Banking Industry Insight
Big 4 Banks Closing the Gap on Brand Authenticity
- Heritage Bank ranks highest for brand authenticity, with an increase of 21 points compared with 2019.
- Big 4 banks have made strides in repairing authenticity post the Royal Commission, with improved scores relating to their history and continuity, perceived by customers as timeless and surviving trends.
- Customers of the Big 4 banks are more likely than the average bank customer to perceive their bank as profit-driven rather than customer-driven.
- Concerns about a bank’s reputation is a key reason for 5% of customers to have switched banks, with 4% saying they switched due to concerning media coverage.
- Midsize banks have the most transparent fees structures: 29% of Big 4 customers indicate they do not find their bank’s fee structure to be transparent, significantly more than for midsize bank customers (17%).
Brand authenticity is increasingly important to customers across many industries, and especially in times of crisis. To understand the relevance of customer attitudes towards their bank and relationship to business outcomes, J.D. Power has developed a brand authenticity index model which is made up of 12 attributes that correspond with three dimensions: character, history & continuity, and branding relationship.