An Application of Structure Equation Modelling in Determinants of Customer-Based Brand Equity (CBBE) in the Banking Area

As the array of the Indian service sector is very vast, funding facilities are possibly the principal trade that provides the requirements of several sections of the people. Indian banks have begun to recognise that customer service and happiness are critical to their success. This compels them to emphasis on establishing brand equity, which tops to increased consumer happiness. Therefore, analyzing the factors of client-grounded brand equity in the finance area is of utmost importance which derives a strong impact on the minds of customers. The key objective of the learning is to analyze the determinants of customer-based brand equity (CBBE) in the banking sector. The sampling frame has been created of 574 customers of the Top 10 banks from the list of Brand Finance, a renowned brand valuation agency. Five banks each were chosen based on the top-rated brand values in the Brand Finance Banking 500 (2020) from the Public and Private sectors. The statistical approaches employed in the analysis are exploratory factor analysis, Confirmatory factor analysis and SEM. The products of the research have extracted seven determinants of customer-based brand equity and verified the impact of these determinants on Brand Resonance. This study offers fresh insights for marketing managers as well as bank managers in studying complicated decision-making challenges i.e. bank branding.