Ecobank overtakes Fidelity as bank with the highest brand equity
Pan African bank, Ecobank Ghana, for the second quarter of this year, emerged as the bank with the highest brand equity.
Ecobank overtook Fidelity Bank which was the bank with the highest brand equity for the first quarter of this year according to the Ghanaian research firm, Global InfoAnalytics.
Per the survey conducted by Global InfoAnalytics measuring all banks in the country by the aforementioned metric, Ecobank came first place with a brand equity percent of 26.19 percent, after placing second in the first quarter ranking.
Following Ecobank in the second and third positions are GCB Bank and CAL Bank with brand equity of 13.89 percent and 11.72 percent respectively.
In fourth place was Fidelity Bank with brand equity of 10.31 percent.
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 Banking Sector Brand Health Check report by Global InfoAnalytics was launched in March 2021.
Aside from tracking banks’ assets values and comparing them to key brand metrics on a quarterly basis, the quarterly report also provides banks and customers with the up-to-date status on “banking brand health.”
A brand’s health survey, the research firm explains, 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.