Creating resilience for bank brands from internal strength and trust

Speaking at the Forum "Bringing Vietnamese brands to the world and suggestions for the banking system", Editor-in-Chief of Banking Times, Ms. Le Thi Thuy Sen, said that to build a strong banking brand, there needs to be a harmonious combination of "content" and "form" - two inseparable factors. "Content" reflects the nature of operations, including a systematic management system, service quality and financial efficiency. Meanwhile, "form" is how the bank conveys that value through brand image, communication strategy and customer experience.

Sharing about "form", Professor John A. Quelch - former Vice President of Harvard Business School emphasized that a strong brand also possesses the power to spread naturally through word of mouth, turning customers into voluntary ambassadors to promote the product. In particular, brands that build strong trust can price their products higher and customers are still willing to accept, thereby bringing in superior profits. Investing in brand building is investing in long-term assets - every promise fulfilled, every experience that exceeds expectations contributes to increasing customer lifetime value and creating a stable source of income. "Brand loyalty is the most sustainable source of profit that banks can build. When customers stick with a brand for a long time, it not only significantly reduces the cost of finding new customers but also has the opportunity to deeply understand their needs, thereby continuously improving the experience and increasing satisfaction levels", Professor John A. Quelch shared.

According to Professor John A. Quelch, in business, product quality does not necessarily have to be the highest on the market, but rather, it must match customer expectations for the brand. Many businesses succeed by balancing price and quality instead of pursuing perfection in high-quality products.

Sharing the same view, according to Mr. Peter Verhoeven - member of the Board of Directors of Anax Invest, a strong banking brand is not only shaped by external communication activities, but the core must still be based on a solid internal foundation from effective governance, risk management to strict compliance with international standards. Especially, in the context of Vietnam's increasingly deep economic integration, for the financial - banking sector, trust is a key factor, the foundation that helps Vietnamese banks position their brands with better quality and higher value. "Trust is a vital factor for the banking industry" expert Peter Verhoeven emphasized and said that, to maintain this, banks need to build a strict internal monitoring system, regularly review product portfolios and comply with international standards such as Basel III with new regulations on capital safety and transparency.

State management agencies play an important role in strengthening that trust. In fact, in Vietnam, the State Bank has made many efforts to control banking activities, while learning from international experience to strengthen the strength of banks. This not only protects the system but also increases the trust of customers - who increasingly demand higher responsibilities from financial institutions.

Over the past 10 years, leading banks have identified two key elements: optimizing the customer journey and increasing internal data monitoring. To maintain loyalty, banks need to constantly innovate, from request processing speed to appropriate product design. HSBC is a typical example of continuously improving the customer experience, turning expectations into strong trust. In addition, mobile banking applications, counter transactions, and complaint resolution processes, each interaction must honestly reflect core values ​​and brand messages. With his experience, Mr. Peter Verhoeven believes that technology needs to be leveraged as a strategic tool to personalize services, not simply a means to expand scale. By analyzing data and applying AI, banks can understand each customer segment, thereby providing a tailored experience, a factor that creates loyalty and sustainable competitive advantage in the digital age. Therefore, Vietnamese banks need to take customer experience as the focus of innovation to help develop sustainable brands.

Source: https://thoibaonganhang.vn/tao-suc-ben-cho-thuong-hieu-ngan-hang-tu-noi-luc-va-niem-tin-163754.html