FNB has edged out Standard Bank as the most valuable brand in South Africa in 2023, according to the latest Kantar BrandZ Most Valuable South African Brands report.
The report is based on the opinions of over 42,000 consumers about 844 brands. The top 30 most valuable brands in the country have a combined brand value of $31.6 billion this year, a decline of 9 percent compared to last year.
FNB is South Africa’s most valuable brand in 2023
With a brand value of $3.4 billion, FNB scooped the top accolade, pipping Standard Bank which came second with a brand value of $3 billion. MTN ($2.8 billion), Vodacom ($2.7 billion) and Castle ($2.0 billion) completed the top five.
This is the third time in four years that FNB has won the top spot. “The bank is particularly well-regarded for its app, which won the 2022 World’s Best Consumer Digital Bank Award for best mobile banking app not just in South Africa, but on the entire continent,” the report states.
“Kantar BrandZ data reveals that First National Bank is driving both current and future demand, while deepening its emotional connection with its customers.”
FNB also scored highly in the Meaningfulness, Different, Demand Power (highest in the category) and Future Power (which measures its likelihood of growing its value in the years to come) metrics.
Reacting to the rankings, FNB CEO Jacques Cilliers said, “Being recognised as South Africa’s Most Valuable Brand is a tremendous tribute to the hard work and dedication of our entire FNB family, which includes our customers, staff, and communities where we operate.”
“The evolution of our brand has allowed us to build even better customer relationships because we understand customer needs beyond banking,” Chief Marketing Officer Faye Mfikwe added.
The financial services category dominates the rankings with 11 brands and a combined value of $13.6 billion. The fastest risers in this year’s rankings include Absa, Brutal Fruit and Woolworths.
Brands are also working with each other to deliver greater value to their customers, according to the report. For instance, FNB’s eBucks rewards programme gives its customers 40 stores to spend their loyalty points at.
The image below shows a complete list of the top 30 most valuable brands in South Africa 2023.