Time changes but money remains one of the largest parts of life, and banks continue to influence national economies. Although highly regulated in many countries due to its importance for local, national, and global financial systems, banking institutions are susceptible to many forms of risk. Only a few banks are able to stand the challenges of globalization. I wondered how a bank could possibly overcome all of these issue, much less become a leading institution. My question was answered during our professional visit to the global multifunctional banking company, the UniCredit Group.
Leading commercial banking in Europe, UniCredit operates in 17 different European countries. It was very interesting to visit the UniCredit headquarters in Milan, since Italy is where the origins of modern banking are traced back to. The corporate side of UniCredit includes many components such as financial, technological, marketing, organizational, and communicational cultures. Unlike other banks, the UniCredit Group has expertise in marketing and communication, which earns them their good reputation. Even after all the crises and financial depressions, UniCredit continues to put trust back into the banking system. More than 7,900 UniCredit branches incorporate the concept of combining business, local cultural development, and charitable activity. Due to UniCredit’s strong set of business values, including leadership in international awareness, they succeed in many aspects of banking.
A few things UniCredit excels in are investment banking, corporate banking, private banking, insurance, consumer finance, foreign exchange trading, commodity trading, trading in equities, future trading, and money market trading. Their solid marketing system allows them to overtake most of their competitors, turning many local brands into a single master brand. Unicredit adopts a common look and feel across all banking geographies, while also maintaining local proximity to engage with the communities where they operate. For example, through the integration of two UniCredit Groups in Ukraine, the newly renovated bank is now considered to be one of the largest multifunctional banks of Ukraine. A powerful bank with high financial indices, an increased solidity level, and improved line of competitive products and services was created at the banking market of the country.
What I like most about Unicredit is how they incorporate all cultures into brand engagement, awareness, and reputation. They develop this by arranging various cultural events, such as exhibitions or performances. For example “Summer Edition of Music Streets”, “PastPresentFuture”, “People and the City”, and “Art and Charity” are all marketing and communication events Unicredit hosted to promote their banking brand. I was able to attend one of the music festivals hosted by UniCredit while in Milan. This gave me a chance to experience and see how their brand positioning works in building likeability throughout the communities they serve.
UniCredit has also progressed in other ways. Their headquarters are currently the most modern complex in Milan, which saves 25 million dollars of logistic costs, and they also released projects for the community through their first free app dedicated to the Festival in Verona.
Visiting UniCredit is a great experience for anyone interested in the banking field or not. The main thing I learned from UniCredit is how to turn challenges into opportunities and overcome all obstacles sitting in my path.
By: Anastasiya Chaplygina, Forum-Nexus 2014 Alumnae