Millennials have a strong connection with their banks, says The Harris Poll in revealing the banks with the highest brand equity this year. In fact, Millennials give national and super regional banks a higher combined brand equity score than older adults, per the study’s results.
It’s an interesting finding in light of extensive research conducted by MarketingCharts into youth and financial services. Our study likewise found that Millennials have the best perception of financial institutions, though they did report lower levels of satisfaction with their primary financial institution than did older adults. Interestingly, although Millennials maintain a positive view of financial institutions, a majority would be willing to try an alternative institution, and this young cohort is much more likely than others to switch to a digital-only bank.
Nevertheless, our research found that in terms of new banking relationships, Millennials are choosing the big-3 banks at a greater rate than other Americans.
So which national bank has the best brand equity with consumers? It’s Chase Banks, per The Harris Poll results, which measure familiarity, quality, and purchase consideration across several thousand brands. Among super regional banks, Capital One took top billing for the first time, with its brand equity rising by 10% since 2014, one of the largest increases of any brand measured.
Following Capital One in the super regional bank rankings were Ally Bank, Regions Bank, PNC Bank and BB&T Bank.
About the Data: The Harris Poll describes its methodology in part as follows:
“The 2016 Harris Poll EquiTrend Study is based on a sample of 97,120 U.S. consumers ages 15 and over surveyed online, in English, between December 22, 2015 and February 1, 2016. The survey took an average of 30 minutes to complete. The total number of brands rated was 3,837. Each respondent was asked to rate a total of 40 randomly selected brands. Each brand received approximately 1,000 ratings. Data was weighted to be representative of the entire U.S. population of consumers ages 15 and over based on age by sex, education, race/ethnicity, region, income, and data from respondents ages 18 and over were also weighted for their propensity to be online. Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. Because the sample is based on those who agreed to participate in our panel, no estimates of theoretical sampling error can be calculated.
The Brand Equity Index is the keystone to the EquiTrend program, providing an understanding of a brand’s overall strength. A brand’s Equity is determined by a calculation of Familiarity, Quality and Purchase Consideration. Brand of the Year is determined by a simple ranking of brands.”