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BANK CATEGORY. Most Trusted Brand. Survey Report. February 2009 Wave. Background. Brands’ income comes from the customers-so, brands must provide what they think is of value to the customers. It sounds obvious, yet very few brands do it well.

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Bank category

BANK CATEGORY

Most Trusted Brand

Survey Report

February 2009 Wave


Background

Background

  • Brands’ income comes from the customers-so, brands must provide what they think is of value to the customers. It sounds obvious, yet very few brands do it well.

  • The goal of branding is to build, maintain, and enhance relationship between brands and consumers. Relationship building is a powerful means of creating and sustaining competitive advantage. Sustainable relationship involves trust as its main ingredient. Therefore, brands must build a relationship of trust with their customers. Trust as a critical element in relationship is the focus of this survey.

  • The Most Trusted Brand survey is an attempt to track the strength of brands relationships with their consumers. It is expected that results from the tracking would enable an environment of continual learning, continual improvement and innovation for the brand owners.


Bank category

  • It is expected that it would stimulate a new way to think- seeing the customer’s input in this survey as a gift, and new knowledge that can be used to better brand planning and achieve competitive advantage. The results would serve as a reminder for the brand owners to build on-going relationships by keeping their promises and building trust.

  • As a contribution to strong brand management initiatives in Nigeria, BrandHEALTH commences this study as a means of providing a cost effective, reliable, quick, economic and continuous source of primary data on how brands bond with the consumers.


Research objectives

Research Objectives

  • The study has only one objective:

    • To identify brands that best bond with the consumers.


Research methodology

Research Methodology

  • Respondents were interviewed face to face in-home using fully structured questionnaires. Multi-stage sampling method was used in selecting respondents.

  • 1000 respondents were interviewed in various parts of Lagos. 560 of the sample were males while the balance 440 respondents were females. The study also comprised of respondents aged 18 to 24 years (29%), 25 to 34 years(43%),35 to 45(19%) and 46 years and above(10%). In terms of social class, 17% of the respondents were consumers in the upper income class, 42% in the middle income class and 41 in the lower income class.

  • The fieldwork for February wave started on the 5th of February and ended on the 21st of February, 2009.  


Research methodology1

Research Methodology

  •  In each product category, the respondents were asked five questions relating to trust. They were asked to associate the statements read to them with brands (a single brand per statement). No brand name was mentioned to the consumers. Respondents named brands spontaneously. The aggregate scores for the five statements were then computed to determine the most trusted brand for each product category.


Banks

Banks

  • Overall

    • The most trusted brand survey is instituted to run every two months to identify bank brands that best bond with their customers.

    • 36 product categories were survey with 1000 respondents participating. Of all the categories surveyed , the bank category was the most interesting. 95% of the respondents that is, 954 respondents answered questions in the bank category.

    • The respondents were asked five different questions bordering on trust they have for bank brands in Nigeria. Each respondent was told to associate just one bank with a statement. The aggregate scores for each bank is what is used to compute the results.

    • Three bank brands were at each other’s throat for the first position. GTBank scored 13.08%, First Bank 13.06% and UBA 13.0%. There was no real gap between GTBank and First Bank. However, for the purpose of having a representative in the category, GTBank is nominated for February as the most trusted bank, First Bank second and UBA third.

    • Oceanic bank came fourth with 12%. Again, the gap between Oceanic Bank and the first three is quite close.


Bank category

  • Intercontinental bank was rated 5th most trusted brand by 9% of the respondents. BankPHB was rated 6th in the survey with 8% scores. Zenith bank came 7th with 7% scores . Skye bank occupied the 8th position with 3%. The ninth and tenth positions were for Diamond Bank and Eco bank with 2% votes each.

  • Other banks with 1% votes were Access Bank, Afribank, Fidelity Bank, FCMB, Finbank, Union bank, and Wema bank.

  • Gender

    • The category is not gender sensitive.

  • Age

    • The choice of bank brands in the survey was not based on age.

  • Social Class

    • GTBank, Zenith Bank was voted for more by respondents in the upper class. First bank, UBA, Oceanic Bank, Bank PHB had more votes from respondents in the middle income class.

    • Intercontinental Bank, was favoured more by respondents in the lower income class.


  • Bank category

    BANK

    CATEGORY

    Don’t Know, 5%

    First Bank, 13%

    UBA, 13%

    GTB, 13%

    Skye Bank, 3%

    Oceanic, 12%

    Diamond Bank, 2%

    ECOBank, 2%

    Others, 10%

    Intercontinental ,

    None, 2%

    9%

    Bank PHB, 8%

    Zenith, 7%

    Base

    I Obtain what I look for in it

    1000

    I feel most confident in

    1000

    Would be honest in attending to my needs

    1000

    Would make any effort to satisfy me

    1000

    Would never disappoint me

    1000

    First Bank

    14%

    13%

    13%

    13%

    13%

    GTB

    13%

    13%

    13%

    13%

    13%

    UBA

    13%

    13%

    13%

    13%

    13%

    Oceanic

    12%

    13%

    12%

    13%

    13%

    Intercontinental

    9%

    10%

    10%

    9%

    9%

    Bank PHB

    8%

    8%

    8%

    9%

    8%

    Zenith

    7%

    7%

    7%

    7%

    7%

    Skye Bank

    3%

    3%

    3%

    3%

    3%

    Diamond Bank

    2%

    2%

    2%

    2%

    2%

    ECOBank

    2%

    2%

    2%

    2%

    2%

    Others

    10%

    9%

    10%

    9%

    10%

    None

    2%

    2%

    2%

    2%

    2%

    Don’t Know

    5%

    5%

    5%

    5%

    5%


    Bank category

    I OBTAIN WHAT I LOOK FOR IN A BANK

    First Bank, 14%

    Don’t Know, 5%

    GTB, 13%

    UBA, 13%

    Skye Bank, 3%

    Oceanic, 12%

    Diamond Bank,

    2%

    ECOBank, 2%

    Others, 10%

    Intercontinental ,

    None, 2%

    9%

    Bank PHB, 8%

    Zenith, 7%

    Male

    Female

    18-24

    25-34

    35-44

    45+

    AB

    C

    D

    Base

    560

    440

    285

    429

    190

    96

    172

    418

    410

    First Bank

    11%

    17%

    9%

    14%

    19%

    17%

    12%

    16%

    12%

    GTB

    15%

    10%

    9%

    16%

    9%

    16%

    20%

    11%

    11%

    UBA

    13%

    13%

    14%

    14%

    11%

    8%

    12%

    15%

    11%

    Oceanic

    13%

    10%

    12%

    14%

    12%

    3%

    8%

    14%

    12%

    Intercontinental

    8%

    10%

    9%

    10%

    9%

    4%

    6%

    9%

    11%

    Bank PHB

    9%

    7%

    8%

    8%

    8%

    10%

    7%

    11%

    6%

    Zenith

    7%

    6%

    8%

    5%

    8%

    9%

    13%

    6%

    6%

    Skye Bank

    3%

    4%

    6%

    2%

    4%

    1%

    5%

    4%

    2%

    Diamond Bank

    2%

    1%

    3%

    1%

    1%

    3%

    3%

    2%

    1%

    ECOBank

    3%

    2%

    2%

    2%

    3%

    1%

    2%

    2%

    3%

    Others

    10%

    12%

    11%

    15%

    13%

    10%

    10%

    14%

    9%

    None

    1%

    2%

    2%

    1%

    1%

    2%

    2%

    3%

    Don’t Know

    4%

    5%

    7%

    4%

    1%

    5%

    4%

    7%


    Bank category

    I FEEL MOST CONFIDENT IN

    Don’t Know, 5%

    First Bank, 13%

    GTB, 13%

    UBA, 13%

    Skye Bank, 3%

    Oceanic, 12%

    Diamond Bank,

    2%

    ECOBank, 2%

    Intercontinental ,

    10%

    None, 2%

    Bank PHB, 8%

    Zenith, 7%

    Others, 9%

    Male

    Female

    18-24

    25-34

    35-44

    45+

    AB

    C

    D

    Base

    560

    440

    285

    429

    190

    96

    172

    418

    410

    First Bank

    10%

    17%

    8%

    14%

    18%

    16%

    12%

    15%

    12%

    GTB

    16%

    10%

    10%

    16%

    9%

    17%

    20%

    13%

    11%

    UBA

    13%

    13%

    13%

    14%

    11%

    9%

    10%

    14%

    12%

    Oceanic

    14%

    10%

    13%

    15%

    12%

    4%

    10%

    14%

    12%

    Intercontinental

    9%

    11%

    9%

    11%

    11%

    3%

    8%

    9%

    11%

    Bank PHB

    8%

    8%

    7%

    8%

    7%

    8%

    6%

    11%

    6%

    Zenith

    7%

    7%

    8%

    5%

    7%

    9%

    12%

    6%

    6%

    Skye Bank

    3%

    4%

    6%

    2%

    4%

    1%

    5%

    4%

    2%

    Diamond Bank

    2%

    1%

    3%

    1%

    1%

    3%

    3%

    2%

    1%

    ECOBank

    3%

    1%

    2%

    2%

    3%

    1%

    2%

    2%

    3%

    Others

    9%

    10%

    10%

    11%

    13%

    11%

    8%

    14%

    12%

    None

    2%

    2%

    2%

    1%

    2%

    2%

    2%

    3%

    Don’t Know

    4%

    5%

    8%

    4%

    1%

    5%

    4%

    7%


    Bank category

    WOULD BE HONEST & SINCERE IN ADDRESSING MY NEEDS

    Don’t Know, 5%

    First Bank, 13%

    GTB, 13%

    UBA, 13%

    Skye Bank, 3%

    Oceanic, 12%

    Diamond Bank,

    2%

    ECOBank, 2%

    Intercontinental ,

    10%

    None, 2%

    Bank PHB, 8%

    Zenith, 7%

    Others, 9%

    Male

    Female

    18-24

    25-34

    35-44

    45+

    AB

    C

    D

    Base

    560

    440

    285

    429

    190

    96

    172

    418

    410

    First Bank

    10%

    16%

    7%

    13%

    17%

    16%

    10%

    14%

    12%

    GTB

    15%

    10%

    10%

    16%

    9%

    17%

    17%

    12%

    12%

    UBA

    13%

    14%

    13%

    14%

    12%

    9%

    12%

    15%

    12%

    Oceanic

    14%

    10%

    13%

    14%

    11%

    4%

    9%

    14%

    12%

    Intercontinental

    9%

    10%

    10%

    10%

    9%

    5%

    7%

    9%

    11%

    Bank PHB

    9%

    8%

    8%

    8%

    8%

    9%

    8%

    11%

    6%

    Zenith

    7%

    6%

    7%

    5%

    8%

    8%

    13%

    5%

    6%

    Skye Bank

    3%

    4%

    6%

    2%

    4%

    1%

    5%

    4%

    2%

    Diamond Bank

    3%

    1%

    3%

    1%

    2%

    3%

    3%

    2%

    2%

    ECOBank

    3%

    1%

    2%

    2%

    3%

    1%

    2%

    1%

    2%

    Others

    8%

    12%

    10%

    9%

    13%

    9%

    9%

    8%

    12%

    None

    1%

    2%

    2%

    1%

    1%

    2%

    2%

    3%

    Don’t Know

    4%

    5%

    8%

    4%

    1%

    5%

    4%

    7%


    Bank category

    WOULD MAKE ANY EFFORT TO SATISFY ME

    Don’t Know, 5%

    First Bank, 13%

    GTB, 13%

    UBA, 13%

    Oceanic, 13%

    Skye Bank, 3%

    Diamond Bank,

    2%

    ECOBank, 2%

    Bank PHB, 9%

    Intercontinental ,

    None, 2%

    9%

    Zenith, 7%

    Others, 9%

    Male

    Female

    18-24

    25-34

    35-44

    45+

    AB

    C

    D

    Base

    560

    440

    285

    429

    190

    96

    172

    418

    410

    First Bank

    10%

    17%

    7%

    14%

    17%

    17%

    10%

    15%

    12%

    GTB

    15%

    10%

    10%

    16%

    8%

    17%

    19%

    12%

    11%

    UBA

    13%

    13%

    13%

    14%

    13%

    9%

    12%

    15%

    12%

    Oceanic

    14%

    10%

    14%

    14%

    11%

    4%

    10%

    14%

    12%

    Intercontinental

    8%

    11%

    10%

    10%

    9%

    4%

    6%

    9%

    11%

    Bank PHB

    9%

    8%

    8%

    8%

    9%

    9%

    8%

    10%

    7%

    Zenith

    7%

    6%

    7%

    5%

    8%

    8%

    12%

    5%

    6%

    Skye Bank

    3%

    3%

    5%

    2%

    4%

    1%

    4%

    4%

    2%

    Diamond Bank

    2%

    1%

    3%

    1%

    1%

    3%

    3%

    2%

    1%

    ECOBank

    3%

    1%

    2%

    2%

    2%

    1%

    2%

    1%

    2%

    Others

    8%

    12%

    10%

    8%

    15%

    9%

    12%

    8%

    12%

    None

    1%

    2%

    2%

    1%

    1%

    2%

    2%

    3%

    Don’t Know

    4%

    5%

    8%

    4%

    1%

    5%

    4%

    7%


    Bank category

    WOULD NEVER DISAPPOINT ME

    Don’t Know, 5%

    First Bank, 13%

    GTB, 13%

    UBA, 13%

    Oceanic, 13%

    Skye Bank, 3%

    Diamond Bank,

    2%

    ECOBank, 2%

    Others, 10%

    Intercontinental ,

    None, 2%

    9%

    Bank PHB, 8%

    Zenith, 7%

    Male

    Female

    18-24

    25-34

    35-44

    45+

    AB

    C

    D

    Base

    560

    440

    285

    429

    190

    96

    172

    418

    410

    First Bank

    10%

    17%

    8%

    14%

    18%

    17%

    10%

    15%

    12%

    GTB

    16%

    10%

    10%

    17%

    9%

    16%

    20

    12%

    11%

    UBA

    12%

    13%

    13%

    14%

    12%

    10%

    11%

    14%

    12%

    Oceanic

    14%

    10%

    13%

    14%

    12%

    4%

    9%

    14%

    12%

    Intercontinental

    9%

    10%

    9%

    10%

    9%

    4%

    6%

    9%

    11%

    Bank PHB

    8%

    8%

    8%

    8%

    8%

    9%

    7%

    10%

    6%

    Zenith

    7%

    6%

    7%

    5%

    8%

    8%

    10%

    5%

    6%

    Skye Bank

    3%

    3%

    5%

    2%

    4%

    1%

    4%

    3%

    2%

    Diamond Bank

    2%

    1%

    3%

    1%

    1%

    3%

    3%

    2%

    1%

    ECOBank

    3%

    1%

    2%

    2%

    3%

    1%

    2%

    2%

    2%

    Others

    9%

    12%

    10%

    7%

    12%

    11%

    12%

    8%

    14%

    None

    2%

    3%

    3%

    2%

    2%

    2%

    5%

    1%

    3%

    Don’t Know

    4%

    5%

    8%

    4%

    1%

    5%

    4%

    7%


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