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Discovery Bank has won the hearts of customers by ranking first in the inaugural Ask Afrika Banking Brand Index! Investec and African Bank came in second and third respectively.
“Many of our banking clients have expressed a need for greater insight into how their brand is performing in the banking industry. The Ask Afrika Brand Index is our response to this demand,” explains Sarina de Beer, Ask Afrika’s global product development director.
Independent and rigorous approach
This Ask Afrika benchmark study aims to reveal how customers perceive and experience banks, and how brands can strengthen customer relationships by doing more than just delivering on the brand promise. We interviewed 3,850 respondents and the results were independently audited. The index calculation is based on 2 core questions. The core diagnostics are derived from the following broader questionnaire:
- 2024 Ask Afrika Brand Health Study – interviews banking customers of 11 South African banks to understand brand satisfaction and delve deeper into brand performance diagnostics. The benchmark also includes emotional brand satisfaction and looks in more detail at values and brand loyalty.
“The Ask Afrika Brand Index is as much a conversation about leadership as it is about brands,” said de Beer. “It takes the premise that brands are purpose-led. This means important There needs to be synergy and integration between brand, marketing and customer experience (CX) strategies that are aligned with brand purpose and responsive not only to customers but also to society.”
Pictured: Sarina de Beer, global product development director, Ask Afrika; Chief Marketing Officer, Firoze Bharat; Jo-Anne Hendricks, managing director, Discovery Ltd, head of marketing, Discovery Bank
Contextual fog and pressure are current marketing challenges
Having faced so much change over the past five years, people emphasize the need for consistency. Dealing with uncertainty is considered more stressful than knowing something bad is bound to happen, which increases the need for control. Disruption is no longer the answer to uncertainty, as customers believe it reduces their quality of life. Respondents also said they suffer from change fatigue and have experienced a 50% decrease in their mental capacity to cope with change.
Connections are the new currency
In this state of utter overwhelm, institutions and brands have become the first choice to earn trust, reconnect society and become new carriers of hope. 53% of respondents said brands need to be noticed on a social level. In certain markets and industries, this percentage is even higher, and for the banking industry, this is critical.
Respondents said they were willing to buy a brand’s products before they trusted it. But they become advocates only when the brand earns trust. And this trust is earned by building a connection between the brand, the consumer, and society at large. This connection is the foundation for building loyalty and establishing genuine relationships.
Pictured: Sarina de Beer, Global Product Development Director at Ask Afrika; Unathi Boniwe, Head of Marketing at Investec Private Bank
Drivers of success
“Customer commitment is driven by genuine relationships and trust. To achieve this, companies must have a consistent brand and customer experience strategy,” explains de Beer.
“South African banks are generally successful in building customer relationships, as evidenced by the high levels of trust customers have in our banks. Our banks are also increasingly successful in building brand loyalty in a multi-bank environment. Respondents said the top three drivers of success were banks that offer smart, simple and convenient products, banks that demonstrate they have their customers’ best interests at heart and are not just looking for profits, and banks that have a good reputation.”
Pictured: Sarina de Beer, global product development director, Ask Afrika; and Chantal Storbeck, head of client value proposition and research, African Bank
And the winner is…
Purpose-driven brands are able to win consistently, developing a comprehensive strategy to build connection and trust. This is reflected in the creative communications of the top three banks, which all tell a story of trust in their narratives and embody purpose at creation.
The top three brands in the Ask Afrika Brand Index 2024 are as follows:
- Discover Bank
- investment company
- African Bank
Companies looking to purchase a custom Ask Afrika Banking brand index Reporters can contact Sarina de Beer at:
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