Texans may have a better relationship with their banks than any other customers in the country, according to consulting company Bancography. Banks in the Southwest and Midwest have the strongest brand identities, the company found in a research study.
Texas came out on top in the brand-identity survey, with 15 banks making appearances on Bancography’s leaderboard. The regions that had the highest presence in the BBVI were the Southwest, Midwest and West. On the opposite end the South, Northeast and Mid-Atlantic struggled with only 8 institutions on list of 40.
“The 2010 BBVI reflects the fluid financial services landscape as providers continue to confront the aftermath of the recession. Banks that pay homage to the pillars of sound brand strategy using clear differentiation and consistency of message reap the benefit at their competitors’ expense,” according to the release. “It is abundantly clear that in the more stable geographic sections of the country, bank brands were able to stay on point with their customers by not dialing back effective dialogue and service.”
# Bank State
1 The Northern Trust Company IL
2 U.S. Bank MN
3 Wells Fargo Bank MN
4 JPMorgan Chase Bank NY
5 Branch Banking and Trust Co. NC
# Bank State # Bank State
1 The Northern Trust Company IL 1 Intrust Bank KS
2 U.S. Bank MN 2 Woodforest National Bank TX
3 Wells Fargo Bank MN 3 Amarillo National Bank TX
4 JPMorgan Chase Bank NY 4 Westamerica Bank CA
5 Branch Banking and Trust Co. NC 5 Iberiabank LA
At a time when Americans’ bank confidence is low, establishing meaningful relationships with customers should be at the top of financial institution’s priority list. A good relationship can in turn promote a stronger brand image as well as more gains for the institution in general. Are you from one of the regions that is not well-represented? Review your Bank on our reviews page.
2010 Bancography Brand Value Index (BBVI)
In order to gather its research, Bancography looked at each institution’s long-term value, accounting for factors such as:
- Service quality
- Market awareness
The study also considered capital base, market conditions and competitive environments and looked for institutions that produced financial results that exceeded what those factors would predict.