Examination of the Brand Archetypes of the Hungarian Retail Banking Sector and Their Correlations with Consumer Preferences Regarding Banking Products

Abstract

The primary goal of this research is to explore the preferences of domestic consumers in relation to the brand archetypes of banks. The chosen topic fits into broader research that examines the elements of brand building in the Hungarian retail banking sector and their impact on consumer preference and behaviour. Besides defining and manufacturing products brand building includes the development of a brand personality. The basic conceptual framework examined in the present research was determined based on the Mark and Pearson brand archetype framework to enable a comparison with the findings in the USA. In the research, we were also seeking an answer to the question as to whether the consumer preference regarding the banking services, payment methods and banking marketing channels examined in research has an impact on the consumer preference regarding brand archetypes, as the exploration of such effects expands the scope for interpretation and usage of the obtained results. Knowledge of preferred brand archetypes supports the management of banks' branding tools, can help banks in their innovation activities and the results can be used to develop new products and services. It is identifiable that the most preferred archetypes by consumers among the 12 possible brand archetypes are the Sage and Caregiver archetypes. There is only a slight correlation between the consumer preference regarding the various banking services, payment methods and forms of information examined in the research and the choice of the brand archetype; however, a strong relationship can be established between the choices of brand archetypes.