Brands & Branding and Private Labels Case Study

Rebranding of Indian Public Sector Banks in the Changing Market Dynamics: A Smart Move?

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Abstract:
The Indian public sector banks (PSBs) with their decades of unblemished history, in recent times had been facing a decline in market share due to increased competition from private and foreign banks. Also, facing a major risk of losing out on the whole generation of well paid youth, the PSBs in India had been going for an image overhaul through rebranding. Led by the Bank of Baroda, initiatives were followed by other major Indian PSBs such as Canara Bank. The State Bank of India also went for an image makeover to change people's perception and improve efficiency. In September 2008, the Union Bank of India, one of the largest PSBs, also unveiled its initiatives for rebranding. Drawing parellels to the rebranding strategies adopted by the leading Indian PSBs, the case anlayses various strategies of corporate rebranding and discusses whether such marketing initiatives help combat the changing market dynamics or not.

Pedagogical Objectives:

• To understand the concept of corporate rebranding.
• To understand various corporate rebranding strategies.
• To analyse the relevance of rebranding for Indian PSBs.

Keywords :  Public sector, Bank, Union Bank of India, State Bank of India, Private sector, Foreign bank, Bank of Baroda, Logo, Slogan, Rebrand, Canara Bank, National, Internet banking, Phone banking, Mobile banking