The financial services industry has an average Brand Intimacy Quotient of 27.8, well below the cross-industry average of 38.3. USAA remains in first place, and Chase and Visa both improved their positions. Consumer preference for American Express and Bank of America has declined.
The financial services industry ranks ninth this year, the same as in our previous study. Brands in the industry continue to perform better with men than with women and with consumers under 35 years old versus those over 35. Compared to our 2020 COVID study, more than 46 percent of consumers have an increased positive emotional connection with financial services brands. In addition, daily usage has risen by 13 percent.
The industry’s Brand Intimacy performance has increased by 15 percent on average since before the pandemic. Despite the hardships imposed by COVID on people and businesses, this period has actually drawn consumers closer to brands and created stronger emotional relationships.
The financial services industry continues to show stronger performance than the cross-industry average for the fulfillment, identity, enhancement, and ritual archetypes. Identity, the archetype that reflects an aspiration image or admired values and beliefs that deeply resonate, has increased 4 percent since our 2020 COVID study. Among the stages, sharing has decreased 21 percent, whereas bonding and fusing have increased slightly since our last study. All stages remain below the industry average.
Enhancement remains the dominant industry archetype, although fulfillment has gained strength. The industry has improved its performance in the “can’t live without” measure by a significant 80 percent, which highlights that consumers are more reliant on financial services brands. USAA is the top brand for both men and women as well as for users of all income categories.
Comparing the top two financial services brands, USAA and PayPal, we see that USAA continues to outperform across all archetypes except enhancement. USAA also has more than triple the bonding score of PayPal, whereas PayPal has leads in sharing and fusing.
* This is a ranked sub-brand. We share its industry performance. Given its similar profile, see parent brand for overall ranking.