Brand management for retail banks

With Matos working to revitalise ANZ’s brand and Orcel doing a good job at UniCredit, it’s worth reflecting that many banks struggle to understand their brand value at a time when fintechs are constantly in the news. Nigerian banks are a case in point. “Access Bank, GTCO, Zenith Bank, UBA, and First Bank of Nigeria collectively earned 4.14 trillion ($2.58 billion) in 2024, yet their combined brand value grew just 5.37% to $1.57 billion, according to the 2025 African Banking report by Brand Finance, a London-based brand valuation consultancy,” says TechCabal. “That sluggish growth contrasts with double-digit brand equity gains in Kenya and South Africa, where digital innovation and stronger customer trust drive value. In Nigeria, the gap is increasingly being filled by fintechs, which outpaced traditional banks in customer satisfaction ratings last year, according to a report by KPMG Nigeria.” While many banks think that the marketing department is responsible for brand, it’s much deeper that that. As we note Retail Banking Institute’s Brand Management training programme, the way to build a brand is based on an understanding of the target customer, and it’s something that involves the entire business. “The only way to do this is to build based on an understanding of the target customer. The only successful way for a brand to be strong is when every employee understands and feels what the company is about. What is critical is how the prospects, customers, and employees feel when interacting and experiencing the brand. Nowadays, much more than 20 years ago, to build a bank brand means to create a bank’s soul. The only way to do this is to build based on an understanding of the target customer.” Want help? Contact Lafferty Group today.