Key Research Findings

Our research revealed that beneath the media hype that followed the announcement of the NDB, there were 3 key branding challenges that the bank would have to overcome:

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Fall in public trust in financial institutions: The NDB was formed amidst global growing mistrust & dissatisfaction towards financial institutions. Studies such as the Edelman Trust Barometer (2015) revealed a general decline in trust in the banking industry, especially amidst the informed public from BRICS and other developing nations. The defining events of that time, such as The Great Recession of 2008 & the Occupy Wallstreet Movement were expected to significantly shape how the role of a new financial entrant such as the NDB would be perceived in the media, the market and as an employer brand.

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Establishing a unique identity in an already crowded ecosystem: Since 1944, after the establishment of the Bretton Woods institutions, there has been a proliferation in multilateral development banks. By 2015, the NDB along with China's AIIB, were the latest to join an array of such institutions. This growth in the number of MDBs were raising a number of concerns amongst the international relations, political economy and industrial organizational circles. The concerns were rooted in the rationale behind creating countervailing institutions that were perceived as inefficient duplications. The absence of a unique identity and an open dialogue to address such concerns appeared to threaten the perception of the new institute. 

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Setting the right public expectations: The creation of the bank was widely perceived as a symbol that demonstrates the frustration faced by emerging economies with the slow pace of reforms pertaining to their positions within current dominant institutions. Stories in the media portrayed the NDB as a direct competitor to the World Bank, implying a clash between developed and developing economies to play a larger role in global governance. However the NDB was formed to supplement — not substitute  —  existing multilateral financial efforts with the aim of improving the current financial system by providing a better representation for emerging economies and protecting their needs. Setting the right expectations was key to the NDBs brand perception.