Building brand equity in retail banks: the case of Trinidad and Tobago

Abstract

Purpose – The purpose of this paper is to investigate an integrated model mapping the influence of brand affinity, customer experience, and customer satisfaction on brand equity in retail banking. Design/methodology/approach – Data were collected from 315 banking customers in Trinidad and Tobago through personally administered structured questionnaires and analyzed with Structural Equation Modelling. Findings – The findings showed the mediating role of customer satisfaction in brand equity relationships. The results also showed the pivotal role of brand affinity, customer satisfaction, and service experience in explaining brand equity. Practical implications – The study provides an integrated approach to brand building. It also offers an objective framework brand owners can use to evaluate marketing investments. It also provides a clear brand differentiation strategy for bank brands. Finally, it introduces cross-cultural research in brand equity which can be a useful competitive tool for indigenous banks and foreign banks seeking market expansion strategies. Originality/value – This research is one of the few studies that analyzed brand equity in retail banking. It advanced a brand equity framework that explores the mediating role of customer satisfaction and provides a guide to uplift perceptions and stimulate customer confidence in the banking sector.