Brand Equity: GCB maintains top position for second consecutive quarter
GCB has once again been adjudged the bank with the highest brand equity in Ghana by research firm, Global InfoAnalytics.
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.
In second, third and fourth places are ADB, Ecobank and Fidelity Bank with brand equity scores of 15.18%, 7.49% and 7.12% respectively.
Banks with the least brand equity per the report are Omnibsic, UBA Ghana and FBN Bank with scores of 0.02 percent, 0.06 percent and 0.20 percent respectively.
According to Global InfoAnalytics, brand equity describes the level of sway a brand name has in the minds of consumers.
It asserts that organizations establish brand equity by creating positive experiences that entice consumers to continue purchasing from them over competitors who make similar products.
Meanwhile, according to the same report, the State-owned bank ended 2021 as the most recognised bank in the country.
This is after the bank maintained the position it earned in the Q3 2021 survey report by the research firm.
Pan African Bank, Ecobank Ghana, lost the prestigious position to GCB in Q3 2021 after holding onto the spot for the first and second quarters of 2021.
In its third-quarter banking report, the research firm notes that GCB for the review period scored a prompted brand recall of 17.34 percent as against Ecobank’s 12.51 percent.
In the fourth quarter, GCB scored a higher promoted brand recall of 24.99% representing a 7.65 percentage points increase.
Prompted Brand recall according to Global InfoAnalytics, has to do with customers’ ability to recall or remember the name of a bank in the country either by being prompted to do so or not (unprompted).