The Industrial Financial institution of Ceylon has been ranked the ‘Strongest Bank Brand’ in Sri Lanka for the third consecutive yr within the 2022 report on the nation’s most respected and strongest manufacturers by Model Finance, the world’s main impartial model valuation consultancy.
The Industrial Financial institution model additionally moved up the worth rating to be the third most respected model in Sri Lanka throughout all sectors coated by the most recent version of the ‘Brand Finance Sri Lanka 100’ launched in April 2022.
Model Finance assigned the Industrial Financial institution model a worth of Rs 46.7 billion, a rise of Rs 3 billion or 7% over its valuation for 2021, recognising that the worth of the Industrial Financial institution model grew at a quicker tempo than the general model worth of the banking sector, which was up by 3%.
By way of model energy, Model Finance gave Industrial Financial institution a Model Energy Index (BSI) rating of 86.7 and a AAA model score, the very best score assigned to the highest manufacturers this yr. In its abstract of the outcomes, Model Finance famous that the stronger the model, the upper the potential worth it could generate sooner or later.
Referring to Industrial Financial institution, the consultancy commented that the financial institution’s try to differentiate its product providing by a digitally-driven banking atmosphere such because the Q+ Cost App, (which was the primary QR code primarily based fee app beneath LANKAQR) coupled with different digital transformation methods, and its robust community of branches are an enormous contributor to its energy.
Among the many different digital and social media banking companies supplied by Industrial Financial institution are ComBank Digital, ComBank ePassbook, the Flash Digital Financial institution Account, ComBank eSlips, ComBank RemitPlus, ComBank WhatsApp Banking and Financial institution with ComBank on Viber.
“The banking sector continues to play a pivotal role in maintaining a healthy financial system in the country,” Model Finance mentioned.”This yr sees a development in worth for banking manufacturers regardless of the turbulent financial system as they proceed to make efforts in assembly the fast-growing client calls for and environment friendly price administration programs. Total model worth of the sector grew by 3%, accounting for 44% of the Sri Lanka 100 complete model worth.”
Industrial Financial institution Managing Director/Group CEO Mr S. Renganathan mentioned: “These are extremely challenging time for businesses, and brands that can grow in these circumstances are those that visibly live up to their promise in tangible and customer-responsive ways. This has always been a strength at Commercial Bank. We believe that every employee must live our brand values.”
Based on Industrial Financial institution’s Group Chief Advertising Officer Mr Hasrath Munasinghe, the Financial institution continued its strategic model constructing actions regardless of the powerful exterior situations throughout the pandemic. “The bank’s strategic marketing efforts are not just about making the brand heard or seen, but mainly about building, engaging, and maintaining relationships with our key stakeholders through delivering consistent value to them,” he mentioned in an interview with Model Finance. “The bank has defined brand strategy as a central part of its corporate strategy. Brand values have been aligned to synergize with the corporate values. The key to the success of the bank has been finding the elements to differentiate the bank and its products and services from the rest.”
Model Finance computes the worth of manufacturers listed on the Colombo Inventory Trade (CSE) and personal firms that want to be featured,utilizing a technique primarily based on the Royalty Aid strategy – a model valuation technique utilized by the corporate globally. Yearly it places 5,000 of the world’s largest manufacturers to the take a look at and ranks manufacturers throughout all sectors and international locations and publishes almost 100 stories.
Model Finance specialists helped craft the internationally recognised requirements on Model Valuation – ISO 10668 and Model Analysis – ISO 20671. The consultancy’s methodology has been licensed by international impartial auditors – Austrian Requirements – as compliant with each, and obtained the official approval of the Advertising Accountability Requirements Board.
One of the crucial energetic and vibrant manufacturers in Sri Lanka, Industrial Financial institution’s model constructing efforts preserve a wholesome steadiness between company and product communications and floor degree buyer engagement occasions. Along with conventional media, the Financial institution is extremely energetic in social and digital media and buyer engagement occasions, at nationwide and regional degree. The Financial institution’s robust buyer base covers all segments of society, and encompasses all socio financial teams unfold throughout Sri Lanka.
Sri Lanka’s first 100% carbon impartial financial institution, the primary Sri Lankan financial institution to be listed among the many High 1000 Banks of the World and the one Sri Lankan financial institution to be so listed for 11 years consecutively, Industrial Financial institution operates a community of 268 branches and 938 automated machines in Sri Lanka. Industrial Financial institution is the most important lender to Sri Lanka’s SME sector and is a frontrunner in digital innovation within the nation’s Banking sector. The Financial institution’s abroad operations embody Bangladesh, the place the Financial institution operates 19 retailers; Myanmar, the place it has a Microfinance firm in Nay Pyi Taw; and the Maldives, the place the Financial institution has a fully-fledged Tier I Financial institution with a majority stake.