Standard Bank now boasts the highest brand value of any banking brand on the African continent for 2022, according to Brand Finance’s annual ranking of the world’s Top 500 Banking Brands. It also highlights the hard work that Standard Bank has put in over the past few years to radically revamp its business model and improve clients’ experiences.
Brand Finance, the world’s leading consultancy for brand valuation, annually tests over 5000 brands and publishes almost 100 reports covering brands across several sectors and countries.
The lender increased its brand value by 26 per cent to $1.583 billion. Africa’s largest financial services company by assets jumped 17 places to rank 145th globally as a result of this significant increase in brand value.
According to Brand Finance’s Global Brand Equity Monitor, Standard Bank has also increased its reputation score above the average for the South African banking sector.
Sim Tshabalala, Standard Bank Group Chief Executive, says: “We’re delighted by our brand’s performance as it spotlights the hard work undertaken over the past few years to radically overhaul our business model and transform experiences for clients. We have invested heavily in disruptive technologies to provide our clients with banking, asset management and insurance solutions to enable them to achieve their unique goals and ambitions.”
In 2019, Standard Bank started a journey that fundamentally redefined its business. During its transformation and expansion into a platform business, the company launched a comprehensive brand repositioning, which culminated in the launch of the ‘It Can Be’ brand promise in 2020.
“Our brand positioning aligns to our organisation’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 customer mark in South Africa, which Sibeko says has been driven, in part, by gaining momentum within the mass market. “The introduction of our value banking solution, MyMo, has enabled more people to access our brand for the first time.”