The latest 2020 Brand Finance® Africa Annual Survey has named FNB as the most valuable banking brand for the third year in a row. The FNB brand has been valued at R23.9 billion.
“Being named as the most valuable banking brand in the country three years consecutively reflects our dedication to building and delivering the best contextual and digital banking solutions possible. It’s great to see that our customers can rely and fall back on a brand they can trust, especially when it comes to their banking needs,” says Faye Mfikwe, FNB Chief Marketing Officer.
According to the report, the COVID-19 pandemic could see South Africa’s top 50 most valuable brands lose up to 15% of brand value cumulatively. This is a drop of over R65 billion in brand value across the top 50 most valuable brands compared to the earlier valuation as at 1 January 2020.
She adds that, “From the onset of the COVID-19 pandemic we looked at Cashflow Relief solutions to assist both our customers and entrepreneurs. Our aim was to ensure that our customers could maintain their financial affairs during this uncertain time. Our multi-channel digital approach helped customers continue managing their day-to-day-banking, investing, credit and insurance needs from home during the lockdown.”
“The success of our brand can be attributed to our deeply-rooted relationships with all our stakeholders that have helped strengthen our journey towards building innovative platforms that speak to our customers’ needs and has helped maintain our market position in South Africa.” concludes Mfikwe.
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.