JAKARTA: BCA (Bank Central Asia) tops a list of Indonesia's most valuable brands in which banks feature prominently, accounting for one quarter of the total value of the top 50.
The first ranking of Indonesian brands by BrandZ, produced by Millward Brown and based on financial analysis and consumer research, valued BCA at $9.9bn. Three other banks also made the top ten, including Bank Rakyat Indonesia in second place worth $8.3bn), Mandiri in fourth worth $6.2bn and BNI (Bank Negara Indonesia) in seventh worth $2.0bn.
BrandZ noted that Indonesian banks have excelled at making themselves accessible and using digital technology to innovate in ways consumers find highly relevant to their lives.
BCA in particular pioneered mobile banking in the country and has also launched popular innovations such as a pre-paid payment card Flazz.
Tobacco companies, which are still permitted to advertise on television, supplied an equal number of entrants in the top ten including A Mild, in fifth worth $5.9bn, Surya, in eighth worth $1.9bn, Dji Sam Soe, in ninth worth $1.8bn, and Marlboro, in tenth worth $1.7bn.
Telecoms business Telkomsel (in third worth $6.4bn) and retailer Matahari (in sixth worth $2.1bn) rounded out the top ten.
Outside this group, BrandZ reported strong performances from the real estate, food and dairy, soft drinks, personal care, retail and entertainment sectors.
FMCG brands made up 28% of the ranking, a high proportion compared to other markets, while the technology sector was not a major presence as home-grown tech brands have yet to achieve significant scale.
"Indonesia's fast growth, stability and consumer confidence create perfect conditions for brand-building," according to Ranjana Singh, WPP Indonesia.
Local brands currently dominate the Top 50, but multinationals are succeeding by tailoring attributes to the market.
"Brands will win in Indonesia if they can meet consumers' functional needs, while communicating stories that build meaningful connections," Singh advised.
And she added that this would be a worthwhile investment: "BrandZ data shows that businesses in Indonesia which nurture the power of their brands are four times more valuable than those that don't."
Data sourced from BrandZ; additional content by Warc staff