In August 2023, Ravnaq-bank took a bold step by rebranding itself as Octobank. This process, which included a strategic course revision and rebranding, carried significant risks. However, a year and a half later, it is evident that these changes have fully justified themselves: Octobank not only avoided turbulence but also achieved record-breaking growth.
Iskandar Tursunov, Chairman of the Board and majority shareholder of Octobank, shared insights into the philosophy behind these changes and the formula for success in building relationships between the bank and its customers.
The name change was part of a comprehensive transformation of the bank. The rebranding went beyond a simple name change, encompassing the entire range of services, especially for the corporate segment. The image, service solutions, and brand as a whole underwent a profound transformation, shifting from a control-based system to one focused on partnership and management. This deliberate decision has proven to be successful.
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What results has the bank achieved since the rebranding?
Over this period, the bank defined new strategic directions and updated the composition of its supervisory board and management, enabling a transformation of corporate governance in line with modern standards.
By the end of 2024, Octobank reported a record net profit of 150.6 billion UZS. Non-interest income surged by an impressive 799.5%, reflecting the high demand for the bank’s new products. Clients fully repaid problematic assets totaling 324 billion UZS, placing Octobank among the top seven banks in the country with zero non-performing loans.
Additionally, the bank signed an agreement with the Chinese payment service Tenpay, opening new opportunities for businesses in Uzbekistan and strengthening its position with Chinese clients who use WeChat Pay.
What are Octobank’s competitive advantages in the Uzbek banking market?
- Technology: Octobank offers advanced solutions such as Open API, which simplifies business integration with its banking system. Its hybrid internet banking platform for corporate clients is both convenient and functional. The focus on digitization and innovative technologies enables clients to manage their finances from anywhere in the world.
- Convenience and Speed: The onboarding process for small and medium-sized businesses is significantly simplified, with most operations available online, saving clients valuable time.
- Service Quality: Octobank places great emphasis on the quality of its services, continuously improving its processes to ensure long-term and reliable partnerships with each client.
What services are most popular among Octobank’s clients?
Corporate clients frequently use acquiring services, collaborating with major companies such as Yandex Go, Uzbekistan Airways, and Hertz to facilitate online payments.
Among individual clients, international transfers, virtual cards, currency exchange, and bill payments via mobile apps are particularly popular.
What are Octobank’s plans for the future?
The bank has identified six priority areas for development:
The continuation of digitization and the development of innovative solutions remain central tasks. Plans include the creation of a mobile app for corporate clients, enabling them to open accounts online, manage finances in national and foreign currencies, and access a full range of services via smartphone or computer.
The mobile app will become the primary channel for client interaction, offering personalized recommendations based on their preferences.
Additionally, the bank aims to expand its ecosystem by integrating services from e-commerce, fintech, and lifestyle sectors, enabling clients to address not only financial needs but also everyday tasks.
The corporate department will focus on attracting new clients, particularly from regional areas, by offering competitive terms, high-quality service, and user-friendly digital products. Octobank adheres to a policy of simplicity and transparency, providing clear products without hidden or unnecessary services.
Is Uzbekistan’s fintech market ready for global changes?
The market demonstrates a high level of readiness for global trends. Key areas of growth include super apps, Islamic banking, and cryptocurrencies. Uzbekistan’s young, tech-savvy population adapts quickly to new solutions, fostering industry growth.
However, challenges remain, such as the high reliance on cash transactions and the need to improve digital infrastructure in regional areas. Nevertheless, government initiatives, such as the creation of IT parks and incentives for startups, provide a favorable environment for fintech ecosystem development.
How does Octobank adapt global banking trends for the local market?
Octobank successfully integrates global banking practices into the local market, introducing modern approaches such as transactional business models, capital market development, derivatives operations, and FX services. This makes the bank’s services more relevant and convenient for clients, combining global expertise with local needs.
Who are Octobank’s clients?
Octobank’s clients are advanced users who prefer to handle all their matters online. They value convenience, security, and speed, using mobile apps, making online purchases, paying subscriptions, and using virtual cards.
Among corporate clients are small and medium-sized businesses that require modern solutions for online payments and financial management.
Octobank strives to be more than just a financial partner by creating an ecosystem that simplifies clients’ lives and helps them address their needs quickly and efficiently.