ANZ, Commonwealth, NAB and Westpac continue to dominate as Australia’s most trusted banking brands but the big four should watch out as the challengers are rising quickly.
While ANZ crowns the lot and has added $106m to its value, it is the smaller banking brands that are growing the fastest, according to Brand Finance’s The Brand Finance Banking 500 report.
BT Financial Group has grown a whopping 94% to a total brand value of $713m and jumped 93 places in the global rankings.
Suncorp is up 28% to $463m and Bankwest is up more than 20%.
“Bankwest has also improved its brand rating from AA- to AA. The brand rating is a benchmark of the strength, risk and potential of a brand, suggesting that Bankwest is poised for further improvements next year,” Brand Finance said.
While the smaller banks may be steaming ahead they have a long way to go until they can dream of knocking ANZ of its $6.763bn brand value perch.
The ANZ’s growth has been attributed to the “excellent marketing and sponsorship activities ANZ has undertaken”.