BankAmerica, Citibank and Chase Manhattan Lead Seven Top-Tier Banks in New Consumer Brand Equity Study; First PSI Brand Equity Index Ranks 34 Commercial Banks

Business Wire, March 8, 1999

TAMPA, Fla.--(BUSINESS WIRE)--March 8, 1999--BankAmerica (which inanks based on an analysis of PSI consumer brandr brand equity is essential for banks, especially given the unprecedented changes taking place in the financial services industry. The ways in which customers select financial services and the changes taking place in how banks deliver them - including the internet - have important implications for customer loyalty and retention, and therefore brand equity. The benefits of retaining profitable customers are obvious to all," he said, and "brand equity is a key factor in consumer retention."

Noting that the PSI Brand Equity Study covered a full range of companies, Mr. Sievewright said that no U.S. bank has achieved the brand equity levels enjoyed by consumer brands like Ford, McDonald's, Coca-Cola and Microsoft. "We also found some very significant differences in the brand equity scores among the major banking players," Mr. Sievewright said. "That's good news for some, bad news for others," he added.

Brand equity is a multi-faceted consumer-based measurement. "The most relevant measures in determining the brand equity of a bank," explains Rick Lund, president and chief executive officer of RCL, "are its ratings on being trustworthy, stable, giving personalized service, providing useful expertise and giving confidence that the customer's money is safe."

The ABLe(TM) model statistically scored each survey respondent on the basis of his/her responses to 32 different questions. These scores were compiled for each of the 34 banks, yielding an overall ABLe Score which was then translated into a PSI Brand Equity Index(TM) measure. After banks were ranked by scores, a statistical procedure was used to designate those with the highest (AAA) rating down to the lowest. The average (A) is 100.

In partnership with RCL, Mr. Sievewright said: "We have used extensive information collected in the study to establish a baseline for 34 of the most significant players in consumer banking. By teaming with this leading brand equity marketing research company, also a part of NFO Worldwide, we have created similar indices for credit cards, insurance and investments/brokerage/mutual fund companies."

PSI Global, an NFO Worldwide Company, is a marketing information firm focused exclusively on financial services. For more than 30 years, PSI has provided unique "voice of the customer" insight and analysis across all types of market research. PSI products and services cover all aspects of retail and corporate financial services, including continuous studies devoted to brand equity, card services and strategies, payments, delivery strategies and on-line services. PSI Global has offices in New York, London, Singapore, San Francisco and Tampa.

Ross Cooper-Lund provides research-based counsel to help clients develop, refine and manage their brands worldwide. Using proprietary models like ABLe(TM) and MarketMind(TM), RCL helps companies understand and track the driving elements of brand equity in their markets

NFO Worldwide is the largest custom marketing research firm in the U.S. and among the top three in the world. It serves more than 3,000 clients in 31 countries.