fbpx
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Events
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Events
No Result
View All Result
PaymentsJournal
No Result
View All Result

Financial Services Ranks Ninth Out of 10 Industries Studied in MBLM’s Brand Intimacy COVID Study

PaymentsJournal by PaymentsJournal
April 7, 2021
in Customer Experience, Economic Recovery, Press Releases
0
Cloud Migration For Remote Working: When Best Practices Don’t Go Far Enough

Cloud Migration For Remote Working: When Best Practices Don’t Go Far Enough

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

However, Industry is Showing Improved Performance During the COVID Pandemic

New Entrant USAA Lands the First Place Position in Financial Services

NEW YORK — April 6, 2021 — The financial services industry ranks ninth out of the 10 industries studied in MBLM’s Brand Intimacy COVID Study, which analyzes brands based on emotional connections during the pandemic. However, the industry is showing improved performance during COVID. New entrant USAA lands the first place position in the industry, followed by PayPal and Bank of America, which rank second and third, respectively. Brand Intimacy is the emotional science behind the bonds we form with the brands we use and love.

The remaining brands in the top 10 for the industry are: American Express, TD Bank, Chase, Mastercard, Wells Fargo, Visa and CapitalOne. Additionally, according to the study, intimate brands continue to significantly outperform the leading brands in the Fortune 500 and S&P 500 indices across revenue growth, profit growth and stock price.

While the industry is among the lowest ranked industries, it is notable that financial services brands have improved their percentage of customers in some form of intimate relationship by 24 percent since the previous study. Additionally, the percent of customers in sharing, the earliest stage of Brand Intimacy, increased by 41 percent, suggesting more users formed an emotional connection.

Many financial services brands have also focused on helping consumers during the pandemic. Number one brand USAA is offering auto and property insurance assistance, payment assistant programs, and life and health insurance support, among others.[1] The company has also donated more than $47 million to help military families and local communities impacted by the pandemic.[2] In December 2020, PayPal announced an additional $5 million grant program for black-owned businesses, extending its previous $530 million commitment to support businesses during the pandemic.[3] Bank of America announced a $100 million commitment to offer food and medical supply assistance to local communities in April 2020.[4]

“With the pandemic causing financial hardships for a large portion of Americans, many financial services brands have tried to provide important relief services during the past year. We think these brands have the opportunity to leverage the stronger bonds that they have built with consumers and focus on further increasing their emotional connections,” notes Mario Natarelli, managing partner, MBLM.

Additional significant financial services industry findings include:

  • The industry has an average Brand Intimacy Quotient of 27.9, below the cross-industry average of 38.1
  • However, the industry average is up 15 percent compared to MBLM’s previous study
  • Bank of America is the top brand for men, replacing PayPal, while women prefer USAA
  • Consumer preference for Bank of America has increased, while preference for Visa, CapitalOne and Citi has decreased
  • Daily usage increased by 19 percent, indicating that more Americans have been dealing with financial services brands more frequently during the pandemic

In addition, MBLM released an article analyzing the industry, entitled, “Who’s Paying It Forward? The evolving role of financial services brands during the pandemic.” The piece provides an overview of the financial services industry findings of the study. It also includes a language analysis of five brands, looking at how they themselves have behaved and communicated during the pandemic.

To view the financial services industry findings, please click here and to download the industry report, please click here. Additionally, MBLM offers Custom Dashboards providing extensive data for brands included in its Brand Intimacy COVID Study. To download the main Brand Intimacy COVID Study report or explore the Rankings, click here.


[1] USAA’s Webpage: Coronavirus Financial Assistance

[2] USAA’s Webpage: USAA’s Coronavirus Response: Supporting Our Communities

[3] PayPal’s Press Release: PayPal Announces $530 Million Commitment to Support Black Businesses, Strengthen Minority Communities and Fight Economic Inequality

[4] Bank of America’s Webpage: Meeting the needs of local communities impacted by this health and humanitarian crisis

Tags: Brand IntimacyCovid-19Financial ServicesMBLMPress Release
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily
    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    The Wider Lessons from the Federal Reserve’s Payment Outage

    The Wider Lessons from the Federal Reserve’s Payment Outage

    April 22, 2021
    Report: Preventing Social Engineering Attacks with Behavioral Biometrics

    Report: Preventing Social Engineering Attacks with Behavioral Biometrics

    April 21, 2021
    Unpacking the Need for Financial Institutions to Offer Deposit-Based Liquidity Solutions

    Unpacking the Need for Financial Institutions to Offer Deposit-Based Liquidity Solutions

    April 20, 2021
    How Banks Are Seizing Opportunities to Move Beyond Traditional Bank Products

    How Banks Are Seizing Opportunities to Move Beyond Traditional Bank Products

    April 19, 2021
    On the Heels of the Insurrection, the Payments Industry Needs Clear Definitions of Hate and Harm

    On the Heels of the Insurrection, the Payments Industry Needs Clear Definitions of Hate and Harm

    April 16, 2021
    Report: Recurring B2B Payments are Driving Payment Modernization

    Report: Recurring B2B Payments are Driving Payment Modernization

    April 15, 2021
    AI is the Future, and the Future is Now

    AI is the Future, and the Future is Now

    April 14, 2021
    Your Customer’s Bank or Credit Card Details Are Being Sold On the Dark Web. What Can You Do to Stop It?

    Your Customer’s Bank or Credit Card Details Are Being Sold On the Dark Web. What Can You Do to Stop It?

    April 13, 2021

    Connect With Us

    • Advertise With Us
    • About Us
    • Terms of Use
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • COVID-19
    • News
    • Events

    © 2021 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result
    Join Us May 20th

    At the end of this presentation, you will be able to:

    • Understand the market trends challenging merchant onboarding status quo and how onboarding micro-merchants and sole proprietors is different from more traditional businesses
    •  
    • Learn how the world’s leading payments, B2B lending and marketplace organizations built their onboarding processes to scale – and how you can too, whether you process hundreds or thousands of applications per month.
    •  
    • Learn about how Ekata data, in addition to your own, can help drive better risk models and faster decisions
    Register