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Brand Perceptions of Financial Services Companies - US - April 2010

The landscape for financial services providers has changed radically in the last few years. Although “big bank” conglomerates are still the dominant channels that the majority of consumers turn to for financial products and services, consumers are increasingly interested in purchasing financial products and services from institutions that they consider to be fair and trustworthy.

In order to gauge how consumers perceive leading brands within the financial services industry, Mintel commissioned Greenfield Online to survey a nationally representative sample of 2,000 consumers about their attitudes toward and perceptions of financial services brands.

This research provides brand planners with actionable consumer insights and competitive benchmarks to use in monitoring their own brand performance. Additionally, the report provides actual examples of advertising strategies that are being used effectively to reach their audience. This report builds on the analysis presented in Mintel's report Brand Perceptions ofFinancial Services Providers – April 2008 and address questions such as:

  • Who are the top-rated banks, investment and insurance companies in terms of customer satisfaction and brand image?
  • What factors are driving consumer attitudes and perceptions relative to the leading brands?
  • What benefits are driving consumer preferences and loyalty?
  • How do perceptions of the differing brand categories vary by demographic sector?
  • What are some of the branding strategies of key financial services firms?

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Table of contents

  1. Scope and Themes

      • What you need to know
        • Data sources
          • Consumer survey data
            • Abbreviations
            • Executive Summary

              • Industry overview
                • Current branding strategies
                  • Brand attributes
                  • Insights and Opportunities

                    • Key points
                      • Use PR and media placement strategically to manage reputation
                        • Use a reputation for being innovative to position the brand effectively
                        • Brand Advertising and Marketing Trends

                          • Key points
                            • Adspend was picking up toward the end of 2009
                            • Marketing Channels

                              • Key points
                                • Banks increasing use of mobile channels
                                  • Increasing use of social media sites to support customer service initiatives
                                    • Figure 1: Current and projected marketing spending on social media by B2B and B2C marketers, percentage of total market spending, August 2009 and February 2010
                                  • Website best practices
                                    • Figure 2: Website rankings based on user experience, February 2010
                                • Innovators and Innovation

                                  • Key points
                                    • Manage the customer experience
                                      • Think “out of the industry” to be customer-centric
                                        • Create a culture where employees can be customer advocates
                                        • Branding Basics

                                          • Key points
                                            • Consumer usage of financial services providers by category
                                              • Figure 3: Respondents who have ever had (past or present) an account with various type of financial service providers, January 2008 and December 2009
                                            • What do consumers think of providers in each category?
                                              • Figure 4: Brand attributes for current financial services provider, by category, January 2008
                                              • Figure 5: Factors most important in choosing a bank or brokerage firm, December 2009
                                            • Consumer usage of specific brands: January 2008 vs. December 2009
                                              • Figure 6: Consumer usage of the leading brands, January 2008 and December 2009
                                            • Customer satisfaction remains steady for many brands
                                              • Figure 7: Change in customer satisfaction for leading financial services brands, top two boxes (very and somewhat satisfied), January 2008 and December 2009
                                            • Customer satisfaction and four key attributes
                                                • Figure 8: Customer satisfaction and key brand attributes, top two boxes, December 2009
                                              • Top ranking brands on key brand attributes
                                                • Figure 9: Top ranked brands on key brand attributes, December 2009
                                                • Figure 10: Top ranked brands on key brand image attributes, December 2009
                                              • Changes in customer perceptions of the industry over the two-year period January 2008 to December 2009
                                                • Figure 11: Changes in brand image between January 2008 and December 2009 (top brands by reputation)
                                            • Individual Brand Profiles

                                              • Key points
                                                • Overview
                                                  • Credit unions
                                                    • Credit unions—customer satisfaction
                                                      • Figure 12: Credit unions - customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                      • Figure 13: Customer satisfaction with credit unions and satisfaction attributes, by gender, age, and household household income, December 2009
                                                    • Credit Unions—key brand attributes
                                                      • Figure 14: Credit unions—comparison of key brand attributes, January 2008 and December 2009
                                                      • Figure 15: Credit unions—key brand attributes, by gender, December 2009
                                                    • Credit unions—advertising and marketing examples
                                                      • Figure 16: Navy Federal direct mail ad, February 2010
                                                      • Figure 17: Arizona Central Credit Union print advertisement, March 2010
                                                      • Figure 18: New Jersey Credit Union print advertisement, February 2010
                                                    • State Street—customer satisfaction
                                                      • Figure 19: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                      • Figure 20: Customer satisfaction with State Street and satisfaction attributes, by gender, December 2009
                                                    • State Street—key brand attributes
                                                      • Figure 21: State Street—Comparison of key brand attributes, January 2008 and December 2009
                                                      • Figure 22: State Street—key brand attributes, by gender, December 2009
                                                    • State Street—brand advertising and marketing examples
                                                      • USAA
                                                        • USAA—customer satisfaction
                                                          • Figure 23: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                          • Figure 24: Customer satisfaction with USAA and satisfaction attributes, by gender, December 2009
                                                        • USAA—key brand attributes
                                                          • Figure 25: USAA—Comparison of key brand attributes, January 2008 and December 2009
                                                          • Figure 26: USAA—key brand attributes, by gender, December 2009
                                                        • USAA—brand advertising and marketing examples
                                                            • Figure 27: USAA newsletter direct mail advertisement
                                                          • Fidelity
                                                            • Fidelity—customer satisfaction
                                                              • Figure 28: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                              • Figure 29: Customer satisfaction with Fidelity and satisfaction attributes, by gender, December 2009
                                                            • Fidelity—key brand attributes
                                                              • Figure 30: Fidelity—Comparison of key brand attributes, January 2008 and December 2009
                                                              • Figure 31: Fidelity—key brand attributes, by gender, December 2009
                                                            • Fidelity—brand advertising and marketing examples
                                                              • Figure 32: Fidelity Private Portfolio Service advertisement incorporating “green line” campaign, March 2010
                                                            • BB&T
                                                              • BB&T—customer satisfaction
                                                                • Figure 33: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                • Figure 34: Customer satisfaction with BB&T and satisfaction attributes: by gender, December 2009
                                                              • BB&T—key brand attributes
                                                                • Figure 35: BB&T—Comparison of key brand attributes, January 2008 and December 2009
                                                                • Figure 36: BB&T—key brand attributes, by gender and age, December 2009
                                                              • BB&T—advertising and marketing examples
                                                                • Figure 37: BB&T branding print ad – Colonial Bank acquisition, September 2009
                                                              • Vanguard
                                                                • Vanguard—customer satisfaction
                                                                  • Figure 38: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                  • Figure 39: Customer satisfaction with Vanguard and satisfaction attributes, by gender, December 2009
                                                                • Vanguard—key brand attributes
                                                                  • Figure 40: Vanguard—Comparison of key brand attributes, January 2008 and December 2009
                                                                  • Figure 41: Vanguard—key brand attributes, by gender, December 2009
                                                                • Vanguard—advertising and marketing examples
                                                                  • Figure 42: Vanguard direct mail advertisement, December 2009
                                                                  • Figure 43: Vanguarding” campaign email advertisement, March 2010
                                                                • Charles Schwab
                                                                  • Charles Schwab—customer satisfaction
                                                                    • Figure 44: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                    • Figure 45: Customer satisfaction with Charles Schwab and satisfaction attributes, by gender, December 2009
                                                                  • Charles Schwab—key brand attributes
                                                                    • Figure 46: Charles Schwab—Comparison of key brand attributes, January 2008 and December 2009
                                                                    • Figure 47: Charles Schwab—key brand attributes, by gender, December 2009
                                                                  • Charles Schwab—advertising and marketing examples
                                                                    • Figure 48: Charles Schwab “Talk to Chuck” print advertisement, April 2009
                                                                  • PNC
                                                                    • PNC—customer satisfaction
                                                                      • Figure 49: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                      • Figure 50: Customer satisfaction with PNC and satisfaction attributes, by gender, December 2009
                                                                    • PNC—key brand attributes
                                                                      • Figure 51: PNC—Comparison of key brand attributes, January 2008 and December 2009
                                                                      • Figure 52: PNC—key brand attributes, by gender, December 2009
                                                                    • PNC—advertising and marketing examples
                                                                      • Figure 53: PNC “Grow up Great” print advertisement, April 2010
                                                                    • State Farm
                                                                      • State Farm—customer satisfaction
                                                                        • Figure 54: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                        • Figure 55: Customer satisfaction with State Farm and satisfaction attributes, by gender, age and household income, December 2009
                                                                      • State Farm—key brand attributes
                                                                        • Figure 56: State Farm—Comparison of key brand attributes, January 2008 and December 2009
                                                                        • Figure 57: State Farm—key brand attributes, by gender, December 2009
                                                                      • State Farm—advertising and marketing examples
                                                                          • Figure 58: State Farm print ad, February 2010
                                                                        • National City
                                                                          • National City—customer satisfaction
                                                                            • Figure 59: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                            • Figure 60: Customer satisfaction with National City and satisfaction attributes, by gender, December 2009
                                                                          • National City—key brand attributes
                                                                            • Figure 61: National City—Comparison of key brand attributes, January 2008 and December 2009
                                                                            • Figure 62: National City—key brand attributes, by gender, December 2009
                                                                          • National City—advertising and marketing examples
                                                                              • Figure 63: National City “Free Checking Plus” direct mail advertisement, April 2009
                                                                            • Fifth Third
                                                                              • Fifth Third—customer satisfaction
                                                                                • Figure 64: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                • Figure 65: Customer satisfaction with Fifth Third and satisfaction attributes, by gender, December 2009
                                                                              • Fifth Third—brand image and key attributes
                                                                                • Figure 66: Fifth Third—Comparison of key brand attributes, January 2008 and December 2009
                                                                                • Figure 67: Chase—key brand attributes, by gender, December 2009
                                                                                • Figure 68: Fifth Third print advertisement, April 2010
                                                                              • Regions Bank
                                                                                • Regions Bank—customer satisfaction
                                                                                  • Figure 69: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                  • Figure 70: Customer satisfaction with Regions Bank and satisfaction attributes, by gender, December 2009
                                                                                • Regions Bank—brand image and key attributes
                                                                                  • Figure 71: Regions Bank—Comparison of key brand attributes, January 2008 and December 2009
                                                                                  • Figure 72: Regions Bank—key brand attributes, by gender, December 2009
                                                                                • Regions Bank—advertising and marketing examples
                                                                                  • Figure 73: Regions Bank “LifeGreen checking” print advertisement
                                                                                • JPMorgan Chase
                                                                                  • Chase—customer satisfaction
                                                                                    • Figure 74: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                    • Figure 75: Customer satisfaction with Chase and satisfaction attributes: by gender, age and household income, December 2009
                                                                                  • Chase—key brand attributes
                                                                                    • Figure 76: Comparison of key brand attributes, January 2008 and December 2009
                                                                                    • Figure 77: Chase—key brand attributes, by gender, December 2009
                                                                                  • Chase—advertising and marketing examples
                                                                                    • Figure 78: Chase “Chase what matters” print advertisement, March 2010
                                                                                    • Figure 79: Chase Slate credit card direct mail advertisement, October 2009
                                                                                  • SunTrust
                                                                                    • SunTrust—customer satisfaction
                                                                                      • Figure 80: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                      • Figure 81: Customer satisfaction with SunTrust and satisfaction attributes, by gender, December 2009
                                                                                    • SunTrust—key brand attributes
                                                                                      • Figure 82: SunTrust—Comparison of key brand attributes, January 2008 and December 2009
                                                                                      • Figure 83: SunTrust—key brand attributes, by gender and age, December 2009
                                                                                    • SunTrust—advertising and marketing examples
                                                                                      • Figure 84: SunTrust Delta Skymiles check card print advertisement, October 2009
                                                                                    • BoNY/Mellon
                                                                                      • Bank of New York/Mellon—customer satisfaction
                                                                                        • Figure 85: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                        • Figure 86: Customer satisfaction with BoNY/Mellon and satisfaction attributes, by gender, December 2009
                                                                                      • Bank of New York/Mellon—key brand attributes
                                                                                        • Figure 87: Bank of New York/Mellon—Comparison of key brand attributes, January 2008 and December 2009
                                                                                        • Figure 88: Bank of New York/Mellon—key brand attributes, by gender, December 2009
                                                                                      • Morgan Stanley
                                                                                        • Morgan Stanley—customer satisfaction
                                                                                          • Figure 89: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                          • Figure 90: Customer satisfaction with Morgan Stanley and satisfaction attributes, by gender, December 2009
                                                                                        • Morgan Stanley—key brand attributes
                                                                                          • Figure 91: Morgan Stanley—comparison of key brand attributes, January 2008 and December 2009
                                                                                          • Figure 92: Morgan Stanley—key brand attributes, by gender, December 2009
                                                                                        • Morgan Stanley—advertising and marketing examples
                                                                                          • Figure 93: Morgan Stanley print advertisement, February 2010
                                                                                        • KeyBank
                                                                                          • KeyBank—customer satisfaction
                                                                                            • Figure 94: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                            • Figure 95: Customer satisfaction with KeyBank and satisfaction attributes, by gender, December 2009
                                                                                          • KeyBank—key brand attributes
                                                                                            • Figure 96: KeyBank—Comparison of key brand attributes, January 2008 and December 2009
                                                                                            • Figure 97: KeyBank—key brand attributes, by gender, December 2009
                                                                                          • KeyBank—advertising and marketing examples
                                                                                            • Figure 98: KeyBank direct mail advertisement, January 2010
                                                                                          • U.S. Bank
                                                                                            • U.S. Bank—customer satisfaction
                                                                                              • Figure 99: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                              • Figure 100: Customer satisfaction with U.S. Bank and satisfaction attributes, by gender, December 2009
                                                                                            • U.S. Bank—key brand attributes
                                                                                              • Figure 101: US Bank—Comparison of key brand attributes, January 2008 and December 2009
                                                                                              • Figure 102: U.S. Bank—key brand attributes, by gender, December 2009
                                                                                            • U.S. Bank—advertising and marketing examples
                                                                                              • Figure 103: U.S. Bank email advertisement, July 2009
                                                                                            • Wells Fargo/Wachovia
                                                                                              • Wells Fargo/Wachovia—customer satisfaction
                                                                                                • Figure 104: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                                • Figure 105: Customer satisfaction with Wells Fargo and satisfaction attributes, by gender, age, and household income, December 2009
                                                                                              • Wells Fargo/Wachovia—key brand attributes
                                                                                                • Figure 106: Wells Fargo/Wachovia—Comparison of key brand attributes, January 2008 and December 2009
                                                                                                • Figure 107: Wells Fargo/Wachovia—key brand attributes, by gender, December 2009
                                                                                              • Wells Fargo/Wachovia—advertising and marketing examples
                                                                                                  • Figure 108: Wells Fargo/Wachovia retirement planning direct mail advertisement, march 2010
                                                                                                • HSBC
                                                                                                  • HSBC—customer satisfaction
                                                                                                    • Figure 109: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                                    • Figure 110: Customer satisfaction with HSBC and satisfaction attributes, by gender, December 2009
                                                                                                  • HSBC—brand image and key attributes
                                                                                                    • Figure 111: HSBC—Comparison of key brand attributes, January 2008 and December 2009
                                                                                                    • Figure 112: HSBC—key brand attributes, by gender, December 2009
                                                                                                  • HSBC—advertising and marketing examples
                                                                                                    • Figure 113: HSBC Premier print advertisement, March 2010
                                                                                                  • Allstate
                                                                                                    • Allstate—customer satisfaction
                                                                                                      • Figure 114: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                                      • Figure 115: Customer satisfaction with Allstate and satisfaction attributes, by gender, age, and household income, December 2009
                                                                                                    • Allstate—brand image and key attributes
                                                                                                      • Figure 116: Allstate—Comparison of key brand attributes, January 2008 and December 2009
                                                                                                      • Figure 117: Allstate—key brand attributes, by gender, December 2009
                                                                                                    • Allstate—advertising and marketing examples
                                                                                                      • Figure 118: Allstate auto insurance direct mail advertisement, March 2010
                                                                                                    • Bank of America
                                                                                                      • Bank of America—customer satisfaction
                                                                                                        • Figure 119: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                                        • Figure 120: Customer satisfaction with Bank of America and satisfaction attributes, by gender, age, and household income, December 2009
                                                                                                      • Bank of America—key brand attributes
                                                                                                        • Figure 121: Bank of America—Comparison of key brand attributes, January 2008 and December 2009
                                                                                                        • Figure 122: Bank of America—key brand attributes, by gender, December 2009
                                                                                                      • Bank of America—advertising and marketing examples
                                                                                                          • Figure 123: State Farm “quote card” direct mail auto insurance advertisement, September 2009
                                                                                                        • Citibank
                                                                                                          • Citibank—customer satisfaction
                                                                                                            • Figure 124: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                                            • Figure 125: Customer satisfaction with Citibank and satisfaction attributes: by gender, age, and household income December 2009
                                                                                                          • Citibank—key brand attributes
                                                                                                            • Figure 126: Citibank—Comparison of key brand attributes, January 2008 and December 2009
                                                                                                            • Figure 127: Citibank—key brand attributes, by gender, December 2009
                                                                                                          • Citibank—brand and advertising strategies
                                                                                                            • Figure 128: Citibank checking account direct mail advertisement, March 2010
                                                                                                          • Merrill Lynch
                                                                                                            • Merrill Lynch—customer satisfaction
                                                                                                              • Figure 129: Customer satisfaction (net satisfied) and importance of attributes in choosing a financial services provider (summary of top two boxes), December 2009
                                                                                                              • Figure 130: Customer satisfaction with Merrill Lynch and satisfaction attributes, by gender, December 2009
                                                                                                            • Merrill Lynch—key brand attributes
                                                                                                              • Figure 131: Merrill Lynch—Comparison of key brand attributes, January 2008 and December 2009
                                                                                                              • Figure 132: Merrill Lynch—key brand attributes, by gender, December 2009
                                                                                                            • Merrill Lynch—advertising and marketing examples
                                                                                                              • Figure 133: Merrill Lynch retirement planning print advertisement, March 2010
                                                                                                          • Appendix: Trade Associations

                                                                                                            Companies Covered

                                                                                                            • Allstate Corporation (The)
                                                                                                            • American Express Company (The)
                                                                                                            • American Marketing Association (AMA)
                                                                                                            • Ameriprise Financial Inc.
                                                                                                            • AOL
                                                                                                            • Apple, Inc
                                                                                                            • Bank of America Corporation
                                                                                                            • Bank of New York Mellon Corporation, The
                                                                                                            • BB&T Corporation
                                                                                                            • Campbell-Ewald Company
                                                                                                            • Capital One Financial Corporation
                                                                                                            • Charles Schwab Corporation
                                                                                                            • Chase Home Finance
                                                                                                            • Citibank
                                                                                                            • Citigroup Inc.
                                                                                                            • Consumer Bankers Association
                                                                                                            • DDB Worldwide Communications Group Inc.
                                                                                                            • Dell Inc.
                                                                                                            • DraftFCB
                                                                                                            • EverBank Financial Corporation
                                                                                                            • Facebook, Inc.
                                                                                                            • Fannie Mae
                                                                                                            • Fifth Third Bancorp
                                                                                                            • FMR Corp.
                                                                                                            • Government Employees Insurance Company
                                                                                                            • Greenfield Online
                                                                                                            • HSBC USA Inc.
                                                                                                            • Independent Community Bankers of America
                                                                                                            • ING Bank, fsb
                                                                                                            • Investment Company Institute
                                                                                                            • J.D. Power and Associates
                                                                                                            • JPMorgan Chase & Co
                                                                                                            • KeyBank Real Estate Capital
                                                                                                            • Merrill Lynch & Co. Inc
                                                                                                            • Morgan Stanley
                                                                                                            • Mortgage Bankers Association (MBA)
                                                                                                            • National City Corporation
                                                                                                            • National Public Radio Inc.
                                                                                                            • Nationwide Financial Services, Inc.
                                                                                                            • Navy Federal Credit Union
                                                                                                            • Omnicom Group Inc.
                                                                                                            • Publicis USA
                                                                                                            • State Farm Insurance Companies
                                                                                                            • SunTrust Banks Inc.
                                                                                                            • The American Bankers Association
                                                                                                            • The Financial Services Roundtable
                                                                                                            • The New York Times Company
                                                                                                            • The PNC Financial Services Group
                                                                                                            • The Vanguard Group, Inc.
                                                                                                            • U.S. Bancorp
                                                                                                            • USAA
                                                                                                            • Wachovia Corporation
                                                                                                            • Walmart Stores (USA)
                                                                                                            • Wells Fargo & Company

                                                                                                            Brand Perceptions of Financial Services Companies - US - April 2010

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