Limitations of the study and directions for future study
The addition of brand relevance as a construct to the original dimensions proposed by Aaker (1991), and its significance in predicting financial performance indicates that the framework by Aaker (1991) is illustrative and not comprehensive. Future studies could integrate other variables in measuring the brand equity construct. Additionally, performance was measured subjectively with self-reported items. Future studies may attain greater precision with their findings by implementing objective measures such as net profits, return on assets and equity, or deposits, for determining bank performance. Moreover, literature is ripe with emotional-laden constructs like brand love and brand engagement, which affect how customers interact with their brands. Future studies must engage more of such variables in order to provide evidence of moderation or mediation in the relationship between brand equity and notable outcomes such as loyalty, satisfaction and financial performance. In that case, we could demonstrate that the direct relationship between brand equity and financial performance, for instance, has been over-simplified in prior studies. Finally, the study was focused on one country and on only retail banks. Further studies could expand the scope of the study into multiple sectors and even other counties.
