The Industrial Bank 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 beneficial and strongest manufacturers by Model Finance, the world’s main unbiased model valuation consultancy.
The Industrial Bank model additionally moved up the worth rating to be the third most beneficial model in Sri Lanka throughout all sectors coated by the newest version of the ‘Brand Finance Sri Lanka 100’ launched in April 2022.
Model Finance assigned the Industrial Bank 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 Bank model grew at a sooner tempo than the general model worth of the banking sector, which was up by 3%.
When it comes to model energy, Model Finance gave Industrial Bank a Model Power Index (BSI) rating of 86.7 and a AAA model ranking, the best ranking 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 will probably generate sooner or later.
Referring to Industrial Bank, the consultancy commented that the financial institution’s try and differentiate its product providing by means of a digitally-driven banking setting such because the Q+ Cost App, (which was the primary QR code based mostly cost app below LANKAQR) coupled with different digital transformation methods, and its sturdy community of branches are an enormous contributor to its energy.
Among the many different digital and social media banking companies supplied by Industrial Bank are ComBank Digital, ComBank ePassbook, the Flash Digital Bank Account, ComBank eSlips, ComBank RemitPlus, ComBank WhatsApp Banking and Bank with ComBank on Viber.
“The banking sector continues to play a pivotal role in maintaining a healthy financial system in the country,” Model Finance stated.”This yr sees a progress in worth for banking manufacturers regardless of the turbulent economic system as they proceed to make efforts in assembly the fast-growing shopper calls for and environment friendly value administration methods. General model worth of the sector grew by 3%, accounting for 44% of the Sri Lanka 100 complete model worth.”
Industrial Bank Managing Director/Group CEO Mr S. Renganathan stated: “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.”
In response to Industrial Bank’s Group Chief Advertising and marketing Officer Mr Hasrath Munasinghe, the Bank continued its strategic model constructing actions regardless of the powerful exterior circumstances through 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 stated 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 corporations that want to be featured,utilizing a technique based mostly on the Royalty Aid method – 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 practically 100 experiences.
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 unbiased auditors – Austrian Requirements – as compliant with each, and acquired the official approval of the Advertising and marketing Accountability Requirements Board.
One of the crucial lively and vibrant manufacturers in Sri Lanka, Industrial Bank’s model constructing efforts preserve a wholesome stability between company and product communications and floor degree buyer engagement occasions. Along with conventional media, the Bank is very lively in social and digital media and buyer engagement occasions, at nationwide and regional degree. The Bank’s sturdy 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 Prime 1000 Banks of the World and the one Sri Lankan financial institution to be so listed for 11 years consecutively, Industrial Bank operates a community of 268 branches and 938 automated machines in Sri Lanka. Industrial Bank is the most important lender to Sri Lanka’s SME sector and is a pacesetter in digital innovation within the nation’s Banking sector. The Bank’s abroad operations embody Bangladesh, the place the Bank operates 19 retailers; Myanmar, the place it has a Microfinance firm in Nay Pyi Taw; and the Maldives, the place the Bank has a fully-fledged Tier I Bank with a majority stake.