PROFILE

Commercial Bank

Q: What brand strengths and opportunities has your organization leveraged over time to realise its growth potential?

A: Despite its 103-year-old history, Commercial Bank has always evolved with the times whilst continuing to uphold its fundamental values. We believe that our consistent success as one of the strongest brands in Sri Lanka is due to our commitment to quality, transparent and sustainable business practices, as well as an uncompromising determination to present a portfolio of products and services that make a difference in the lives of our stakeholders.

Additionally, we have pushed the boundaries of traditional banking with our digital supremacy and strategic, long-term growth plans including brand building the bank’s blueprint for success.

Q: How should organisations look at brand investments to accelerate business recovery against the changing dynamics of today’s challenging business environment?

A: Brand strength is a key contributor to the success of any business, and investments in brand building are crucial especially during a recovery period such as the one we’re going through at present. A powerful brand is more resilient during turbulent market conditions owing to its loyal stakeholders and the availability of resources to weather the storm.

However, brand power alone does not make brands immune to market conditions. Organisations thinking strategically have created a balance between investments in brand building, as well as operations, product development, risk management and human capital development, and become better geared to withstand difficult market conditions and recover faster

Q: How important are integrity and business reputation in ensuring the sustainability of a brand?

A: The reputation and integrity of a brand are of paramount importance for any organisation. It is even more critical in the financial services industry as our business is associated with the money of customers.

Loss of faith in the integrity or reputation of a brand can have a significantly negative effect on an organisation and even create a ripple effect that impacts the credibility levels of the industry or sector as a whole. Therefore, it is very important for a brand to walk the talk, consistently and comprehensively.

Q: How can ‘green branding’ and socially responsible marketing impact the future of your organisation?

A: A brand gains equity through the patronage and loyalty of its key stakeholders. Consumers increasingly prefer to associate themselves with brands that are perceived as sustainable or green.

However, self-promoting will not gain long-term loyalty or equity from stakeholders. If a brand aims to create a better world and environment by adopting a strategic sustainability process, and effectively communicates this through its marketing communications, it will improve consumer sentiments towards the brand and business over time.

Q: What steps has the bank taken to ensure brand loyalty in a rapidly evolving digital landscape?

A: Building and managing loyalty are challenges in the digital landscape where hundreds of brands are vying for ­a sliver of attention in consumers’ minds. Modern digital consumers have evolved so much that they will only consume what is absolutely relevant to them. The important thing is to dissect and analyse how the users of each medium are behaving, and then develop your messaging accordingly.

The era of one visual across all media is long gone as each medium has its unique way of interacting or communicating with users. However, Commercial Bank takes great care to ensure that while the form of execution, the media and related branding strategies are different, the corporate identity remains the same across the board. It is easier to maintain this discipline when following a strategic brand building process.

Q: What was the COVID-19 pandemic’s impact on brands, and how has the banking sector overcome these challenges?

A: The pandemic and its aftermath were a testing time for brands. We saw even the strongest global brands closing or scaling down operations. However, the pandemic brought consumers closer to some brands as small and mid-sized brands adapted faster to the ‘new normal.’

However, larger brands armed with strategic approaches managed to catch up fast and were able to maintain sustainable business growth. The deciding factors for a brand to thrive or perish during a pandemic are how willing it is to convert challenges into opportunities and stay true to its brand promise.

Telephone 2486000 | Email info@combank.net | Website www.combank.lk