Since conventional wisdom draws largely from a knowledge of past events, it is not surprising that forward thinking is sometimes well off the desired mark, splaying in all directions but the right one.
Even so, the reluctance of banks to acknowledge the significant role that branding does and can play in influencing and supporting their long-term goals and very existence, is nothing short of amazing.

The scandals and revelations that have continued to give banks a very negative press, over the last few decades till very recent times, have created a trust deficit in the public mind, as even the senior management of leading international banks have been known to candidly admit.

Yet this knowledge has not prompted the necessary remedial action that is crucial for survival and future growth. An end that a well thought-out and executed branding strategy, with its broad but specific focus, would serve admirably.

This paradoxical approach is ascribed by some to stem from the belief that all leading banks offer practically the same range of products and services – and that there is really nothing that differentiates one from another. A point of view that is reinforced by the notion that regular and frequent marketing campaigns and a slew of new products and services — celebrating the use of cutting-edge technology, Walls of screens’ Chat-bots, and Apps — serves the same purpose,

It is no secret that with the advent of technology-based solutions, keeping pace with the irreversible developments of the times, the human touch has been lost. In the endeavour to raise levels of efficiency, the bond of trust between banks and their customers – whose needs they seek to serve – has been all but forgotten.

It may not be possible to turn back the clock and replicate a scenario where the local bank manager was a friend and an integral part of the community, reinforcing and supporting a bank’s efforts and objectives with well-earned trust, respect and friendship.

But it is most certainly possible – and, even more certainly, necessary – to create a sense of community between a bank and its customers. By reaching out to and understanding customers, by realizing that the core functions that a bank performs need to be supported and strengthened by a bond of trust and belief, by adding to the list of touch points the most important of them all: the human touch point -an end banks would best serve by stepping out of their comfort zones and going beyond banking.

It has long been recognized that staying ahead of the competition, against the backdrop of a changing technological and social landscape, demands the ability and willingness to adapt to new conditions, to design strategies appropriate to contemporary realities. Old concepts and offerings have run their course. It is time to reinvent the deal.

These are exactly the conditions in which strong brands have historically prevailed. Captivating, relatable, likeable and memorable, a strong band is a bank’s identity, its values, features and personality. Aided by — but much more than — logos, slogans, marketing and PR efforts, a strong brand allows a bank greater control of its future. It also permits more consistent and effective communication with customers and the public, as well as providing a platform to launch creative and meaningful multi-channel marketing. All of which contribute to a holistic experience that inspires customer confidence, trust and loyalty.

In broad terms, effective branding enables a bank to:
• Enhance its competitive advantage by differentiating itself from other banks
• Connect on an emotional level with customers
• Create customer trust and foster greater customer loyalty
• Enlarge market share
• Increase shareholder value
• Boost employee morale