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Equity Group, the largest financial institution in East and Central Africa, has strengthened its position as one of the world’s strongest banking brands by scoring highly in the 2023 Brand Finance Brand Strength and Brand Value rankings.
Equity climbed one spot to fourth place in the World’s Top 10 Strongest Banking Brands in its second consecutive appearance in the Brand Finance Banking 500 rankings, with a Brand Strength Index score of 92.4 out of 100 and an elite AAA+ brand strength rating. This represents a 1.6-point BSI improvement over its debut ranking in 2022.
The bank also climbed 47 places in its brand value ranking, from 338 to 291 this year, after recording a significant increase in brand value to USD 531.7 million from 338 last year.
Every year, Brand Finance, a leading brand valuation consultancy, tests 5,000 of the world’s most valuable brands and publishes nearly 100 reports ranking brands across all industries and countries.
The annual Brand Finance Banking 500 ranking includes the top 500 most valuable and powerful banking brands in the world.
Speaking on the ranking, Equity Group Managing Director and CEO, Dr James Mwangi said “We are delighted to see that Equity has once again been recognized as one of the strongest banking brands in the world by Brand Finance. We are thrilled that four of the top ten banks are from Africa, and that the bank’s brand value has increased by 37% in a year, and improved its ranking inching one step closer to position 1 globally.”
Aside from sustainability perceptions, Brand Finance’s research has discovered that trust is a major driver of customer choice when it comes to banking services.
“Customers want assurances that they can proceed with complete confidence. Other key drivers are “ease of use, excellent website and apps, and excellent customer service,” according to the report.
The Brand Finance Banking 500 report, widely regarded as the industry’s most authoritative report of its kind, assesses the brand value of the world’s financial institutions using quantitative and qualitative metrics such as brand strength, brand loyalty rate, and revenue forecasts.
Through its twin-engine socio-economic business model, Equity has been at the forefront of championing sustainability, with the lender and its partners investing over USD 585 million in various social impact projects in education, women and youth empowerment, social protection, and environmental conservation, among others.
Equity has also continued to provide its customers with efficiency, convenience, and flexibility by investing in the development of innovative digital solutions and products that cater to their changing lifestyles.
According to Declan Ahern, Director of Brand Finance, banking brands around the world have recovered significantly since Covid-19.
“Digital banking services have improved, government stimulus measures have been relatively successful, and the rise of mobile banking and online platforms have contributed to the sector’s positive performance,” says Ahern.
According to the consultancy, brand value is defined as the net economic benefit that a brand owner would receive from licensing the brand.
