First National Bank, Capitec are rated the strongest bank brands in the world
FNB, WITH ITS $1.5 billion (about R26bn) brand value, is the strongest bank brand in the world, with Capitec Bank in second place, according to a matrix of factors including value, financial and environmental, social and governance factors, brand valuation consultancy Brand Finance said yesterday. According to Brand Finance’s brand strength index (BSI), FNB was the strongest bank brand with a score of 93 out of 100 and a corresponding AAA+ rating.
“FNB has a strong presence in South Africa, with branches and ATMs in many cities and towns across the country. FNB has also been recognised for its sustainable practices, receiving awards for its environmental, social and governance performance.
“The bank has also been consistently ranked among the top banks on the continent in terms of innovation, customer service and trust,” a statement from Brand Finance said yesterday.
FNB chief executive Jacques Celliers said one of the key reasons for their continued success was their commitment to platform innovation and advice-led financial services.
“Our advice-led approach to financial services offers customers the full benefits of personalised help across our range of solutions. This helps customers make more informed decisions about their finances, such as identifying potential financial risks and opportunities.
“Our success over the 185 years of our brand’s existence is also due to the high levels of trust and loyalty shown by our customers, and this is something we deeply cherish,” he said.
Capitec Bank, which saw its brand value decline 1% to $620.4 million last year, is the second strongest brand, also with a BSI score of 93 out of 100 and a corresponding AAA+ rating.
“The brand offers its customers an affordable price point for online banking services, making it stand out among its competitors.
The brand has also strengthened its position in the sector with partnerships with established brands, including a new partnership with Samsung Pay in South Africa which gives its customers access to convenient contactless payments,” the statement said.
FNB’s eBucks Rewards programme was ranked first in the world for its use of technology 2022, while at the global Mobile Virtual Network Operator (MVNO) Awards, FNB Connect was named Digital MVNO of the Year in the same year. Some years back, FNB was also recognised as the Most Innovative Bank in the World.
Every year, Brand Finance puts thousands of the world’s biggest brands to the test, and publishes more than 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest brands in banking are included in the annual rankings. In addition to calculating brand value, the relative strength of brands through a balanced scorecard of metrics evaluating, marketing investment, stakeholder equity, and business performance is measured.
China bank ICBC remains the most valuable banking brand in the world, despite its brand value falling 7% last year to $69.5bn. Banks in China took the top four most valuable bank brand rankings while Bank of America was ranked fifth with a $38.6bn brand value.
Brand Finance director Declan Ahern said banking brands across the globe continued to recover significantly post Covid-19.
There was also an improvement in digital banking services, government stimulus measures had been relatively successful, and the rise of mobile banking and online platforms contributed to the sectors positive performance.
“Accelerated by the strict global lockdowns, banking and fintech brands have innovated to create user friendly mobile application-based banking services that have led to an increase in customer satisfaction and acquisition,” she said.