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Banking Sector Brand Health Check Q1, 2021 Report

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Bank ing Sector Brand Health Check Q1, 2021 Report Contents Background ...................................................................................................................................................................... 1 Introduction ...................................................................................................................................................................... 1 Key Brand Metrics Surveyed ................................................................................................................................. 1 Methodology & Sample size: ................................................................................................................................ 1 brands surveyed .......................................................................................................................................................... 2 findings - Brand Recall ........................................................................................................................................... 5 Purchase Intent........................................................................................................................................................... 10 Net Promoter Score (NPS) ................................................................................................................................... 12 Brand Equity .................................................................................................................................................................. 14 Share of Voice ............................................................................................................................................................. 16 BRAND RANKING BY ASSET VALUE (2020) VS KEY BRAND METRICS ............................................. 17 LIST OF FIGURES FIGURE 2 AGE ....................................................................................................................... 3 FIGURE 1- GENDER............................................................................................................... 3 FIGURE 3 INCOME ................................................................................................................. 4 FIGURE 4- PROMPTED RECALL ........................................................................................... 6 FIGURE 5- UNPROMPTED RECALL ...................................................................................... 7 FIGURE 6 - PURCHASE INTENT ......................................................................................... 10 FIGURE 7 - NET PROMOTER SCORE CHART ................................................................... 13 FIGURE 8 - BRAND EQUITY RANKING ............................................................................... 14 FIGURE 9- SHARE OF VOICE (SOV) ................................................................................... 16 LIST OF TABLES TABLE 1 DETAIL REPORT - UNPROMPTED RECALL ......................................................... 8 TABLE 2- PROMPTED RECALL ............................................................................................. 9 TABLE 3 - NET PROMOTER SCORE (NPS) ........................................................................ 12 TABLE 4- RANKINGS ASSET VALUES VS. KEY BRAND METRICS (KBM) ....................... 17 ii BACKGROUND Introduction A brand’s health is essential to the success of the company. A brand health survey unlocks a wealth of new data and rich insights that help to grow brands, iterate, and track success against competitors. Following banking reforms in Ghana, the financial reports of the banks for 2020 shows remarkable improvement which some have argued was partly the result of brand repositioning by the banks. Global InfoAnalytics plans to track banks’ assets values and comparing it to key brand metrics on quarterly basis. The maiden brand health check survey, which was launched in March 2021, would be carried quarterly. The survey will provide the banks and customers up-to-date status of banking brand health. Key Brand Metrics Surveyed The survey targeted bank account holders across Ghana. Data was collected using both online and field survey. The questionnaire was designed to enable the following metrics to be calculated: Brand Recall Purchase Intent Net Promoter Score (NPS) Brand Strength Brand Equity Share of Voice. Methodology & Sample size: The nationwide survey combined both field and online methods with a sample size of 2,007 bank account holders, with a confidence level of 95% and a margin of error of +/- 2%. For the purposes of ranking brands by purchase intent, brands with less than 40 sample mentioned were excluded. 1 BRANDS SURVEYED 2 Survey Results - Demography Figure 1 Age0.90% Figure 2- 2.20% Gender 13.00% 33.20% 47.10% Age Gender Male 36.80% 67% 19-29 30-39 40-49 50-59 60+ 3 3.60% 7.10% 7.20% 46.20% Income Group 13.50% 22.40% Figure 3 Income Below Ghc8k Ghc8k-Ghc16k Ghc16k-Ghc24k Ghc24k-Ghc28k Ghc28k-Ghc32k Above Ghc32k 4 FINDINGS - BRAND RECALL . Brand Recall measures a customer’s ability to remember the name of a brand and can be prompted or unprompted. Unprompted Brand Recall measures how customers think about a brand when asked to think about its industry. 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. Survey Questions Q. Which banks comes to mind when you think about banking? Q. Which bank is your first choice for banking? 5 Prompted Recall OmniBSIC 0.60% BOA 1.21% Republic Bank 1.21% FBNBank 1.41% First Atlantic 1.61% CBG 1.61% NIB 1.61% FNB 2.01% UMB 2.01% SG 2.21% UBA 2.82% Cal Bank 3.22% Zenith 3.42% Prudential 3.42% ADB 4.02% GT 4.63% Stanchart 4.83% Stanbic 7.44% ABSA 8.85% Access 9.26% GCB 10.06% Fidelity 10.87% ECOBANK 11.67% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% Figure 4- Prompted Recall 6 Unprompted Recall OmniBSIC 0.45% CBG 0.45% UMB 0.90% Societe General 0.90% Republic Bank 0.90% First Atlantic 0.90% FNB 1.35% Prudential 2.24% FBN 2.24% Cal 2.24% ADB 2.24% Zenith 2.69% UBA 2.69% Stanchart 4.48% GT 5.83% ABSA 8.07% Stanbic 8.97% Access 10.76% ECOBANK 12.11% GCB 13.45% Fidelity 16.14% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Figure 5- Unprompted Recall 7 KEY FINDINGS The survey finds Ecobank leading the pack for prompted brand recall with 11.67% followed by Fidelity with 10.87% and GCB 10.06%. For unprompted brand recall. The survey shows 16.14% of respondents mentioned Fidelity, followed by GCB with 13.4 % and Ecobank 12.11%. UNPROMPTED BRAND RECALL Table 1 Detail Report - Unprompted Recall Count Percentage Ranking Ecobank Ghana Limited 522 11.67% 1 Fidelity Bank Ghana Limited 486 10.87% 2 GCB Bank Limited 450 10.06% 3 Access Bank (Ghana) Plc 414 9.26% 4 Absa Bank Ghana Limited 396 8.85% 5 Stanbic Bank Ghana Limited 333 7.44% 6 StanChart Bank (Ghana) Limited 216 4.83% 7 GTBank (Ghana) Limited 207 4.63% 8 ADB 180 4.02% 9 Prudential Bank Limited 153 3.42% 10 Zenith Bank (Ghana) Limited 153 3.42% 11 CalBank PLC 144 3.22% 12 UBA 126 2.82% 13 Societe General (Ghana) Limited 99 2.21% 14 Universal Merchant Bank Limited 90 2.01% 15 First National Bank (Ghana) Limited 90 2.01% 16 Consolidated Bank Ghana Limited 72 1.61% 17 First Atlantic Bank Limited 72 1.61% 18 FBNBank (Ghana) Limited 63 1.41% 19 Republic Bank (Ghana) PLC 54 1.21% 20 OmniBSIC Bank Ghana Limited 27 0.60% 21 PROMPTED BRAND RECALL 8 Table 2- Prompted Recall Count Percentage Ranking Fidelity Bank Ghana Limited 324 16.14% 1 GCB Bank Limited 270 13.45% 2 Ecobank Ghana Limited 243 12.11% 3 Access Bank (Ghana) Plc 216 10.76% 4 Stanbic Bank Ghana Limited 180 8.97% 5 Absa Bank Ghana Limited 162 8.07% 6 GTBank (Ghana) Limited 117 5.83% 7 StanChart Bank (Ghana) Limited 90 4.48% 8 Zenith Bank (Ghana) Limited 54 2.69% 9 UBA 54 2.69% 9 ADB 45 2.24% 10 Prudential Bank Limited 45 2.24% 10 CalBank PLC 45 2.24% 10 FBNBank (Ghana) Limited 45 2.24% 10 First National Bank (Ghana) Limited 27 1.35% 15 Societe General (Ghana) Limited 18 0.90% 16 Universal Merchant Bank Limited 18 0.90% 16 First Atlantic Bank Limited 18 0.90% 16 Republic Bank (Ghana) PLC 18 0.90% 16 Consolidated Bank Ghana Limited 9 0.45% 20 OmniBSIC Bank Ghana Limited 9 0.45% 20 9 PURCHASE INTENT Purchase Intent shows how likely customers are to go from knowing a brand to buying the products and indicates the probability that a consumer will buy a product or service.Question Q. How likely are you to use the brand you specified in the near future? Figure 6 - Purchase Intent Summary Survey found Zenith Bank with the highest purchase intent when brands with less than forty (40) responses are excluded. GCB according to the survey is second with 73% of its customers planning to use their services again and again, followed by Stanchart with 70%. 10 Fidelity, Access and Ecobank follow with 67%, 67% and 63% respectively. 11 NET PROMOTER SCORE (NPS) Net Promoter Score (NPS) measures customer loyalty and how likely they are to refer the brand, products and services to others. Loyal customers are assets to companies. A score of 50% or more suggests that the word of mouth is working for the brand. Net Promoter Score (NPS) = Total Promoter Score – Total Detractor Score AThe score result of 50%from or the more survey suggests shows that that the whilst word almost of mouth all the is brandsworking recorded for positive NPS, suggesting that the wordbrand of. mouth is working
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