JP Morgan and sister retail brand Chase have soared up the rankings in this year’s most valuable global brands rankings, published by Kantar.
According to the research house’s Kantar Brandz index, JP Morgan has seen the value of its brand increase by 27 percentage points when compared to the previous year, while the Chase brand has rocketed 40%.
The index combines financial data with brand equity research, based on interviews with 4.3m consumers in 54 markets.
Visa topped the 2024 list as it did in 2023, with its brand value increasing 12 percentage points, while MasterCard had a strong year, rising 21 percentage points.
Adele Jolliffe, head of the brand consultancy for Insights at Kantar UK, said the cost of living crisis has seen UK consumers look more closely at the value that financial brands offer.
“The role which banks play in people’s lives – and the advice and support they offer – has naturally grown in importance as many consumers have struggled with the cost of living.
“This has boosted the category as a whole, but businesses like Chase have been especially adept at standing out from competitors.”
Jolliffe explained that traditional high street banks need to capitalise on their visibility and position, noting that the benefit from an established level of trust which comes with being an industry veteran.
“Leveraging this, while keeping pace with the latest AI and tech advancements to fulfil customers’ new expectations of the online banking experience will help to fend off the competition from disruptors,” she added.
Royal Bank of Canada also maintained its position in the global top 10 in the 2024 rankings while HSBC re-entered the top 100 after its absence last year.
The full report is available here.
The Kantar Brandz Global Top 10 Financial Brands 2024
- Visa – Brand value US $188.9bn
- MasterCard – Brand value US $134.3bn
- HDFC Bank – Brand value US $43.3bn
- American Express – Brand value US $39.7bn
- JP Morgan – Brand value US $32.2bn
- United Healthcare – Brand value US $31.8bn
- Chase – Brand value US $31.3bn
- RBC – Brand value US $31bn
- Wells Fargo – Brand value US $30.9bn
- ICBC – Brand value US $27.7bn