First National Bank (FNB) was named as South Africa’s Most Valuable Banking Brand in 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, leading 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. 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,” says Faye Mfikwe, FNB Chief Marketing Officer.
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.
Recently, FNB has announced several cutting-edge solutions through the FNB App for new and existing customers. This included eWallet eXtra which advances financial inclusion and gives consumers and SMEs the ability to open a bank account in minutes by simply taking a selfie and nav» Money which gives existing customers the ability to track and manage their complete financial position in real time on the FNB App.
“Our customer relationships are cemented by the simple tenant of ‘helping customers help themselves’. In the changing environment, prioritising helpful solutions that create safe and convenient banking is core to what we stand for. Developing a differentiated customer experience based on disruptive innovations, customer insights and technology has helped us bridge the gap in the financial services industry,” concludes Mfikwe.