The following research paper examines the applicability of a customerbased brand equity model, based on Aakers’ well-known brand equity dimensions, in order to determine the most relevant brand value drivers. This study was conducted in the banking industry. The findings reveal brand loyalty and perceived quality and service in connection with customer satisfaction to be the most influencing factors of brand equity in the retail banking market. Brand awareness and brand associations possess almost no explanatory power. The findings might help practitioners when developing new strategic marketing actions and expands the picture of the currently under-researched literature concerning brand equity in the service industry. The paper further formulates several propositions about possible differences of brand equity depending on tangible or intangible product related industries.