Category Banking

FNB is South Africa’s most valuable banking brand for a fourth consecutive year

27 May 2021 FNB

For a fourth consecutive year, FNB has been voted as the most valuable banking brand in the 2021 Brand Finance® South African 50 report, leading with a brand value of R22.1 billion.

Brand Finance is the world’s leading independent brand valuation consultancy which is well-known for quantifying the financial value of brands. It calculates the values of the brands in its league tables using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. According to Brand Finance, banking is South Africa’s most valuable sector, claiming 23% (R104.4 billion) of the ranking’s overall brand value.

“Being awarded as the most valuable banking brand for the 4th consecutive year is commendable. It highlights our ongoing commitment to our customers which has translated into the business value of help and customer centricity,” says Faye Mfikwe, FNB Chief Marketing Officer. “The pandemic has accelerated society’s shift to new ways of doing things. As a result, we have also upped the ante in our efforts to build an integrated financial services platform that leverages our fintech, data and innovation capabilities to help customers with contextual solutions.”

The Brand Finance report states that banks are ranked by their brand strength, through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Jeremy Sampson, MD of Brand Finance Africa, adds that, “South African brands should be celebrated as these brands are recognised as the nation’s ambassadors for their enduring contributions to the wider African economy.”

“Our journey has helped enable a fully digitised customer banking experience which continues to deliver on our promise of Help. We have pushed boundaries and invested in leveraging digital solutions matched to the context of each customer. This journey has given us the opportunity to transcend traditional banking barriers and help our customers progress towards the goals and outcomes they desire,” adds Mfikwe.

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