First National Bank (FNB) is South Africa’s Most Valuable Banking Brand, according to the 2018 Brand Finance Africa annual survey.
According to Brand Finance, FNB’s 22% rise to reach R19,4-billion in brand value was the biggest jump over the last year, which saw it surge past competitors in the banking category.
Every year, valuation and strategy consultancy Brand Finance values the world’s biggest brands. The 50 most valuable brands in South Africa are included in the Brand Finance South Africa 50 2018 league table. Brand strength is used to determine what proportion of a business’s revenue is contributed by the brand.
“This accolade reinforces our ongoing commitment to extend exponential help to our individual and business customers,” says Faye Mfikwe, chief marketing officer at FNB. “Adding value to our customers’ lives by delivering holistic service offerings has been an important focus for the bank.
“We continue to pioneer the use of technology and big data to deliver customer centric solutions that address the ever-changing needs of consumers and businesses in a highly-competitive environment.”
The Brand Finance Africa report notes that, despite facing the same broader challenging macroeconomic environment, FNB has particularly focused on cross-selling other financial services to its customers, allowing its brand value growth to outpace its closest competitors.
“The enablement of a cohesive banking strategy; underpinned by digitisation across our business has helped in distinguishing our brand in the marketplace. This investment has helped us move beyond just banking, to a brand that fully disrupts with the customer in mind,” says Mfikwe.