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FNB has been ranked Africa’s most Reputable and Innovative banking brand in the 2020 Brand Finance® Banking 500 survey

13 February 2020 FNB

Globally, FNB was ranked 3rd and 4th for Reputation and Innovation in banking. The Bank also ranked in the top 5 in key benchmarks which include: Excellent Websites and Apps, Value for Money and Quality of services. Furthermore, it is one of only two banks in South Africa that are ranked in the top 10 strongest banking brands in the world.

Jacques Celliers, FNB Chief Executive says, “The accolades affirm our solid foundation to be able to provide customers with the world’s best contextual financial services platform. Innovation and a positive reputation form the backbone of trustworthy relationships with our customers. We are excited to lead a platform-based future in banking and take our hat-off to our customers and our 40 000 employees who continue to lift our brand to be a global platform competitor.”

In its report, Brand Finance® remarks that, while brand values of banks from established markets in the US, Europe, China, and Japan are lower or remain stagnant, many banking brands in emerging markets, especially Southeast Asia, Middle East and Africa, and Latin America, are demonstrating robust performance.

“The focus on customer-centricity, coupled with a trusted platform remains the key ingredient to our success. The macroeconomic environment is relentlessly tough for consumers and businesses, therefore banking services have to alleviate some of the pressure through value-based solutions. Consequently, our eBucks Rewards programme is a very important buffer to most customers and we continue to pay-out in excess of R2 billion worth of rewards annually,” concludes Celliers.

Quick Polls

QUESTION

Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

ANSWER

The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
Transformation represents a great opportunity for growth and penetration by brokers
Brokers are unlikely to find their commission business yanked away from them by insurers looking to influence procurement scorecards
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