Innovations in Digital Banking Service Brand Equity and Millennial Consumerism

Innovations in Digital Banking Service Brand Equity and Millennial Consumerism

Subhankar Das (Duy Tan University, Vietnam)
DOI: 10.4018/978-1-7998-5175-2.ch004

Abstract

In the goods industry, the product is considered the primary brand with various attributes. However, in the case of the services industry, the company itself is a primary brand. This chapter is based upon primary research of the services (banking) sector as a case of service branding with services extended marketing mix variables. A model has been developed to identify the impact of services extended marketing variables on customer-based brand equity. Two components of customer-based brand have been given consideration such as brand awareness and brand association. For this purpose, a structured questionnaire was prepared, and a survey was conducted on 400 respondents, and a structural equation model has been applied.
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Introduction

Brand equity can be studied with the help of three different aspects. i.e. Cognitive Psychology Perspective, Economics Perspective & Financial Perspective. Cognitive Psychology Perspective is related with customer response to brand’s marketing mix (Aaker 1991, Keller 1993). Customers who have more considerable brand associations, will produce more significant marketing mix response. Economics Perspective is considered as increased utility that a brand name gives to a product. Brand name which played vital role in identifying the quality of the product and it was related with perceived firm investment and quality, directly lead to reduce the information cost for the customer. Hence it increased utility. Financial Perspective is a measure that was related with firm market value subtracting the tangible asset value (Simon & Sullivan, 1993).

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