Corporate Branding As A Strategic Competitive Tool For Indigenous Banks in Ghana – A Case Study OF UT Bank

ABSTRACT

In Ghana, the banking industry presents one of the most challenging industries. Since 2005, Ghana has  In Ghana, the banking industry presents one of the most challenging industries. Since 2005, Ghana has seen a phenomenal increase in the number of foreign banks coming into the country especially from Nigeria because of the financial sector reform program embarked upon by the Bank of Ghana. Presently, there are about thirty (30) banks in Ghana out of which seventeen (17) indigenous banks. Whilst there is still the opportunity to extend banking services to the unbanked, banks that do not become sensitive to the changing competitive environment will go under. Thus, the astute management of bank and costumers who patronize same banking services has become very important in Ghana’s banking sector. This study however sought to explore the viability of corporate branding as a strategy to stay competitive. The study employed qualitative research methodology dwelling on single case design. UT Bank was selected as the case firm for the study because the bank seems to be one of the prolific indigenous banks in Ghana to implement and deploy an effective corporate branding strategy to reap the benefits identified in the literature and to use it as competitive tool in the banking industry. The findings further indicate that the mission statement of an organization is a driving force in the implementation of corporate branding. The management needs to be sensitive to the issue of how the market is getting more and more complex. With the Bank of Ghana minimum capital requirement, some local banks have received capital injection from foreign investors. The influx of these investors will mean new managerial competencies and ideas that could change the competitive nature of the market. The internal focus of the bank in their branding strategy formulation is good and has been beneficial, but management must begin to be more sensitive to the external environment to avert surprises and stay competitive.