The
UTI brand name was given to us by the promoters. The
name has grown on us. The change in name is on account
of several shareholder-unrelated entities using the
UTI brand and the consequent brand confusion. The
new name, Axis Bank, will give us a brand of our own.
Initially,
brands were addressed as the labels of ownership,
i.e., name, design, term and symbol. However, today,
it is what they do for people that matters much more,
how they reflect and engage them, how they define
their aspiration and enable them to do more. Banking
transactions are carried out relying merely on the
trustworthiness of the bank brand. The reputation
of a bank helps gain more customers. So, branding
has become an important issue in the financial sector
due to increasing competition in the market. A survey
by Interbrand in New York reveals that the brands
and values are the key players of the business success
story. Citibank is the top financial brand in the
world.
Ultimately,
strong brands enhance the investment performance and
decrease the acquisition costs since customers are
more likely to repetitively purchase a product in
which they have trust and towards which they have
demonstrated loyalty. Strong brands influence clients'
decisions to choose a firm and stay with them. The
settlement of strong brands is not limited to external
business performance and can be applicable to the
organization benefits as well. Rebranding endows an
opportunity to correspond with the elements of personality,
values and vision, which are precise to banks. It
is true and crucial for the banking sector. |
