Equity Group has fortified its position as one of the strongest banking brands globally. The group scored highly in the 2024 Brand Finance’s brand strength and brand value rankings.In its third consecutive appearance in the Brand Finance Banking 500 rankings, Equity climbed from forth position in 2023 to second position in the world’s top ten strongest banking brands. It had a brand strength index score of 92.5 out of 100 and an elite AAA+ brand strength rating.
Brand value rises
Equity also saw its brand value rise by USD 22 million from USD 428 million in 2023, to USD 450 million (Kshs. 64 billion) in 2024. Consequently, it was ranked the tenth most valuable banking brand in Africa. Speaking on the ranking, Equity Group Managing Director and CEO, Dr. James Mwangi said : “We are delighted to see that once again, we have made a step towards being recognized as the strongest financial brand in the world.” He added : “ Our strong governance structures, practices, core values, commitment to customer centricity, performance focus, organizational culture of excellence and execution continues to be the foundation on which the brand is sustainably evolving, building and developing.” Four of the top strongest ten banks in the ranking were from Africa.
Authoritative report
Every year, leading brand valuation consultancy, Brand Finance, puts five thousand of the biggest brands to the test. Consequently, it publishes nearly one hundred reports, ranking brands across all sectors and countries. The World’s Top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
While trust remains a dominant driver of customer choice when it comes to banking services, Brand Finance’s research found that articulating a sense of purpose, as well as delivering products and services when, where and how the customer wants to access them is equally important.
Regarded as the industry’s most authoritative report of its kind, the Brand Finance Banking 500 report gauges the brand value of the world’s financial institutions through quantitative and qualitative metrics, including brand strength, brand loyalty rate and revenue forecasts.
Standing out
Equity has set itself apart in the banking industry as a purpose-driven organization aiming at transforming lives, giving dignity and expanding opportunities for wealth creation for not just its customers, but also the communities where it has a presence. “It is clear from our learnings that businesses anchored on purpose and values will benefit from inbuilt long-term sustainability, enabling them to thrive even in the most challenging context,” Dr. Mwangi further said.
Equity’s legacy of resilience, agility and self-disruption has seen the institution thrive in different operating environments. By providing relevant and innovative products and services, proactively engaging stakeholders and utilising new ways of working, the lender has continued to bolster the value it creates for its customers and stakeholders.
2023 saw improvements in performance across Equity’s subsidiaries with Equity BCDC, Equity Bank Rwanda and Equity Bank Tanzania making strong strides. The group remains committed to South Sudan as seen in its offering of new lending products while bolstering the Uganda entity which has gained strong traction in market share and significance.
Reflecting on the 2024 rankings, David Haigh, Chairman and CEO, Brand Finance observed : “As the world’s top banking brands reach new heights, China’s mega-banks continue to dominate at the top of the brand value ranking.” He added : “ Another key insight from our 2024 data is that local banks increasingly outshine their larger counterparts in brand strength. Dominant brands thrive in singular markets with limited competition, while banks expanding into multiple markets may successfully augment their brand value but risk diluting brand strength.”
Brand Finance defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. This is however different from the valuation of a company’s assets. They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.