PROFILE

People’s Bank

Q: What are the main roles of brand custodians in organisations?

Sujeewa Rajapakse (SR): Brand custodians play a crucial role in ensuring the brand is consistently communicated and perceived by target audiences. They are also responsible for conducting market research and monitoring trends, to ensure the brand remains relevant and competitive. However, the most important function of a brand custodian is to shape the organisational culture to believe in and deliver brand values.

Overall, the role of a brand custodian is critical to building and maintaining a strong brand identity that resonates with the target audience to create long-term value for the organisation.

Q: What in the history of your brand – strengths, opportunities and market share, as well as current achievements – makes it stand out?

Clive Fonseka (CF): People’s Bank was established as a state-owned bank with the objective of providing banking services to ordinary citizens in Sri Lanka. This unique approach quickly made it the most popular banking brand in the country with over 14 million customers, which accounts for over 60 per cent of the population.

A key strength of People’s Bank is its large branch network, which includes over 743 branches and more than 280 self-banking units.

Since 2015, People’s Bank has been focusing on its digital drive, thereby channelling its efforts to use cutting-edge technology to offer an enhanced banking experience to customers and create internal operational efficiencies.

These efforts have contributed immensely to strengthen the People’s Bank brand, which has the highest brand equity of 4.0 and customer satisfaction of 91 per cent currently, indicating a high level of customer loyalty and trust. The bank also enjoys one of the highest ‘top of mind’ awareness levels in the market with a score of 36 per cent.

Q: What is your assessment of the county situation on branding and brands in general?

SR: Needless to say, the country situation is unprecedentedly challenging. To overcome these challenges, the country needs to invest in branding and build brands that can not only make our products and services globally competitive but also attract much needed foreign investment to Sri Lanka.

Q: What is the role of marketing and positioning for new age customers (e.g. Gen Z)?

SR: Marketing strategies that resonate with Gen Z customers should be built on authenticity, transparency and social responsibility – because they are more likely to support brands that align with their values, and prioritise social and environmental issues. Positioning is also important in attracting Gen Z customers.

Brands should focus on creating a clear and distinct brand identity that sets them apart from competitors. Gen Z customers tend to favour brands that have unique personalities and voices, and are willing to take risks and innovate. Brands willing to push boundaries and challenge the status quo are more likely to appeal to this audience.

Overall, the role of marketing and positioning for new age customers such as Gen Z is to create authentic and engaging experiences, which align with their values and preferences.

Q: What are your views on content marketing on social media?

CF: Content marketing has become an essential part of any organisation’s marketing strategy. It involves creating and distributing valuable and relevant content, to attract and engage a specific target audience. This type of marketing is beneficial because it builds trust and credibility with the audience, and positions the organisation as a thought leader in its industry or sector.

Overall, content marketing is an important tool for organisations to connect with their audience, build brand awareness and ultimately drive sales.

The most important function of a brand custodian is to shape the organisational culture to believe in and deliver brand values

Q: What roles should senior management and staff play in brand building?

CF: Senior management should ensure that the brand promise is integrated into the overall business strategy and operations. They should regularly review and evaluate the effectiveness of brand building efforts and allocate sufficient resources to related initiatives.

Staff members also play a critical role in brand building. They are often the face of the organisation and have direct interactions with customers. So they should be trained to understand the brand promise and how to deliver on it consistently.

Consistency in messaging and behaviour by all staff members can help build customer trust and loyalty. Overall, brand building is a team effort that requires the involvement of senior management and staff at all levels.

 

Telephone 2481481 | Email info@peoplesbank.lk | Website www.peoplesbank.lk