Nigeria Financial Brand Report

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2014

Nigerian Financial Brand Report

A Comprehensive Brand Strategy Toolkit In Partnership with

The Securities and Exchange Commission (SEC) & The Chartered Institute of Stockbrokers

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2014

Introduction

Nigerian

FBR

The landscape is shifting. Africa is the new “land of opportunity”. 
 Nigeria is fast becoming its veritable epicentre. The country’s financial services brands have gone through the mill over the past five years and are now starting to get into shape, gearing up to compete in an ever increasingly globalised marketplace. This maiden report presents a comprehensive picture of the brand perception of these organisations and seeks to provide clear profile of the movers and shakers steering transformation and renewal in Nigeria’s financial sector.

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Contents 1. Introduction 2. SEC & CIS 3. Our Methodology 4. 2014 Rankings 5. Key Findings 6. Leveraging The Results 7. Future Focus 8. Appendix

2014

SEC & CIS

Nigerian

FBR

Support for this report has come from two key organisations: • The Securities and Exchange Commission (SEC) • The Chartered Institute of Stockbrokers (CIS)

The Securities and Exchange Commission is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance. The Chartered Institute of Stockbrokers is the premier organisation in Nigeria tasked with promoting and protecting the securities and investment profession by upholding the highest standards of service and integrity.

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1. INTRODUCTION

2014

Nigerian Financial Brands

Nigerian

FBR

If a nameless, faceless bank where to open today next door to you, what bank brand would you want it to be? Which bank brand would be most likely to survive on the average if placed amongst 160million Nigerians in any or all of the six [6] geo-political zones in Nigeria as of today with zero marketing/ advertising. This is the basis of our ranking.

A look at the top 15 Based on market share, value and perception, which of these banks has its brand to thank for its position knowing fully well that any other bank brand given the same asset/stock/liability would show lesser results? (Rethink: A similar operation in size and muscle is less favoured) Other points to consider

1. Orientation as indigenous firms: wholly Nigerian owned versus GENERAL foreign brands in local markets 2. International appeal. Local Brands vs International domiciled Brands in Nigeria 3. Difference between Brand [Equity] and Sales [Revenue] (One would assume that these two should go hand in hand but sometimes the relationship is inversely proportional) 4. Stimulate debate 6

2. OUR METHODOLOGY

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2014 Nigerian

Metrics

FBR

Brand Markers:

Categories

1. Trust

1. Leaders (Top 10)

2. Brand Visibility

2. Challengers (Next 20)

3. Customer Experience

3. Rising Stars (Next 20)

4. Fiscal Performance

4. The Rest

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2014 Nigerian

Brand Markers Trust

FBR

Reputation

Brand

Brand

Longevity

Visibility

Design

Reach

Communications

Integrity

Marketing

Empathy

Capacity+

Customer

Service

Fiscal

EBITDA

Experience

Resolution

Performance

Assets

Personalisation

Portfolio

Timeliness

Profits

Feedback

EVA

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A look at past results Our 2012 ranking In 2012 we saw a clear divide in tangible and intangible value. Tangible value is defined as value generated by a company’s physical, material assets. It often accounts for a smaller portion of the value that investors place on a company. The rest of a company’s value is ‘intangible’, meaning value generated by intangible assets such as intellectual property, distribution networks, management expertise, research and development pipeline and, of course, brands. Brands are often the most valuable asset, accounting for a good proportion of the value of each bank brand.

Bank Brand

Rating

Access Bank

Rising

Bank Brand

Rating

Intercontinental Bank

Decline Decline

Afribank

Decline

Oceanic Bank

Bank PHB

Decline

Skye Bank

CitiBank

Neutral

Spring Bank

Diamond Bank

Strong

Stanbic IBTC

Strong

EcoBank

Strong

Standard Chartered

Strong

Sterling Bank

Rising

Equitorial Trust Bank FCMB

Neutral Rising*

Rising Neutral*

UBA

Neutral Decline

Fidelity Bank

Neutral

Union Bank

Fin Bank

Decline

Unity Bank

First Bank

Strong

Wema Bank

Decline

Guaranty Trust Bank

Strong

Zenith Bank

Rising

Rising

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2011-2013 strategic digital activity Our previous reports In 2013 we introduced data on financial services firms in securities trading. Global trends in the digital space saw an aggressive increase in digital media spend inline with the up turn in the economic fortunes of the MINTs.

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Online reputation management 2013 Social Media Week Early 2013 saw an aggressive shift in global focus with Africa in full view and Nigeria an emergent economic resource mine. We also saw the first Social Media week in Africa take place in Lagos. Folake Ani-Mumuney of First Bank Nigeria and Lolade Odedina of GTBank headlined a session on Online Reputation Management which led to the production of this report. Available on request.

Our ranking is the first to combine publicly available financial data with primary research data. Driven by primary research insights, our ranking provides actionable information for marketing, finance and business professionals that can drive decision making into managing and growing a company’s brand assets. The primary research comes from proprietary Image & Time data collected from interviews. Our ranking provides a first step towards identifying key drivers of brand value as well as insights on how to influence and activate those drivers. Brand success involves a combination of business performance, product delivery, clarity of positioning and leadership.

Online reputation management is still virgin in Nigeria. Brands have to come to terms with the rapidly changing consumer landscape and its needs. Most brand managers have personal online social media footprints but do not actively recommend such for the brands they promote. This report’s findings are based on an online interactive session that 1.) asked the question ‘should social media play a role in brand reputation management? 2.) highlighted the pros and the cons; 3.) placed the brands in consumer focus. Contributors: Folake Ani-Mumuney (First Bank Nigeria); Lola Odedina (GTBank); Obabiyi Fagade (Nigerian Breweries Plc); Bukola Akingbade (Bytesize). This report answers questions from brand managers, marketing professionals and the public regarding how they have managed their companies’ online reputation.

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3. RANKINGS FOR 2014

15

One of the most “Social Media Conscious” financial brands in the world

Brand Focus Brand Valuation

GTBank GTBank has a healthy brand valuation. This value reflects customer‘s high expectations in competency and reliability of the brand. In addition the brand‘s popularity, which is a value driver in its own right, performance attributes as well as an appealing product range are also important according to the results of our study.

Strong

Core Values

+ AA

Physical ‘Aesthetics’ clearly stand out. But ‘Appeal’ and consistent perceived ‘Innovation’ are the main drivers for GTBank. These drivers are crucial.

Simplicity

Brand

Professionalism

Design

Service

Communications

Friendliness

Marketing

Strong touchpoint management and a distinct design language stand out. We are yet to see superior effort in capacity+

Alignment

Excellence

Capacity+ Trustworthiness Social Responsibility

APPEAL

CARE

AESTHETICS

INNOVATION

RELIABILTY

LEADERSHIP

Innovation

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Please stay in touch NIGERIA

UNITED KINGDOM

1st Floor, 16 Amodu Ojikutu Street Victoria Island, Lagos

86-90 Paul Street 
 London EC2A 4N

Email: info[email protected] Tel: +234 (1) 454 3430
 Mobile: +234 (0) 805 969 8508

Email: [email protected] Tel: +44 (0) 203 519 0940 Mobile: +44 (0) 7903 148 876

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