Brand Finance ranks South Africa’s FNB as the world’s strongest banking brand, just ahead of Capitec Bank, which ranks second.
According to the group’s 2023 Banking 500 report, FNB achieved the highest ranking of any bank measured by the group in the Brand Strength Index (BSI).
The British Standards Institution (BSI) identifies the strongest bank brand using brand, equity and performance information.
“In order to adequately understand the strength of brands, we conduct a structured, quantitative review of data that reflect the ‘Brand Value Chain’ of brand-building activities, leading to brand awareness, perceptions and onwards to brand-influenced customer behaviour,” said Brand Finance.
The group used original market data from more than 150,000 respondents across 38 countries and 31 industries to identify the strongest banking brand. In addition to a BSI score of 100, Area Brands is also on a similar level to rating agencies.
FNB has a BSI rating of 93.00 out of 100 and is rated AAA+.
Also, read; Nigerian Billionaire, Mmobuosi, Set To Acquire English Club, Sheffield United, In £90m Deal
Brand Finance said the bank’s online and mobile banking services have made it easier for customers to check their accounts and manage their finances, while the group has recognized itself for its sustainable practices and for its environmental, social and social performance and Human Resources Award (ESG).
In addition, FNB is regularly ranked as one of the best banks in the world for customer service.
Capitec Bank is in second place and is incredibly close to FNB in the ranking – it is almost two decimal places ahead of it.
Capitec Bank is in second place and is incredibly close to FNB in the ranking – it is almost two decimal places ahead of it.
While Capitec also has a BSI score of 93.00 out of 100 with a AAA+ rating, it was ranked second when Brand Finance rounded its data to two decimal places and FNB was slightly ahead.
This means that Capitec occupies second place in the ranking of the strongest banking brands for the second time in a row.
Standard Bank (21) and Nedbank (25) were ranked as the strongest banking brands, while Absa (65) was in the top 100, while Rand Merchant Bank (115) and Investec (115) took the top spots. 132) List of the 200 best brands.
Standard Bank saw the largest annual growth in its BSI score, with a 6% change.
AFNB, Capitec, Nedbank and Absa also saw their BSI scores increase, while Investec and Rand Merchant Bank downgraded their BSI scores and ratings.
