India’s top banks gain 61 per cent in brand value; TCS is fastest growing IT brand

India's top banks have regained their earlier glory in the past year by adding 61 per cent to their brand value, reports Business Standard, quoting the Brand Finance Banking 500 study of Brand Finance, a brand valuation company. Indian bank brands are the second-fastest-growing ones worldwide.

Brand Finance also states that TCS is the fastest growing IT brand with a growth of 271 per cent for the last five years. The brand value of the IT company, which has retained the industry's highest brand strength rating of 'AA+', has increased from $2.3 bllion to $8.7 billion.

As for Indian banking brands, which now rank 13th globally (17th last year), the total value exceeds those from Russia, Italy, Sweden and South Korea, according to the study.

"Technological advances are opening up exciting new opportunities for India's banks as swathes of the population begin to bank more formally," says David Haigh, Chief Executive, Brand Finance. “Their brand managers may need to forge new brand strategies to reach these customers most effectively while maintaining the trust and loyalty of existing ones."

State Bank of India’s (global rank of 40th in 2015, 54th in 2014) brand value has increased by 62 per cent to $6.56 billion in 2015 on account its “pioneering approach to mobile banking”, according to the study. Among the top five banks are: ICICI Bank (80th globally in 2015 as compared to 107th in 2014), HDFC Bank (104th in 2015, 133th in 2014), Axis Bank (131th in 2015, 178th in 2014) and Bank of Baroda (187th in 2015, 208th in 2014).

Globally, Wells Fargo holds its position as the most valuable banking brand, with a total value of $34.92 billion.