State-owned bank, GCB, is still the country’s most recognised banking institution, according to research firm, Global InfoAnalytics.
This is because, GCB, per the Q2 2022 Banking Sector Brand Health Check report by Global InfoAnalytics, maintained its lead over peer banks in the country in the measurement of the Prompted and Unprompted Brand Recall metric of banks.
GCB first took over the number one spot from Ecobank Ghana in Q3 2021, and it has since then held onto the number one position till date.
In its second-quarter banking report, the research firm notes that GCB for the review period scored a prompted brand recall of 12.13%, followed by ADB and Ecobank Ghana, which scored 8.82% and 7.63% respectively.
GCB led the prompted brand recall with 12.1%, however, this represents a drop of circa 5% over the December 2021 report. ABSA also recorded a sharp decline compared to December 2021. Fidelity, Cal Bank ADB recorded improvements compared to the last period,” stated Global InfoAnalytics.
For unprompted brand recall, GCB once again maintained its lead with a score of 22.11% followed by Agricultural Development Bank which recorded unprompted brand recall of 11.44%.
Ecobank Ghana was ranked third with unprompted brand recall score of 8.64%.
Ecobank lost the first-place position to GCB in the first half of 2022. GCB recorded significant increase of 9.91% to 22.1%. ADB and Cal Bank also recorded improvement over the December 2021 period. The period saw most of the banks recording a decline in unprompted brand recall compared to 2021,” stated the report.
According to Global InfoAnalytics, Brand Recall measures a customer’s ability to remember the name of a brand and can be prompted or unprompted.
Unprompted Brand Recall measures how customers think about a brand when asked to think about its industry, whereas Prompted Brand Recall measures customer’s ability to elicit a brand name from their memory as a result of a prompt by a product or service category.
The Banking Sector Brand Health Report seeks to highlight how the various banks are performing on Key Brand Metrics (KBM) and provide insights that help the banks assess how they can track their performance against competitors.
The key brand metrics assessed are; Brand Recall, Purchase Intent, Brand Visibility, Net Promoter Score (NPS), Brand Equity and Brand Satisfaction.