Yelo: Brighter Banking for the People and Business Community of Azerbaijan

Known from ancient times as the Land of Fire, Azerbaijan is a country at the nexus of Asia and Europe, bounded by Caucasus Mountains from the north and Caspian Sea in the east.

Azerbaijan is rapidly transforming from an oil producing country into a prominent oil and gas exporter, transportation corridor and a producer of fine and diverse agricultural goods. Massive investments in infrastructure and education have created attractive opportunities for developing various export-oriented industries.

The fast-changing economic environment makes it vital for financial institutions to be flexible and ready for change.

At the end of 2019, Nikoil Bank — one of the oldest banks in Azerbaijan — underwent a transformation and emerged with a new name and brand: Yelo. Its slogan is “brighter banking”, and Yelo Bank represents a refreshing break from the norm in the Azerbaijani banking market.

The stylised spelling of the English word yellow and the brighter banking concept symbolise a vibrant, innovative approach to banking services. Yellow is also the main colour chosen for the new corporate identity of the bank. As a brand identity, Yelo is all about creating a visual world that feels as relatable as it does aspirational: approachability, appreciating the value of customers and speaking with them on a plane of mutual respect.

Rebranding is more than just a change of name and corporate style. It involves deep transformation within the bank to build a new customer service model, a fresh corporate culture, boosted technological capacity and enhanced human capital.

Also important in the rebranding process was to build the new brand’s tone of voice to mirror its core values:

• Put customers first
• Serve with heart
• Find solutions
• Keep it simple
• Work with a smile.

Mission and Vision

Yelo Bank is committed to its mission to contribute to the success of communities through digital ecosystems. The vision is to help the people of Azerbaijan to achieve more by refreshing their banking experience. Customer expectations, the global trend of digitalisation and increasing competition by internet giants have put pressure on the industry.

Yelo chooses to follow and ride that trend and put the bank in a leading position for digital and conventional banking services for the people and SMEs of Azerbaijan.

Key Drivers for Success

People are the key driver of the business, and a determined and agile professional team, united around management, was the first pillar of the strategy implementation.

Innovative technologies, carefully selected, adapted to business needs and developed to the point of excellence is the second.

The creation of a best-in-class customer experience to ensure critical mass of demand for the bank’s products — and the digital ecosystem — is the third pillar. Customer satisfaction feeds future self-propelling growth.

With a 26-year presence in Azerbaijani market, the bank has a great growth potential in retail, micro and SME segments. Yelo offers a full range of financial services to individuals, households and businesses. It strives to make all products simpler to understand, easy to approach and use, at to comprise everything the client needs.

This year, Yelo will introduce a new online banking service, internet banking for businesses and other innovative products.

Brighter banking and new corporate style has started to appear in the revised design of Yelo branches, which offer a new customer service model. Yelo appreciates the time of its customers and a current need for social distancing. The new branch concept has service zones for different transactions to make the customer service easy, fast, secure and friendly.

The bright modern design, with personal messaging throughout each branch, is aimed at a relaxed, positive and enjoyable experience for customers. The bank is renovating its new head office, which will welcome the Yelo team by the end of this year. The main goal is to make the Yelo community happy and productive.

Nikoloz Shurgaia, chairman of the board and CEO, said Yelo Bank is not just a new name, or a new colour. “It is a symbol of transformation, the work which has been going on for four years and which resulted in the bank’s move to a qualitatively higher level,” he said. “This became possible thanks to the dedication of the whole team. We are grateful to all members, and to the shareholders for their unwavering support.”

Shurgaia emphasises the input of Marina Kulishova, chairman of the board, in the transformation process. “The importance of her insightful support and inspiration to us throughout the rebranding process cannot be overstated,” he said.

He also expressed gratitude to the Winkreative agency which developed the rebranding concept. The London- and Zurich-based company has dynamism and an enviable track record working for some of the world’s most prominent brands.

“They did a great job for Yelo Bank,” said Shurgaia. “The Wink team understood the spirit of the bank, the idea behind the changes, and how the bank should position itself. It has reflected these in the new brand and corporate identity.”

The Yelo team is continuously transforming to provide the best possible service, inspired by the significance of the changes. “Brighter Banking is our new customer service model, built on the wholehearted contribution of each team member and a great teamwork,” said Shurgaia.

“With our dedication, Yelo will be a symbol of a modern brand, a beloved choice of the people and businesses in Azerbaijan.”