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The present study aims to propose and validate a model to measure certain variables that may contribute to increasing the bankarization rate (uptake of retail banking services) among developing-economy populations characterized by poor financial literacy and low income levels.

A quantitative empirical study is carried out in the retail banking sector of a country with low-bankarization rates. Using a self-administered questionnaire distributed online, structural equation modeling is applied to analyze the relationships between value co-creation, brand experience, brand equity and reputation.

The results show that brand equity is an antecedent of reputation that values co-creation, and brand experience positively influences brand equity and that values co-creation that positively influences brand experience.

The bankarization rate of a developing country is generally taken as an indicator of the socioeconomic wellbeing of its population. Where there is a low-bankarization rate, this renders it more difficult for financial institutions to build their reputation to attract new customers and retain existing ones. Strategies are, therefore, proposed to improve the reputation of financial institutions in such settings and, thus, contribute to increasing the bankarization rate.

The findings of this study provide an original perspective that offers a deeper understanding of the mechanisms that enable banks operating in low-bankarization markets to enhance their reputation through strategies based on customer–company interaction and branding (with the variables of brand equity, brand experience and value co-creation).