The financial services industry has an average Brand Intimacy Quotient of 27.9, well below the cross-industry average of 38.1. New entrant USAA lands the first place position, while PayPal drops to second place. Consumer preference for Bank of America has increased, while preference for Visa, CapitalOne, and Citi has decreased.
The financial services industry ranks ninth this year. Positively, it has increased its average Quotient Score by 15 percent. Brands in the industry perform better with men than women and with consumers under 35 years old versus those over 35. Daily usage increased by 19 percent, indicating that more Americans have been dealing with financial services brands more frequently during the pandemic.
During the coronavirus pandemic, financial services have shown stronger performance than the cross-industry average for identity, enhancement, and ritual archetypes. Among the stages, sharing increased by 41 percent since our last study. This suggests more users are beginning to form emotional connections, while bonding and fusing stayed steady. All stages are below the industry average.
Enhancement remains the dominant industry archetype, although fulfillment has gained strength during the pandemic. Financial services brands have also improved their percentage of users in some form of intimacy by 24 percent, compared with our previous study. Bank of America is the top brand for men, replacing PayPal, while women prefer USAA.
Comparing the top two financial services brands, USAA and PayPal, we see that USAA is stronger across all archetypes except enhancement. In terms of stages, USAA leads in sharing and fusing, while PayPal has a higher bonding score. More USAA users are also willing to pay 20 percent more for the brand’s products and service compared to PayPal.