Banking 500 2023 | The Annual Brand Value Ranking | Brandirectory (2024)

• ICBC remains most valuable banking brand despite value falling 7% to US$69.5 billion
• Silicon Valley Bank is fastest-growing banking brand, more than doubling to US$2.8 billion
• New age neobanks achieve 103% growth, more than doubling in value
• First National Bank is strongest banking brand, earning AAA+ rating

Chinese banking brands in the ranking are subsiding in brand value with American brands quickly closing the gap. ICBC (brand value down 7% to US$69.5 billion) is the most valuable banking brand in the world, followed by China Construction Bank (brand value down 4% to US$62.7 billion) and Agricultural Bank of China (brand value down 7% to US$57.7 billion).

Every year, leading brand valuation consultancy Brand Finance puts thousands of the world’s biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest brands in the banking industry are included in the annual Brand Finance Banking 500 2023 ranking.

The Brand Finance Banking 2023 report finds several key trends in the banking industry. An important trend in the sector is that neo/digital banks, such as Revolut (brand value up 57% to US$194 million), have made a significant impact in the industry, entering the top 500 most valuable banking brands for the first time, with a brand value increase of 57% year-on-year.

ICBC remains most valuable banking brand despite value falling 7% to US$69.5 billion

According to a new report from leading brand valuation consultancy, Brand Finance, ICBC (brand value down 7% to US$69.5 billion) is the most valuable banking brand worldwide. The company has several subsidiaries globally and serves over half a billion individuals and several million business clients. ICBC is outperforming its competitors, maintaining a strong lead in brand value over China Construction Bank (brand value down 4% to US$62.7 billion) and Agricultural Bank of China (brand value down 7% to US$57.7 billion), which are the second and third most valuable banking brands globally, respectively.

Declan Ahern, Director of Brand Finance commented:

“Banking brands across the globe have continued to recover significantly post COVID-19. There has been an improvement in digital banking services, government stimulus measures have been relatively successful, and the rise of mobile banking and online platforms have contributed to the sectors positive performance. Accelerated by the strict global lockdowns, banking and fintech brands have innovated to create user friendly mobile application-based banking services that have led to an increase in customer satisfaction and acquisition.”

Silicon Valley Bank is fastest-growing banking brand, more than doubling to US$2.8 billion

SVB (brand value up 148% to US$2.8 billion) is the fastest-growing banking brand in the world, more than doubling in brand value this year. The bank specialises in providing banking services for venture capital firms to support the start-up ecosystem. In 2021, the bank completed a merger with Boston Private and has rebranded to be called SVB Private. SVB actively invests in entrepreneurial ventures including fintech firms like Wise and new healthtech ventures that are disrupting the industry.

New age neobanks achieve 103% growth, more than doubling in value

Digital banks (also know as “neobanks”) have achieved success in the past few years by integrating the power of technology into banking. The fintech sector is growing globally with a number of service offerings in a competitive market. Digital bank brands like Tymebank and Discovery Bank in South Africa, Nubank (brand value up 110% to US$1.0 billion) in Brazil, and Maya Bank in the Philippines are disrupting the industry, according to our research these brands score highly in innovation and sustainability – two key drivers of customer choice.

The value of neobanks in the Brand Finance Banking 500 2023 has grown from US$795.6 million in 2022 to US$1,611.9 million in 2023 - an increase of 102.6% (US$816.3 million). US$194 million of this value increase is due to Revolut entering the rankings for the first time this year. Revolut (brand value up 57% to US$194 million) is one of the new entrants in this year’s ranking. The fintech bank recently announced its new growth strategy resulted in 25 million customers internationally.

Sustainability perceptions account for 6.8% when driving brand consideration in the banking sector

Sustainability is a topic of growing importance in the banking sector, a number of stakeholders expect banks to be economically, socially, and environmentally responsible. Global banking brands including HSBC, Lloyds Banking Group and Barclays have responded to this by communicating their sustainability accreditations and commitment to sustainability in their marketing campaigns, albeit not always successfully.

According to Brand Finance research, DBS (brand value up 21% to US$10.5 billion), Bank of China (brand value down 4% to US$47.3 billion) and Al-Rajhi (brand value up 32% to US$5.7 billion) have the highest sustainability perception scores in the industry. Based on the findings from the Brand Finance Sustainability Perceptions Index 2023, these banks have sustainability driver scores of 9.2%, 8.5% and 8.4% respectively.

First National Bank is strongest banking brand, earning AAA+ rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.

First National Bank (brand value down 3% to US$1.5 billion) is the strongest banking brand in the ranking with a Brand Strength Index (BSI) score of 93 out of 100 and a corresponding AAA+ rating. It is one of the oldest and largest banks in South Africa, with a history dating back to 1838. The bank also provides online and mobile banking services, making it easy for customers to access their accounts and manage their finances from anywhere.