BIRMINGHAM: Financial services firms based outside of New York have scored well in a new ranking of the strength of US banking brands.
The 2011 BBVI, compiled by specialist consultancy Bancography, found that firms based in Texas and the mid-western and the western states took 30 of the top 40 positions on the rankings, which consist of the 10 best-scoring firms in four separate asset divisions.
These regions dominated the small banks category – firms with assets of under $500m – taking all of the spots on the top 10. Moreover, Texas was the best-performing state across all four categories, taking 12 of the top 40 spots.
But banks based in the north-east prevailed in the rankings for the largest firms – those with assets of over $30bn.
New York-based Wells Fargo was found to have the strongest brand in the category, with US Bank (based in St Louis), M&T (Buffalo), Fifth Third (Cincinnati) and PNC (Pittsburgh) rounding out the top five.
Steve Reider, president of Bancography, set the brand rankings in the context of the US economy, which appears to have returned to growth following a period of severe volatility.
"Those institutions that remained committed to delivering a superior service and value proposition even in the down economy appear poised for growth as the recovery continues," Reider said.
"It is critical for financial institutions to stay on point with their messaging, whether expressed through advertising, service, or distribution channels, and those that maintain consistent brand identity will continue to enjoy positive financial results."
Bancography compiled its bank brand rankings by measuring each institution's reputation, perceived quality of customer service, image and brand awareness.
It excluded other factors that did not relate to each firm's brand, such as the banks' capital base or external market conditions.
Data sourced from Bancography; additional content by Warc staff