Banking and Finance

Ecobank still is the most recognized bank

Published

3 years ago

July 29, 2021

Ecobank Ghana for the second quarter in a row has been adjudged the most recognized bank in the country by Ghanaian research firm, Global Analytics.

Not only did Ecobank maintain its position as the most recognized bank, but it further entrenched its position with a brand recall of 17.4 percent in Q2 2021 as against a brand recall of 11.67 percent in Q1 2020.

Brand recall according to Global InfoAnalytics, has to do with customers’ ability to recall or remember the name of a bank in the country either by being prompted to do so or not (unprompted).

Unprompted brand recall measures how customers think about a brand when asked to think about its industry whereas prompted brand recall on the other, hand 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 metric, the research firm asserts is measured by asking respondents the following two questions;

Which bank (s) come to mind when you think about banking?

Which bank is your first choice for banking?

As noted earlier, with the prompted brand recall, Ecobank led with 17.4 percent followed by GCB and Fidelity with 12.20 percent and 11. 06 percent respectively.

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The second-quarter report saw an upsurge in the prompted brand recall for Cal Bank by 4.91%. Ecobank remains the standard bearer of Q1 and Q2 with an increase of 5.73% to 17.4% from 11.67%, followed by GCB with an increase of 2.14% to 12.2% from the previous 10.06%.

Fidelity ranked third with a marginal increase of 0.19% over Q1 to 11.06% for Q2. Cal Bank improved significantly in Q2 with 4.91% increase over the previous quarter to 8.13%. Access Bank, Stanbic, and Absa saw a sharp decline over the same period, declining by 1.62%, 2.51% and 1.26% respectively, noted Global InfoAnalytics.

For unprompted brand recall, Ecobank led with 13.70 percent, and once again followed by GCB and Fidelity with 11.55 percent and 8.87 percent respectively.

In the first quarter, Fidelity led Ecobank in this category with a 16.14 percentage points unprompted brand recall, the bank in the second quarter has, however, lost its position to Ecobank.

The Q2 survey reveals a sharp decline in the performance of Fidelity Bank on unprompted brand recall by 7.24% compared to Q1. Ecobank leads the pack with 13.1% followed by GCB with 11.6% and Fidelity Bank 8.9%.

Cal Bank recorded significant improvement with a 5.46% increase from 2.24% in Q1 to 7.7% in Q2. All the rest of the bank’s recorded decline in unprompted brand recall in Q2 except Ecobank and Cal Bank remarked Global InfoAnalytics.