FNB banking brand rules the roost globally
- FNB was the first bank in Africa to introduce a mobile banking app and online banking
- The company emerged as the leader among the world’s 500 largest banks
MASERU – The First National Bank (FNB) has been named the strongest banking brand in the ranking with a Brand Strength Index (BSI) score of 93 out of 100 and a corresponding AAA+ rating, a new report from leading brand valuation consultancy, Brand Finance shows. AAA rating is the highest possible rating that may be assigned to an issuer’s bonds by any of the major credit rating agencies. AAA-rated bonds have a high degree of creditworthiness because their issuers are easily able to meet financial commitments and have the lowest risk of default.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with the International Organisation for Standards (ISO 20671), Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150 000 respondents in 38 countries and across 31 sectors. The FNB, however, has reached this milestone despite its brand value dropping down by three percent to US$1.5 billion (about M25 billion). The company emerged as the leader among the world’s 500 largest banks. Reacting to the news, FNB Lesotho Chief Executive Officer Delekazi Mokebe said that the bank is proud to be part of the FirstRand Group, which constantly looks at ways to provide help through innovative solutions.
“Our ability to provide helpful, easy, and safe solutions that benefit clients across our range of solutions is key to the continued brand success. “This accolade inspires us to continue with our commitment to creating shared prosperity, and it comes at the right time after we have refreshed our iconic brand, interfaces, and value propositions, which further reiterates our commitment to providing help,” Mokebe said following the announcement. Among others, the bank has online and mobile banking services, making it easy for customers to access their accounts and manage their finances from anywhere. The strongest banking brand acknowledgment is determined through an independent brand valuation where scores for independent measures are informed by brand investment (including products, services, and innovation).
In the 2023 rankings, FNB improved across several metrics, including positive brand sentiment and various financial performance measures, including improved forecasted growth rates. Additionally, a strong banking brand should be able to adapt to changing market conditions and consumer preferences. This is certainly true for FNB, according to the report, which has been at the forefront of introducing new technologies and platforms that make financial and lifestyle services more convenient and accessible for customers. It was the first bank in Africa to introduce a mobile banking app and online banking, allowing customers to manage their money from anywhere at any time. The representative of Brand Finance, Jeremy Sampson, noted that it is important for the brands on the African continent to continue to make their presence felt across the world. He said the survey came at the crucial time when brands are facing global uncertainty, citing, however, that the strongest brand accolade is highly contested, which means that any brand that emerges at the top can be proud of its efforts.