The latest Brand Finance Africa Annual Survey has ranked First National Bank (FNB) as Africa’s most valuable banking brand for the second year in a row. The survey lists FNB, valued at US$1.7 billion, as the most valuable banking brand from Africa. The bank has grown 20 percent from 2018 on the back of its reputation for innovation.
“We are honored to once again receive this accolade as it reaffirms the strategic direction of our business and the value of our money management relationships with customers,” said Faye Mfikwe, FNB Chief Marketing Officer, reported IT News Africa.
Mfikwe pointed out that the success of any brand is dependent on its ability to meet customer needs. As FNB celebrates 180-years of existence in 2019, the bank’s core brand promise of helpfulness has helped it to evolve into a customer-centric and uniquely innovative brand.
He explained that customers’ needs and expectations towards banking have changed significantly over the years and it continues to shape the distribution of FNB’s financial solutions through an enabling platform.
“We are acutely aware that customer centricity is the heart of innovation, hence we are actively partnering with our individual and business clients to ensure mutual and meaningful value,” said Mfikwe.
He added that analyzing customer needs through deep-rooted insights has helped FNB create integrated, helpful and digitally customized financial solutions for all and that has positioned the brand as the market leader within the banking industry.
Mfikwe said that FNB has been able to maintain its market position through a combination of business strategies and financial performance. He ensured that the bank will continue to fulfill each and every customer demands in the future.
Notably, the combined value of South African banking brands in the rankings exceeds US$8 billion, almost eight times the total of Nigeria, according to Brand Finance®. South Africa contributes eight of the 18 banking brands in the Brand Finance Banking 500, followed by four from Nigeria, three from Egypt, and three from Morocco.