Brand Perceptions of Canadian Financial Service Institutions - Canada - May 2015
“Although there is a common perception that all banks are the same, a more in-depth look beneath the surface reveals distinct brand characteristics with some major players succeeding in projecting a more innovative and friendly brand image.”
– Sanjay Sharma, Senior Financial Services Analyst
This report discusses the following key topics:
- Designing innovative strategies to highlight distinctive brand attributes
- Insurance companies – How increasing brand awareness and reputation will pay dividends in the marketplace
- Bank size and the Canadian consumer
- Brand influencers – Building a brand’s personality in the minds of consumers
There is a perception among some Canadians that there is little difference between the major financial institutions in Canada. But going beneath the surface, there are clear differences in consumer brand perceptions even where larger institutions are concerned. Given the importance of brand reputation as a factor that influences consumer choice of bank, it is important to explore in detail both the subtle and the more clear-cut distinctions in brand imagery and perceptions.
The major financial institutions have aimed to carve out a clear niche for themselves in the minds of consumers by using distinct brand characteristics. While most Canadians are familiar with the ‘big five’ banks, the main insurance companies are relatively less well-known. There are also differences in brand perception among different segments of the Canadian population.
This report covers consumer awareness, attitudes and perceptions regarding the major financial institutions in Canada. It also examines any differences in perceptions between users and non-users of the brand. It explores themes of brand usage and awareness, brand rating factors, choice influencers, brand personality and attitudes towards the major financial brands.
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