While overall rankings saw a healthy mix of digital and traditional banks and services, traditional banks were some of the most improved
Online payment system PayPal (45.7 points) has come up tops in YouGov’s Banks and Payment Brand Rankings 2022 in Australia, with an impressive 14.9-point lead over second-placed Visa (30.8 points). Third-placed Mastercard was next (28.1 points), followed by the first traditional institution to make the ranking, Commonwealth Bank (26.8 points).
The rankings are based on YouGov BrandIndex’s positive Consideration score, which measures the percentage of a brand’s customers who would consider it when next in the market to use a Financial Institutions & Services brand. The rankings show the brands with the highest average Consideration score between 1 October 2021 – 30 September 2022 compared with the same period in the previous year.
Australian multinational banks ANZ (22.1 points) and NAB (20.1 points) ranked in fifth and sixth respectively, while buy-now-pay-later service Afterpay followed with a Consideration score of 18.9 points.
Westpac was the final local bank to make the ranking (18.3 points), while Dutch bank ING (16.9 points) and local superannuation fund AustralianSuper (13.1 points) completed the top ten.
Alongside the overall rankings, YouGov also released the ten “most improved” brands of the past year for the financial services sector. While overall rankings saw a healthy mix of digital and traditional banks and services, traditional banks were some of the most improved, taking the top three spots.
HSBC topped the Improvers’ rankings, with a positive change in score of 1.8 points. UBank and Bank SA were next most improved (+1.4 points for both), while online payments company Klarna and share trading provider IG rounded off the Improvers rankings (+1.3 points each).
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Methodology:
The data included in the YouGov Banks and Payment Brand Rankings 2022 has been drawn from YouGov BrandIndex.
For the brand ranking, brands were ranked based on their ‘consideration’ score. In this metric people are asked, “when you are in the market next to make a purchase, which brands would you consider?”. Brands were ranked by this consideration score between October 1, 2021, and September 30, 2022. To determine the biggest improvers, brands were sorted by change in score between that time and the previous twelve months.
All scores listed above have been rounded to a single decimal place; however, we have used additional precision to assign ranks. All brands must have been tracked for at least six months to be included in either ranking.
