Campo Elías López-Rodríguez

Corporación Universitaria Minuto de Dios – UNIMINUTO,

Bogotá, Colombia

clopezr3@uniminuto.edu.co

ORCID 0000-0003-4061-2979

Dimensions of brand equity for the banking sector: A study in the elderly segment

Marithza Sandoval-Escobar

Fundación Universitaria Konrad Lorenz,

Bogotá, Colombia

marithza.sandoval@konradlorenz.edu.co

ORCID 0000-0003-1938-0675

Abstract. The main objective of this research was to construct and validate an instrument to measure the value dimensions of banking brands in the elderly segment. For this purpose, a quantitative study was developed with a descriptive correlational design and participation of 403 Colombian seniors. An instrumental study also employed exploratory factor analysis to identify the underlying constructs and the most statistically robust item structure. The results show the existence of six dimensions: "loyalty and brand friendliness", "brand performance", "brand awareness", "brand association", "brand importance", and "perceived quality". All of these correspond to previous brand equity literature, except for the dimension "loyalty and brand friendliness", which emerges from the study as a single construct. Given the particularities of the elderly as a consumer, it is concluded that the banking sector should continue consolidating its brand value in this market segment. Since this sector has been showing a representative demographic growth at a global level, such goal is positioned as a fundamental objective for organisations that have a high market orientation.

Received: January, 2023

1st Revision: September, 2023

Accepted: December, 2023

DOI: 10.14254/2071-8330.2023/16-4/14

JEL Classification: M31, M70

Keywords: brand equity, banking sector, elderly