A NOVEL FRAMEWORK FOR ANALYZING INTERNAL BRAND MANAGEMENT IN THE BANKING SECTOR: A PROBABILISTIC APPROACH
Keywords:
Internal brand management, employees’ development, banking sector, internal branding indexAbstract
This study proposes an internal branding index for the banking sector by using a weighted linear equation that is defined by using six dimensions of internal brand management practices. This study discusses a quantitative framework for monitoring the quality of the internal brand management practices in the banking sector. The framework is based on an index, which is discussed under two scenarios when the purpose is to monitor internal brand management practices among the same type of banks and among banks of different types, for instance, public, private, and mortgage banks. Both mathematical and numerical procedures for the selection of optimum weights are discussed. Concepts of Bernoulli distribution, binomial distribution, Poisson distribution, and matrix algebra, are used in the development of the proposed index. The computation of the proposed index requires quantitative acumen; nonetheless, organizations can train existing personnel or hire a statistician or data scientist. Although this would mean an increase in costs in the short term, it can result in long-term benefits such as improved brand image, a motivated workforce, and increased market share. This is the pioneering study that presents a holistic index for monitoring the internal brand management practices. The framework is generic and it can be applied on the banking sector of any country.
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