Standard Bank named most valuable bank brand in Africa
Bank’s innovation in giving clients banking solutions to achieve their unique goals is recognised by international brand valuation consultancy
Standard Bank has emerged as the most valuable banking brand in Africa for 2022 in Brand Finance’s ranking of the world’s top 500 banking brands, after increasing its brand value by 26% to $1.583bn.
Every year Brand Finance, the world’s leading brand valuation consultancy, puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports that value brands across different sectors and countries.
This significant increase in brand value has seen Africa’s largest financial services organisation by assets jump 17 places to rank 145th globally. For the third consecutive year, Standard Bank has also increased its reputation score above the SA banking sector average, according to Brand Finance’s Global Brand Equity Monitor.
Standard Bank Group CEO Sim Tshabalala says: “We’re delighted by Standard Bank’s performance as it spotlights the hard work undertaken over the past few years to radically overhaul the business model and transform experiences for clients. Standard Bank has invested heavily in disruptive technologies to provide clients with banking, asset management and insurance solutions to enable them to achieve their unique goals and ambitions.”
In 2019, Standard Bank began a journey that redefined its business. As it undertook a future-ready transformation and the expansion into a platform business, it also introduced a comprehensive brand repositioning, the first in 10 years, culminating in the launch of the “It Can Be” brand promise in 2020.
Our people are inspired and committed to provide solutions and experiences that matter and create value to our clientsStandard Bank chief brand and marketing officer Thulani Sibeko
“Our brand positioning aligns to Standard Bank’s ambition to transform client experiences based on researched client insights,” says Thulani Sibeko, Standard Bank’s chief brand and marketing officer. “Our people are inspired and committed to provide solutions and experiences that matter and create value to our clients.”
Recently, Standard Bank reached the 10-million customers mark in SA, which Sibeko says has been partly driven by gaining momentum within the mass market. “The introduction of a value banking solution, MyMo, has enabled more people to access the brand for the first time.”
He says the increase in customers can also be attributed to the continuous introduction of new and innovative solutions to make the lives of clients easier. An example is FlexiFuneral, which allows customers to choose their level of benefits and the amount of cover. Another recent introduction is Unayo, a digital payments platform that connects the higher and lower ends of the value chain, stimulating economic activity across Africa.
“We are enormously proud of Standard Bank’s treasure chest of innovations and achievements, all of which impact individuals, businesses or communities,” says Sibeko.
The trust consumers have in the Standard Bank brand continues to serve it well. “Clients think of Standard Bank as a safe bank, and the bank takes the role of financial custodianship extremely seriously, in the systems and processes implemented to safeguard clients from increasingly sophisticated fraudulent threats,” he says.
“Standard Bank is proud and honoured to be awarded the title of Africa's most valuable bank brand. The most successful brands are often the most relevant, and remaining relevant means constantly evolving, and changing with developing client requirements. This year, Standard Bank will be celebrating its 160th year of enabling individuals and businesses to achieve their ambitions — a testament to the bank’s innovation, resilience, commitment and adaptability.”
This article was paid for by Standard Bank.