The latest RepTrak Pulse reputation survey for 2016 reveals which South African banking brands are the most familiar to South Africans.
The survey measures corporate reputation, ranking the largest listed companies by revenue and familiarity.
This year’s study focused on eight industries, researching companies on the basis of at least 50% familiarity with the general public.
True to the importance of context in measuring corporate reputation, key priority of the study has evolved towards providing credible data for corporations and other stakeholders to conduct industry analysis and benchmarking of companies amongst their peers.
“There are significant differences in industry reputations. It seems much easier to have a good reputation in the retail or Fast-moving consumer goods sector while telecommunication and state owned enterprises find it difficult to build an emotional bond with people,” said Dr. Dominik Heil, chairman of Reputation House.
“It is therefore critical that companies assess their reputation in the context of their industry rather than focusing solely on the overall ranking.”
Best banks in South Africa
None of the local banks had an “excellent” reputation, with the highest rated bank, FNB, ranking 7th overall with a “strong/robust” brand.
This was followed by Capitec, Standard Bank, Nedbank and Absa, with “average/moderate” brand reputations.
In terms of familiarity, Standard Bank and FNB ranks as being the most familiar banking brands to South Africans, where 77% of all respondents being very familiar with the brand.
Nedbank is the second most familiar (72%), followed by Absa (66%) and finally Capitec (60%).