Ecobank loses position as the most recognized bank to GCB – Report
Pan African Bank, Ecobank Ghana, has lost its position as the most recognized bank in the country to state-owned bank, GCB Plc.
Ecobank loses the spot to GCB after being adjudged the most recognized bank in the country for two consecutive quarters this year by Ghanaian research firm, Global Analytics.
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.
“The third quarter report saw an upsurge in the prompted brand recall for GCB from 12.2% in Q2 to 17.34% in Q3, representing an increase of 5.14%. Ecobank saw a significant drop of 7.18% in the prompted brand recall in Q3 after topping the sector in the second quarter,” said the report.
“For Q3, Ecobank lost its top position to GCB on unprompted brand recall with GCB recording an increase of 1.43% over its previous performance whilst Ecobank recorded a decline of 3.32%. Cal, Ecobank, Fidelity, Access and Stanbic all declined in unprompted brand recall for Q3,” the report adds.
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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).
Unprompted brand recall measures how customers think about a brand when asked to think about its industry whereas prompted brand recall on the other, hand measures customer’s ability to elicit a brand name from their memory as a result of a prompt by a product or service category.
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.
