NEW YORK, March 12, 2012 /PRNewswire/ --
US consumers are turning their backs on financial services brands that epitomize the archetypal "Wall Street" values of Gordon Gekko, according to the latest findings from brand consultancy Clear's Brand Desire Study 2012. Only a perceived lack of alternatives is stopping them, according to a nationwide study of 6,000 people.
Only 22% of consumers have respect for banks such as Citi, Chase and Bank of America who they find too aggressive, image-focused and competitive. In a clear wake-up call for the US financial industry, only 16% of Americans said they would love to use these banks in the future. Of the 250 brands studied, these financial institutions landed in the bottom 15 across all categories, below Camel, Mobil and McDonald's.
Consumers are looking for a bank that is compassionate, considerate and interested in their wellbeing. USAA, a bank consumers felt displayed these traits, is the only financial services company to make it in to the top twenty of all brands in the US.
Until now, big banks have had no reason to pay any heed to the concerns of their largely captive audience, but now technology brands like Google have entered the financial services sector, the big banks are under serious threat. The study reveals that Paypal has achieved an unprecedented placing of 23rd most desirable brand in the country and challengers such as Movenbank, Dwolla and Simple, are looking to change the way we bank.
Adam French, Clear's Founder and President, said: "The traditional US banking model needs to adapt if they hope to retain loyal customers. Consumers are looking for a more human bank, which, with the exception of USAA, is in short supply. If the new challengers demonstrate compassion, consideration, and customer wellbeing, then the big brands will have to take another look at what they offer consumers beyond functional products."
Please credit Clear's Global Brand Desire Study 2012
To read the full results of Clear's Global Brand Desire Study 2012 go to http://www.brand-desire.com
For further information and interview opportunities contact Tracey O'Connor at Pumpkin on +44-(0)20-7287-2007 or [email protected]
Notes to Editors:
Clear is a full service brand consultancy that builds desirable brands through the power of simplicity. Founded in 2002, Clear employs over 100 people across its five global offices and works with Fortune 500 companies in financial services, CPG, healthcare, apparel and more.
SOURCE Clear’s Brand Desire Study 2012
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