Standard Bank has retained its position as South Africa’s most valuable brand, according to the second edition of the BrandZ Top 30 Most Valuable South African Brands report.
The annual study and evaluation of brands is conducted by global market research and insights firm Kantar, and communication and branding giant WPP. It values the Standard Bank brand at USD3, 553bn, based on a combination of financial value and brand contribution, and includes a consumer view.
Achieving a strong brand in South Africa required 5 key elements this year, namely:
(a) promise and deliver;
(c) the need for laughter;
(d) standing for something;
(e) and avoiding an experience gap.
“Standard Bank’s purpose is clear – to drive Africa’s growth. We will do this by building on our position as Africa’s leading financial services organisation, while being socially and digitally relevant”,” says Jenny Pheiffer , Executive Head of Brand, Sponsorship and Events at Standard Bank.
“Digitisation is more than just technology and hardware – it’s about delivering the full range of financial and other services through secure, personalised and digitally-enhanced experiences to our clients and employees in real-time, all the time,” Pheiffer says.
Standard Bank’s clients continue to migrate to the bank’s digital platforms, particularly its mobile app. In the first six months of 2019, the number of active mobile app users increased 55% to 1.8 million, and the value of transactions executed on the platform surged 47% to R173 billion.
“While digitisation and innovation will continue to define and unlock future client experiences, the need to be relevant and meaningful to people, in a distinctive way, will always remain” concludes Pheiffer.