For the third consecutive year in the 2022 report on the country’s most valuable and strongest brands by Brand Finance, the world’s leading independent brand valuation consultancy, The Commercial Bank of Ceylon has been ranked the ‘Strongest Bank Brand’ in Sri Lanka.
The Commercial Bank brand also went ahead in the value ranking to be the third most valuable brand in Sri Lanka across all areas covered by the newest edition of the ‘Brand Finance Sri Lanka 100’ released in April 2022.
Brand Finance allocated the Commercial Bank brand a value of Rs 46.7 billion, a growth of Rs 3 billion or 7% above its valuation for 2021, acknowledging that the value of the Commercial Bank brand expanded at a quicker pace than the general brand value of the banking sector, which was up by 3%.
In terms of brand stability, Brand Finance granted Commercial Bank a brand Strength Index (BSI) score of 86.7 and a AAA brand rating, the highest rating allocated to the leading brands this year. In its abridged version of the results, Brand Finance mentioned that the stronger the brand, the bigger the potential value it can produce in the future.
Making refrence to Commercial Bank, the consultancy commented that the bank’s aim to alter its product offering via a digitally-driven banking environment like the Q+ Payment App, (which was the initial QR code based payment app benelow LANKAQR) together with other digital transformation strategies, and its strong system of branches are a huge benefactor to its strength.
Amidst the other digital and social media banking services provided by Commercial Bnak are Combank Digital, ComBank ePassbook, the Flash Digital Bank Account, ComBank eSlips, ComBank RemitPlus, ComBank WhatsApp Banking and Bank with ComBank on Viber.
Brand Finance commented saying, “The banking sector continues to play a critical role in preserving a healthy financial system in the country. This year sees a increase in value for banking brands in spite of the tumultuous economy as they continue to attempt to meet the ever-increasing consumer requests and efficient cost management systems. Generally the brand value of the sector developed by 3%, accounting for 44% of the Sri Lanka 100 total brand value.”
Mr S. Renganathan, Commercial Bank Managing Director/Group CEO said, “These are exceedingly challenging times for businesses, and brands tjat can grow in these situations are those that clearly live up to their promise in substantial and customer-responsive ways. This has always been a strength at Commercial Bank. We believe that every employee must live our brands values.”
According to Mr Hasrath Munasinghe, Commercial Bank’s Group Chief Marketing Officer, in an interview with Brand Finance said, the Bank continued its strategic marketing attempts in spite of the difficult external conditions during the pandemic. “The bank’s strategic marketing efforts are not just about making the brand heard or seen, but mostly about building, engaging, and maintaining relationships with our main stakeholders by offering consistent value to them. The bank has established brand strategy as a main part of its corporate strategy. Brand values have been set up to collaborate with corporate values. The key to the success of the bank has been discovering the components to differentiate the bank and its products and services from the rest.”
Brand Finance calculates the value of brands recorded on the Colombo Stock Exchange (CSE) and private companies that want to be featured, utilizing a method based on the Royalty Relief approach – a brand valuation system used by the company worldwide. Each year it places 5,000 of the world’s biggest brands to the test and ranks brands over all sectors and countries and publishes almost 100 reports.
Brand Finance professionals helped create the internationally accepted standards on Brand Valuation – ISO 10668 and Brand Evaluation – ISO 20671. The consultancy’s methodology has been certified by global independent auditors – Austrian Standards – as adaptable with both, and obtained the official approval of the Marketing Accountability Standards Board.
One of the most active and energetic brands in Sri Lanka, Commercial Bank’s brand building attempts keep a healthy balance amid corporate and product communications and ground level customer engagement events. Additionally to traditional media, the Bank is extremely active in social and digital media and customer engagement events, at national and regional level. The Bank’s strong customer base covers all segments of society, and includes all socio economic groups spread all over Sri Lanka.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be registered among the Top 1000 Banks of the World and the only Sri Lankan bank to be so registered for 11 years continuously, Commercial Bank works a network of 268 branches and 938 automated machines in Sri Lanka. Commercial Bank is the biggest lender to Sri Lanka’s SME sector and is the leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations include Bangladesh, where the Bank runs 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.