Why Most valuable brands of Sri Lanka are from the Banking industry?

Question — is that Fair?

Answer — Yes

Reason — Trust and Brand

Consecutively once again this proved that word “Brand” is likely to equal the word “Trust” which is the most-searched criteria in customer decision of banking. Rationally Trust towards bank’s every function including protection, responsibility, and accountability for their hard-earned wealth (for each cent), fair ROI, digital and physical convenience, and flexibility in banking especially ability to reuse the money with it and trust that they would keep them updated on every change and delivering the knowledge of products and way of using them technically. Emotionally Trust that they are welcomed, seen, heard, understood, valued, loved, and supported.

Once It’s never been more important for the bank to take the branding serious, Instead took “customers’ trust” seriously which is the steppingstone, purpose, and determinant of bank-brand building.

as I see, no brand is an accident, it is the fully intentional and strategical process to win trust, retain trust, and convincing the potential of the state of existing trust which leads to a strong brand value not mainly to make the product or service recognizable because if customers do not trust it, they are unlikely to re-search/purchase then possibly no need to recognize that product identity, but once customers found more reasons to trust the product or service, they will probably look for every identification elements of branding as a selection criterion where the brand becomes an alternative name to particular general product or service.

As you perceived, across some practical exposures, here are few strategies which are conceptually simple and technically complex to build a strong bank brand. ▪️ Remaining away from brand competition but remain competitive in Technology and innovations.(virtual reality, Augmented reality, AI, robotic automation, blockchain, instant payments, and so on ▪️Keep the customers updated on the above and product categories and usage using creative and customers — approachable marketing communication methods and techniques. ▪️ Let the brand connect with customers emotionally as well as rationally through “storytelling”. In the bottom line, strong bank branding or general branding means — how businesses inspire people/customers to chase their product or service with the support of pre-built identity elements. (logo,name,colours,tagline,jingle and so on ) — How businesses make their employee proud and boost employee morale. — How businesses make their stakeholders happy and satisfied (shareholders, government, society and so on) Yes, It is something to be done more carefully with time.no brand is Brand of its word and mistake-free but how hard they work for it truly matters.

Hope you have a rational balance of your bank partners.

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