A Conceptual Framework to Measure Brand Equity in Banking & Financial Services Firms

Abstract

Many business entities have attached utmost importance to managing brand equity in prevalent competitive scenario & Indian banking and financial services firms are no exceptions. Research on services marketing indicates that customer satisfaction has a positive direct effect on brand equity and that is why the customer based brand equity concept has become most popular among all the brand equity measures, because this concept acknowledges that the power of a brand resides in the minds of the customers. Researchers also believe that the extended Ps of services marketing may influence customer satisfaction. Recent empirical study has identified key factors of the 3Ps of services marketing, through which customer satisfaction can be determined and measured in case of banking and financial services firms. This paper represents a conceptual framework through which customer based brand equity can be measured using the identified key factors of 3Ps. So this framework can be used as the theoretical base to construct and develop a scale for quantitative measurement of brand equity for banking and financial services firms in future.