Brand management challenges in the financial sector in crisis conditions

Abstract

Financial institutions tend to the permanent identification of the financial services users needs and their satisfaction more efficiently than competitors through a certain differentiation. Due to the crisis caused by pandemic, financial sector is facing a number of challenges, which further complicate the brand management process. The process of digitalization is evident. Financial service providers have noticed rapid changes in consumer behavior, both due to health effects and social exclusion, and due to the physical closure of the branches themselves. In this paper, we research whether, and in what way, the current pandemic has imposed a threat or provided an opportunity to the financial sector. One part deals with the characteristics of brand management in the financial sector, with reference to specific circumstances during the crisis. Through the case study, we will process the most valuable global brands in the financial sector and analyze the ways in which institutions react to the crisis. We also provide an example of good practice of a financial institution, which has undertaken certain activities in order to strengthen its brand. The subject of the paper are the world's most famous financial institutions brands, and the purpose is to present their experiences in adapting brand management in the context of the pandemic. As some of the world's most valuable brands in the financial sector are facing a serious decline in brand value after the devastating effects of the pandemic, the aim of this research is to analyze the activities of these institutions and find ways to deal with this problem.