Banking Survey: Ecobank trails behind GCB in brand equity metric for 2021
State-owned bank, GCB, ended last year as the bank with the highest brand equity in the country.
According to the 2021 Banking Sector Brand Health Check annual report by research firm Global InfoAnalytics, GCB ended 2021 with a brand equity score of 54.3%.
Trailing behind GCB was the country’s biggest bank [in terms of total assets value], Ecobank Ghana.
Ecobank Ghana for the review period scored an average brand equity score of 16.4%.
Fidelity Bank and CAL Bank were in third and fourth places with 9.12% and 7.96% scores 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.
GCB maintains top position for second consecutive quarter
GCB became the third bank in the country to clinch the top spot in Q3 2021 after Fidelity Bank and Ecobank in the first and second quarters respectively.
The bank, per Global InfoAnalytics Q4 2021 Banking Sector Brand Health Check report recorded a brand equity score of 31.68%, some 0.89 percentage points higher than the 30.79 percent recorded in Q3 2021.
Pan African bank, Ecobank Ghana, for the second quarter of 2021, 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 2021.
Meanwhile, Zenith Bank Ghana, has been adjudged as the bank with the highest purchase intent score among its peers.
According to the 2021 Annual Brand Health Report by research firm Global InfoAnalytics, Zenith Bank for the review year recorded the highest average purchase intent score of 62%.
UBA Ghana came second with an average purchase intent score of 60% and then Standard Chartered Bank with 59% purchase intent score.
According to Global InfoAnalytics, the annual performance score shows FBN, UMB and CBG with the lowest purchase intent with a score of 43%, 42% and 25% respectively.
The purchase intent metric as measured and explained by Global InfoAnalytics shows how likely customers are to go from knowing a brand to buy the products and indicates the probability that a consumer will buy a product or service in the future.
The 2021 Annual Brand Health Report by Global InfoAnalytics, is the aggregation of Q1, Q2, Q3 and Q4 reports to asses the overall brand leader in the five key brand matrix namely: Brand Recall, Purchase Intent, Brand Visibility, Net Promoter Score (NPS) and Brand Equity.
A nationwide survey was conducted in all sixteen (16) regional capitals of Ghana, the survey combined both field and online data collection methods with a total sample size of 6,927 bank account holders across the country.
