Why has brand management become so important in banking?

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	Why has brand management become so important in banking? Asked by : Neelima Pandey, PR & Media Relations Manager, Group M Industry : Advertising/PR/MR/Events Functional Area : Branding Keywords : brand banking brand building brand management brand image brand value brand strategy brand promotion brand advertising business branding Activity: Question posted: 04 28 2009 10:55:07 +0000, 5 answers, 267 views, last activity 07 06 2010 20:18:08 +0000	Answer

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Now-a-days i have seen that even banks are focussing on building their brand value whereas traditionally banks are just a source where we can keep an account of our financial things.So is there a need like all the industries that banking industry should also strive to build their brand value and if yes then why it has become so important.What are the reasons for banking industry to bild their brand value.

I would say that Banks have finally realised that its their members that make them what they are! They are waking upto customer service and its importance in retaining their own member base! Its more important for them to ensure that their members remain theirs first and then with the competitors. Banks in general have a lot of products which are very consumer centric as their whole universe of business is based on members who use their services and in turn the Banks conduct 'business'.

The only way forward for them now is to communicate their brand as a customer friendly brand which is and stands for the needs and wants of the customer. Case in example would be ICICI Bank and its campaign of 'hum Hain Na'... I thought that that particular campaign really went a long way to please the consumer as it had all the essentials of an emotion that customers could relate to and hence attract the customer to at least ask for the product. Rest the professionals did it when the customer entered the premises and was engulfed by the promises!

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by Makrand Bhave, Marketing & MICE, WIZCRAFT International | 04 29 2009 03:45:29 +0000

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5 Answers for "Why has brand management become so important in banking?"

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Answered by sujit Kumar, Marketing Manager, Wipro Peripherals | 06 17 2009 13:21:01 +0000

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During the present situations when the Banking market especially private sector has become too hazy to have faith, yes brand management do work. Also loan and other offers worlks only if you have created a good faithful brand Image, else whatever product superior or Inferior you offer, you are not going to succeed.

Answered by Jyoti Rath, Sr. Associate, Barclays | 04 28 2009 11:05:01 +0000

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I think the reason for banking industry to focus on brand management is the general slide toward commoditization, or competing solely on price. Research shows that there is little recognition in the marketplace (on the part of both consumers and business customers) of competitive differentiation among medium sized and large banks. When there is, it is generally centered on pricing.So Branding is the best hope against sliding into the commodity trap.

Answered by Jayant Vishnu, Art Director/Sr Art Director, Creative | 04 28 2009 11:00:47 +0000

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From my point of view I think banks have finally recognized how important brands are to customers. In the days when banks were institutions, having a large, solid building was sufficient to convince customers that they were in good hands. Today's customers are more sophisticated, but they still make decisions based on their perception of a brand's value.So it has become important for banks also to build their brand image to have an edge over others.

Answered by Meena Deshmukh, Product/Brand Manager, Videocon Inds | 04 28 2009 10:57:59 +0000

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