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Banks fill top spots in Kantar’s latest SA Valuable Brands survey
By our News Team | 2023
A fifth of the brands in the 2023 ranking grew by finding new ways to build value, despite challenging market conditions.
Twenty percent of the most valuable South African brands grew in 2023 – with banking, fast food and retail the most resilient categories.
This is according to the Kantar BrandZ ‘Top 30 Most Valuable South African Brands 2023’ report published yesterday (Wednesday, 16 August).
Photo via Wikimedia Commons
The Kantar researchers emphasise this has been achieved against a backdrop of challenging economic conditions on home territory and across international markets.
First National Bank (FNB) is the top local brand, with a brand value of US$3.4-billion. The financial services category is the largest in this year’s Top 30, featuring 11 brands and a total brand value of $13.6-billion.
“As South Africa’s oldest bank, FNB continues to successfully reinvent itself, remaining relevant to existing and new customers, and maintaining a point of difference over others in the category,” the report says.
“The first bank to offer consumers the opportunity to switch banks by taking a ‘selfie’ and having won accolades for its mobile app, technology is at the forefront of the brand’s success, with FNB setting the market pace on innovation.”
Standard Bank is in second place
Standard Bank ($3.0-billion) is the second most valuable brand. Completing the Top Five are telecoms brands MTN (No.3; $2.8-billion) and Vodacom (No.4; $2.7-billion), followed by and alcohol brand Castle (No.5; $2.0-billion).
“As the number one brand, FNB continues to raise the bar despite being the oldest brand in the Top 30 and operating in a highly competitive sector that includes some of the hottest fintech startups,” says Ivan Moroke, CEO, South Africa at the Kantar Insights Division.
“With its focus on innovation and building connections with customers, especially younger people, FNB features high on our Future Power Index, while its work with communities, helping to drive societal change, has seen FNB feature high on our Brand Purpose Index.”
A fifth of brands in the ranking grew by finding new ways to build value despite challenging conditions.
“Finding growth through international expansion and branching out into new categories presents huge opportunities,” says Kantar.
“This includes Vodacom offering financial services, Dis-Chem Pharmacies (No.29) moving into medical insurance, and Checkers (No.20) offering [mobile] phone services, while several major retailers have entered the baby category.
“The practice of taking a strong brand in one area and using it to expand into adjacent categories helps create value for the brand and value for consumers.”
The Top 10 brands in the ranking are:
- First National Bank (banking)
- Standard Bank (banking)
- MTN (telecoms)
- Vodacom (telecoms)
- Castle Lager (beer)
- Nando’s (fast foods)
- Absa (banking)
- Woolworths (retail)
- Capitec Bank (banking)
- DStv (media & entertainment).
You can download the full report here.
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