Fidelity Bank, has been ranked as the bank with the highest brand equity in the country by Ghanaian research firm, Global InfoAnalytics.
Per the survey conducted by the research firm measuring all banks in the country with the aforementioned metric, Fidelity Bank came first place with a brand equity percent of 32.6 percent.
Taking the second and third place were Ecobank and GCB with brand equity of 15.6 percent and 14.08 percent respectively.
Republic Bank Ghana, OmniBSIC and Consolidated Bank Ghana (CBG) had the lowest brand equity percentages with 0.05, 0.03 and 0.00 percent respectively.
According to Global InfoAnalytics, “Brand equity describes the level of sway a brand name has in the minds of consumers. Organizations establish brand equity by creating positive experiences that entice consumers to continue purchasing from them over competitors who make similar products.”
The maiden report by Global InfoAnalytics titled Banking Sector Brand Health Check and launched in March 2021, aside tracking banks’ assets values and comparing it to key brand metrics on quarterly basis, also provide banks and customers with up-to-date status on “banking brand health.”
A brand’s health survey, the research firm notes, is essential to the success of a company as it unlocks a wealth of new data and rich insights that help to grow brands, iterate, and track success against competitors.
The survey targeted bank account holders (2,007) across Ghana. Data was collected using both online and field survey and questions asked on 5 key metrics being;
- Brand Recall
- Purchase Intent
- Net Promoter Score (NPS)
- Brand Strength
- Brand Equity
- Share of Voice.·