Brand value increases across categories

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Part 3 | The Categories The US regional banks, such as First Niagara, turned consumer distrust of banks into an opportunity by projecting local appeal. Many US regionals invested in customer service education for branch and call center staff. Fast growing markets The global bank brand leaders continued to benefit from strength in fast growing markets, particularly in Asia, despite the somewhat slowing rate of China’s economic expansion. Lacking the legacy systems of Western brands, banks in fast growing markets were freer to innovate. In India and the Middle East, some banks acted like consumer goods companies, building brands around customer needs. To accommodate families, for example, bank branches might include play areas for children. Certain bank brands tried to create a unified consumer-friendly experience both online and in the physical location. Brands that took related initiatives include Zuno, an online bank that operates across the Commonwealth of Independent States (CIS) including Russia, Sberbank and VTB of Russia, and India’s ICICI. Meanwhile, the pace of consolidation continued. The Commercial Bank of qatar purchased banks in several countries in the Middle East, where Chinese banks also sought partners. 84 BrandZ Top 100 Most Valuable Global Brands 2013 Insight Trust can make a material difference Sometimes it seems as if trust doesn’t matter in banking: consumers don’t trust banks, but banks still make a lot of money. That formula misses the point. Because consumers don’t trust banks, they hedge their bets and spread their financial activities beyond banks to alternatives such as mutual, PayPal, etc. So actually banks make less money than they could. Only trusted banks will capture a larger share of customers’ assets and spend, coming much closer to reaching full earning potential. Anastasia Kourovskaia Vice President EMEA Millward Brown Optimor Anastasia.Kourovskaia@ millwardbrown.com Insight Cultivate the rising rich Many US banks are seeking to develop their relationship with affluent households beyond checking and savings accounts. However, banks are challenged by satisfactory longterm relationships with investment institutions. Given the maturity of these existing relationships with investment services firms and the low likelihood to switch providers, banks can benefit from activities that cultivate the rising rich and help them achieve affluence. Charles Schembri Program Director, Account Executive TNS charles.schembri@tnsglobal.com Regional banks enjoy higher trust level Consumer trust in the banking category declined during the global financial crisis. The restoration of trust is happening more quickly for regional (local) banks than for global banks. BrandZ data measures both trust (how consumers feel about the performance of the brand over time) and recommendation (how consumers expect the brand will perform today). Global banks are significantly less trusted and recommended by their customers than regional banks. Consumer trust in the global banks is comparable to their trust level for all banks. But in recommendation, global banks lag all banks. The regional Top 10 are well ahead of global banks in both the levels of trust and recommendation. And the level of recommendation for regional banks actually is higher now than it was five years ago. Source: BrandZ BigData, over 2 million consumer interviews regarding over 10,000 brands in 30-plus countries Average brand = 100 Insights BrandZ BigData Trust and recommendation Trust Recommendation 2013 Top 10 Global (vs 2008) 2013 Top 10 Regional (vs 2008) 2013 All banks (vs 2008) 98 (-6%) 94 (-1%) 106 (-3%) 104 (+8%) 99 (-5%) 97 (+1%) Action Points 1. Be out front. In the past, CEOs kept a low profile consistent with the ethos of a conservative industry. Today, the CEO is the personification of the brand. He or she is the lightning rod for the consumers’ anger or approbation. 2. Add a human touch Technology can do a lot, but not everything. In a commodity business like financial services, the human touch adds interest. 3. Be transparent Don’t always wait for regulations to force revelations. Exercise leadership and proactively share more information. Don’t give consumers more reason to doubt the bank’s integrity. Do give investors more confidence in the bank’s performance. 4. Demonstrate thought leadership Create content. Engage consumers by offering financial information that helps them while at the same time it demonstrates the bank’s expertise. 5. Eliminate siloes A more open structure results in transparency that minimizes the potential for hidden problems. It also facilitates cross selling. 6. Communicate internally Help staff be knowledgeable and positive about the brand. Stress staff’s importance in delivering the brand promise. Be especially sensitive to the morale of people who interact directly with customers. Financial Institutions | Banks Spotlight Trust in financial institutions grows among affluent Attempting to rebuild trust, which eroded during the global financial crisis, financial institutions have improved transparency and communications. More affluent customers heard the message. Financial institutions have focused more on this group as a way to grow revenue in an environment of low interest rates and fee restrictions. The trust that affluent households felt towards financial institutions increased measurably in 2012, following two years without change. Increasing trust “I am confident the financial institutions that I do business with are working with my best interests in mind” 2010 30% 2011 2012 “I believe the financial services companies and advisors that manage my assets are trustworthy” 2010 2011 2012 “I trust that the financial services firms I do business with are stable and secure” 2010 2011 2012 29% 42% 41% 41% 43% 44% 54% 57% Source: TNS 2012 Affluent Market Research Program 85
Part 3 | The Categories Insurance CUSTOMER 360-VIEWS REVEAL OPPORTUNITIES Data generates new products INSURANCE BRANDS increasingly adopted new technology to recruit and retain customers. They organized and analyzed customer data to understand how the needs of various life stages can signal new business leads. This development affected both life and property and casualty sectors of the category. It represented a sea change for an industry traditionally driven by entrepreneurial agents more incentivized to write new business than sell more products to existing customers. Until now, customer data had been abundant but dispersed, a legacy of insurer agent networks and siloed organizations. Increased analysis potentially enables insurers to offer products and calibrate Definition The insurance category includes brands in both the business-toconsumer—life, property and casualty—and the business-tobusiness sectors. Health insurance is excluded. Top 10 Insurance rates that are personalized for individual clients rather than devised for a demographic segment. No company has yet integrated all its data into coherent and comprehensive 360-views of individual customers. But it is likely that one or two top tier providers will achieve this goal by the end of 2013. These other developments also affected the insurance category: Trust Hurricane Sandy battered the northeastern US in October 2012, causing as much as $50 billion in damage, which impacted property and casualty carriers. The hurricane’s location, in the world’s largest media market, magnified any dissatisfaction with payout speed. Price Financial pressures shaped consumer decisions about discretionary spending, turning the conversation about life insurance to price. Telematics Auto insurers experimented with telematics. When customers agreed to have an electronic device installed in a vehicle to record their driving habits, the insurer could customize rates according to the results. Financial Institutions | Insurance Up 19% 86 BrandZ Top 100 Most Valuable Global Brands 2013 87 Brand value 2013 $M Brand contribution Brand value % change 2013 vs 2012 1 China Life 15,279 3 5% 2 Ping An 10,558 3 4% 3 State Farm 7,881 2 1% 4 AIA 6,813 2 New 5 AxA 3,934 2 18% 6 CPIC 3,705 2 9% 7 Allianz 3,596 2 25% 8 Geico 3,255 2 19% 9 Travelers 2,403 3 New 10 Zurich 2,174 2 15% Valuations include data from BrandZ, Kantar Worldpanel, Kantar Retail and Bloomberg. Brand Contribution measures the influence of brand alone on earnings, on a scale of 1 to 5 (5 highest).
Page 1 and 2: Methodology and valuation by Brand
Page 3 and 4: Welcome So much has happened in the
Page 5 and 6: Part 1 | Highlights 6 BrandZ Top 10
Page 7 and 8: Part 1 | Highlights Key Results Key
Page 9 and 10: Part 1 | Highlights Cross-Category
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Page 67 and 68: Thought Leadership Speed Kills: How
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