Bank also named the Most Meaningfully Different brand in the financial services category
FNB is again the top brand in the 2024 Kantar BrandZ Most Valuable South African Brands rankings, for the fourth time. This, despite tough macroeconomic challenges including loadshedding, falling consumer income, rising cost of living, and a disruptive fintech startup scene— all which impact both its customers and operating environment. The bank is also recognised, in the financial services category, as the Most Meaningfully Different brand – a cornerstone of Kantar’s new Blueprint for Brand Growth.
With an estimated brand value of 3.1billion, FNB ranks first among all South African brands while the financial services category accounts for more than half of the total value of South Africa’s top 30 most valuable brands.
FNB CEO, Harry Kellan says, “We are humbled to receive yet another stamp of approval as South Africa’s Most Valuable Brand. We also recognise that we haven’t achieved this milestone single-handedly. Our loyal customers, our dedicated FNB teams, as well as all the communities we operate in, all played a critical role in this achievement. This moment further inspires us to ensure that we continue to focus on impact, by delivering best-in-class products, services and innovation that help our entire ecosystem.”
Kantar’s BrandZ valuations methodology combines two important elements: Financial Value and Brand Contribution. In addition, the report considers the opinions of more than 45,000 people, looking at 858 local brands across 56 categories, to quantify the value of South Africa’s most valuable brands.
According to the report, the most valuable brands intertwine with customers’ lives by doing three key things:
- Facilitating life: They solve major functional needs, establishing their roles in people’s lives
- Enhancing life: They extend the benefits they deliver to credible, adjacent spaces
- Reimagining life: They disrupt and surprise people with unexpected benefits
Moreover, the report notes that FNB’s move of reviewing its pricing structure for both retail and commercial accounts led to increased trust from its customers, sending them a strong signal that FNB has their interests in mind.
“The financial services category of Kantar’s BrandZ ranking is arguably the most disruptive, so this vote of confidence is a testament to the importance and impact of the work we do in facilitating financial inclusion, financial wellbeing, financial access, and broader economic transformation in South Africa. And, as the country’s oldest banking brand, now in its 186th year, helping South Africans is at the centre of everything we do — and maintaining a broad footprint and constant innovation for that purpose is inextricable,” says Faye Mfikwe, FNB’s Chief Marketing Officer.
“This isn’t just another feather in our cap of accolades. It’s a sobering reminder of the trust that our customers, and South Africans at large, place in our ability to help them in the aspects of their lives that matter most and in the toughest of times,” continues Mfikwe.
FNB has also recently been recognised by Global Finance as the Best Consumer Digital Bank in South Africa, named the Most Admired Financial Services Brand in South Africa by Brand Africa, and Strongest Brand in South Africa by Brand Finance. Earlier this year, FNB’s eBucks rewards programme was named the Best Loyalty Benefits in a Financial Product at the 2024 International Loyalty Awards. Other global accolades given to the bank over the years include Best Mobile Banking App in Africa by Global Finance for 2022 & 2023; the Icon Status Award given to the bank in 2022 and 2023 for FNB eWallet; and previous recognition as the Most Innovative Bank, some years back.
“Aligned to the brand ethos of help changes everything, solving real customer pain points and delivering on our promise to meaningfully help South Africans as they go through the various stages of life is foremost and our brand value is simply a by-product of that obsession with our customers,” concludes Mfikwe.
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