Equity bank: repositioning as a fintech

Learning outcomes
The learning objectives of this case include:
▪ Outline the brand repositioning approaches that Equity Bank used in its various stages of growth.
▪ Identify the impact of Equity’s brand repositioning in supporting its growth.
▪ Develop a brand repositioning framework for Equity bank as a fintech.
▪ Identify the theoretical frameworks that informed Equity’s brand repositioning during the various growth stages.
▪ Suggest a theoretical framework that would help Equity to reposition the new brand in the market.

Case overview/synopsis
In March 2020, the Government of Kenya declared a lockdown to slow down the spread of the Covid-19 pandemic. The lockdown of entire economic sectors put pressure on the adoption of technology to deliver services such as education, training and financial services. Banks had to innovate ways of supporting customers transactions with minimal physical and cash contact. Equity Bank had been implementing a digital banking strategy which had demonstrated successful adoption. Covid-19 accelerated the adoption and usage of Equity Bank’s digital banking by consumers. The bank found itself in a new territory competing fiercely with new and more agile fintechs. Consequently, Dr James Mwangi, the Group Managing Director and CEO of Equity Group, was contemplating the possibility of bringing forward the bank's strategic intention of repositioning as a fintech. He was convinced that such a move would bring massive success to the bank’s digital banking strategy, achieve enhanced efficiency, improve customer experience and attract a new segment of digital-savvy customers. But he needed to carry the Board, his management team and customers along in this repositioning strategy without sacrificing the gains made in the consumers' minds about Equity's brand as a bank.

Complexity academic level
This case can be taught to graduate-level students of marketing courses. It can also be taught to participants of executive education undertaking short courses in in business management and entrepreneurship.

Supplementary materials
Teaching notes are available for educators only.

Subject code
CSS 8: Marketing.
