Brand equity is the most common term used to represent brand performance and is measured in terms of financial value on corporate balance sheets. This research was conducted for the first time in the world within the banking industry. While earlier works examined the 7Ps in banking or brand equity in services separately, this research uniquely combines both perspectives within a single empirical model. In this study, the effect of selected service marketing mix elements on brand equity is examined. The survey is based on a cluster sampling procedure of bank customers (n = 400), and the results were analyzed using the Structural Equation Modeling (SEM) method. The research instrument was a questionnaire whose reliability was calculated using Cronbach's alpha (α = 0.92), and its content validity was analyzed and confirmed by expert opinions.The results show that banking services, advertising, and employee behavior have a positive and significant effect on brand equity. Finally, advertising was identified as the most influential element in increasing brand equity.