Financial brands are passing a tough time now with customers’ confusion and distrust, which are the most constructive ones on the landscape for many years. Consumers badly depend on this sector, particularly in banks as a safe custody of their assets and to provide a peace of mind. But recent scams in the banking sector may lead trust deficit among the masses. The brand image is now first and foremost priority of banks to get back the confidence of the consumers.
Banking sector of Bangladesh is spilling over as there are 56 commercial banks are operating. Banks are now vying to grab attention of consumers and take the market share, but recent scams make the way harder. Experts said it’s a really good time for banks to invest in brand building since it's more cost-effective approach to grab attention of consumers & able them to catch the competitive advantages over many players.
Banks will not be successful in this competitive world without a strong brand image. A strong brand must need 3Cs- clarity, consistency and constancy. It must be clear about what is and what is not. If message is clear and consistent than an individual can constantly communicate those virtually, verbally and virtually. Positioning is no longer a marketing problem rather, it’s organization’s problem. So, marketing is important to follow through – but it’s up to top management how they can transform marketing from an order taker to a business driver.
Strong relationships with the consumers in the digital world are fully based on the trust that could be rebuilt by strong brand image and good service. Though there are differences between brand image and good service, but certainly a strong brand image will not work up to the expectation if customers’ experiences fail. Trust/confidence can be established in the course of good experiences, with the brand's ambassadors, by human resources and by brand identity systems and marketing communications. A customer-led strategy-"relentless focus on customers” is required.
Hence, banks have to grasp the approaches of reputed brands like Microsoft, SCB, Citi, Apple, BMW, Google and focus on value adding and invest in brand marketing. It's time to initiate trust building journey and recuperate brand confidence by developing candid image, through ethic-led cultural shift in the financial sectors' corporate responsibility domain.