deposits in ‘Business Standard’ bank and ‘Savings Bank’ – ‘Deposit’. No comments:)
What can I say judging from my observations? It seems to me, bank gentlemen shouldn’t go from one extreme to another. It is preferable for a deposit’s name not to be too common, like ‘Standard’, as such a name doesn’t expose its purpose. And surely the name like Las Vegas does not make any sense. At existing abundance of deposits offered at our banks, the ‘name’ of deposit should still help prospective depositors make the right choice:)
