Rebranding in Ghana's Financial Sector: Assessing Its Impact on Brand Perception Amongst Its Customers - A Case Study of Absa Bank GH Ltd

Abstract

This study examines the impact of rebranding on brand perception among customers, with a particular focus on Absa Bank Ghana Ltd. Rebranding has become a critical strategy for companies in Ghana's financial sector as they seek to differentiate themselves in an increasingly competitive and dynamic market. Rebranding, a process that involves altering a company’s identity, logo, services, and messaging, is often implemented to realign the company’s image with evolving market trends, customer needs, and business goals. In Ghana, where the banking industry is rapidly evolving, such transformations have become essential for maintaining relevance and fostering strong customer relationships. The study explores how Absa Bank's rebranding efforts, following its transition from Barclays Bank Ghana Ltd., have affected customer perceptions of its brand, particularly regarding brand recognition, trust, loyalty, and overall satisfaction. Using a structured survey, data was collected from a sample of Absa Bank customers across various demographics, including age, gender, and customer tenure. The survey focused on measuring key dimensions of brand perception, such as customers' awareness of the rebranding, their emotional attachment to the brand, their trust in the bank, and their intentions to continue using Absa’s services. This research contributes to the growing body of literature on rebranding in the financial sector, offering empirical evidence of how brand transformations can shape customer attitudes and behaviours in Ghana. The study underscores the importance of strategic rebranding in improving customer perception and demonstrates the potential for financial institutions to leverage rebranding as a tool for market differentiation and customer retention. Finally, the study provides valuable insights for other banks in Ghana and similar markets contemplating rebranding as part of their business strategy.