Financial companies comprise 12 of the Top 100 Global Brands according to the consultancy Interbrand but this years report contains few financial services highlights.
UBS and Barclays drop out of the Top 100 compared with last year with MasterCard the only new entrant in this years ranking, debuting at number 94.
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Interbrand flagged up MasterCard’s leadership in mobile payments via MasterCard PayPass, the launch of its "Priceless Cities" customer benefits programme, and a growing suite of solutions for business owners as all helping to boost consumer satisfaction.
MasterCard gained market share from Visa over the past year in spending volume, new bank tie-ups (notably SunTrust and Sovereign in the US) and new card users.
Interbrand said: "The brand’s "Priceless" tagline and accompanying slogan have resonated and succeeded in building emotional connections."
American Express (ranked 24th) remains the top ranked financial services brand down one place from 23 last year; its brand value increased by 8% year-on-year to $15.7bn but it remains over $6bn short of its 2008 peak brand value of £21.9bn.
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By GlobalDataInterbrand commended Amex for its investment in the past year in its online channel, designed to improve customer experience and simplify account management.
Although praising its digital and social media marketing strategies, Interbrand said that Amex need to "ensure that its multiple online platforms, seeming a bit like islands unto themselves, are more coordinated, connected, and easy to access."
Morgan Stanley (ranked 54th) and Visa (74th) were the only other financial services brands to enjoy an increase in brand value, up 9%and 10% respectively.
Second ranked banking brand, JPMorgan dropped from 28th position to 32 this year, following an 8% drop in brand value to $11.5bn.
JPMorgan has invested heavily in its brand for the past few years and that investment has paid off; it has however endured adverse publicity in the past 12 months following major trading losses.
According to Interbrand, if the bank hopes to retain the confidence and respect of potential clients and investors, "it will need to instill and project a more trustworthy culture that better guards its legendary returns."
HSBC dropped one place to rank 33rd after a 4% drop in brand value to $11.4bn.
The past year has witnessed a major marketing strategy shift at HSBC underpinned by a shift in global brand strategy and internal restructuring. In an effort to consolidate in underperforming markets, HSBC is concentrating its presence in growth markets and businesses where wealth is being created.
This accompanied the retirement of the "World’s Local Bank" strategy and the introduction of a new tagline: "HSBC helps you unlock the world’s potential."
Goldman Sachs (down 16%) showed the largest financial services brand drop in value and slipped 10 places to rank 48.
Citi fared little better, down 8 places from last year to rank number 50 with a fall in its brand value for the fifth successive year.
Citi’s brand value peaked in 2007 at $23.4bn; fast forward 5 years and Citi’s brand has fallen to little over one-third of that figure at $7.6bn.
Interbrand does however commend Citi for showing a renewed commitment to its brand, coinciding with the bank’s 200th anniversary.
The anniversary celebrations began when Citi reconnected to its heritage through a global campaign highlighting the innovation it has brought to the banking industry over the years. Its first-ever Olympic sponsorship has engaged audiences on traditional channels as well as online.
In an effort to improve customers’ brand experience, Citi has delivered a more integrated online presence across platforms, including new.citi.com, improved online banking functions, as well as new products and mobile apps. In Asia, Citi is investing in its re the retail branch network and promoting innovative Citi Media Walls.
Credit Suisse fell a whopping 13 places from last year to scrape into the Top 100 at position 95.
Following a strong showing in 2011, Santander’s brand value dropped by 6% to rank 76th (2011: position 68).
Santander is introducing US customers to its global brand as it prepares to drop its US Sovereign brand name in 2013. It has, notes Interbrand, been careful to demonstrate its commitment to the US by continuing to invest in new technology and advertising for its US operations.
The report notes however that the European debt crisis and the Santander brand’s close association with Spain "will make it difficult for Santander to continue its winning streak."
Insurers AXA and Allianz also remain in the Top 100 but enjoyed contrasting fortunes.
AXA dropped 5 places to rank 58th while Allianz rose 5 places to position 62 following a 16% rise in brand value.
Coca-Cola remains the top ranked brand, followed by Apple (up from 8th position last year); IBM, Google and Microsoft round off the Top 5 brands.
