Brand equity is one of the most common terms used to represent brand performance and is measured as a financial value on the corporate balance sheet. In this research, the relationship between selected service marketing mix elements and brand equity is examined. The selected elements include people, physical evidence, advertising, banking services, branch accessibility, and process. These elements affect brand equity through its dimensions, such as brand loyalty and brand associations (or awareness). This study is applied in nature and descriptive in method. The survey was conducted using a cluster sampling procedure among bank customers in the capital (n = 400), and the data 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 confirmed through expert review. 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.