Banking Survey: UBA and First National Bank score 100% in word-of-mouth marketing
A banking survey by Ghanaian research firm Global InfoAnalytics, indicate that the word-of-mouth marketing or advertising is working effectively for two banks in the country; First National Bank (FNB) and United Bank of Africa (UBA).
The two banks per the survey, each scored a Net Promoter Score (NPS) of 100 percent.
The effectiveness of the word-of-mouth marketing strategy for the two banks is measured by the Net Promoter Score (NPS) metric which rates customer loyalty and how likely customers are to refer the brand, products, and services to others.
Closely following FNB and UBA are First Atlantic Bank (FAB) and Societe Generale with NPS score of 94 percent and 93 percent respectively.
Prudential Bank and Bank of Africa (BOA) per the survey, recorded the least NPS scores of 47 percent and 45 percent respectively.
According to Global InfoAnalytics, a score of 50 percent or more suggests that the word of mouth is working for the brand.
“The result from the survey shows that whilst almost the brands recorded NPS of over 50%, suggesting that the word of mouth is working for them, Prudential and Bank of Africa, did not record NPS higher than 50%, suggesting the word of mouth isn’t working for the brands during the survey period,” said the report.
Comparing NPS scores posted by banks in the country for the third quarter as against the second quarter, the research firm asserts that except for GCB which saw an increase in its NPS by 5.7% compared to the last quarter, all the leading banks recorded decline in their scores with Stanbic recording the biggest decrease of 25.7% growth.
The maiden Banking Sector Brand Health Check report by Global InfoAnalytics was launched in March 2021.
The survey for the third quarter report was conducted between August and September, 2021.
The report assess banks’ Key Brand Metrics (KBM) such as Brand Recall, Purchase Intent, Brand Visibility, Net Promoter Score (NPS), Brand Equity and Share of Voice.
For the third quarter, a nationwide survey was conducted in Accra, Kumasi, Sunyani, Cape Coast, Takoradi, Ho, Koforidua, Wa, Tamale and Bolga.
The survey did not include cities in the six newly created regions. The survey combined both field and online methods with a sample size of 904 bank account holders across the country. 80.2% of the interviews were conducted in the field whilst 19.8% were collected online.
