The Attest brand index is a platform agnostic measure of a brand’s total brand equity in the Finance sector, as determined by real consumers.
What do we mean by ‘platform agnostic’? We mean the results are not influenced by any particular method of obtaining them, such as looking only at social media mentions, or brand search terms. This reduces bias and provides a much more accurate view of a brand’s strength in any given category.
To determine the finance brand index, we look at three things.
Percentage of unprompted brand recall within a named category e.g. ‘snacks’ ‘travel’ or ‘entertainment’
How likely a person is to purchase your particular brand (purchase intent)
How likely a person is to recommend your brand (Net Promoter Score)
Our data is gathered every quarter from an online survey sent to a nationally representative panel of 1,000 UK consumers aged 18-65.
Key brand attribute changes
Each quarter we rank the brands in the top 10 leaderboard based on eight industry-specific attributes. Here are the main points of interest:
This quarter, Royal Bank of Scotland drops out of the leaderboard, and their performance across the eight attributes in Q1 could have predicted this fate; last quarter RBS scored the lowest weighted ranking of the top 10 in seven of the eight categories (having convenient branch locations, being reliable, trustworthy, offering flexible plans and products, presenting memorable branding, driving innovation and offering perks to customers).
Also to leave the leaderboard due to slipping Unprompted Brand Recall scores is PayPal, though their performance in Q1 was considerably better than RBS, winning top place for four categories (customer service, flexibility, innovation and perks).
These two brands are replaced by MoneySuperMarket and Monzo, both of whom do relatively well in the key attributes section; MoneySuperMarket takes two first place spots (service and memorable branding), while Monzo takes top spot in three attributes (flexibility, innovation and perks).
This quarter, the brand taking the most last place rankings is HSBC, who come last in five attributes (customer service, trust, memorable branding, innovation and perks), despite not coming last in any of the attributes in Q1.
The finance sector is a fluid market, with just one brand of the top 10 (Halifax) remaining steady in their positioning across Q1 and Q2 of 2019. The rest of the leaderboard undergoes significant shifts.
Q2 has a new finance Industry leader, Barclays. Thanks to rises in all three key metrics (Unprompted Brand Recall, Purchase Intent and Net Promoter Score), the bank rises from 5th place in Q1 to first place this quarter, almost doubling their Total Brand Equity from 580 to 930.
There are also two newcomers to the leaderboard this quarter, Monzo and MoneySuperMarket, who push PayPal and Royal Bank of Scotland from the top 10. This is more a feature of the downfall of the latter two brands than a result of the success of the two incoming brands, given that Monzo and MoneySuperMarket join with just 1.5% and 1.6% of the Unprompted Brand Recall each, meaning PayPal and RBS have slipped below this threshold from their hold over 2.4% and 2.2% of the recall in Q1.
The full report
The report includes:
The UK’s leading finance brands for awareness, purchase intent and Net Promoter Score
Overall brand strength and total brand equity index
Industry averages and market dynamics
Key takeaways for the UK finance industry
This report is based on a nationally representative survey of 1000 people in the UK (aged 18+), surveyed in January 2019.
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