October 13th, 2021, Bhawna Singh
These financial services brands have been the most successful at converting aware consumers into considerers
YouGov Finance Purchase Funnel Rankings 2021 highlight the top-ten brands successful at converting consumers through the purchase funnel over the past year across key categories in the Finance sector.
The brands in YouGov Finance Purchase Funnel Rankings are ranked based on their Consideration score among consumers who are aware of each brand. Brands were measured between 1st September 2020 and 31st August 2021.
The Hong Kong-focused rankings are divided into three categories: Banks, Insurance and Payment Systems.
Banks
In the ‘Banks’ category, Hong Kong-based HSBC Bank and Hang Seng Bank lead the rankings, in first (38.6) and second (33.4), respectively.
Bank of China, Standard Chartered Bank and Citibank follow in third (26.8), fourth (26.5) and fifth (20.6).
Virtual banks prominently feature in the top 10 list, highlighting the positive impact of the pandemic on the digital banking market. Mox is in sixth (20.6), ZA Bank in seventh (19.7), livi in ninth (14.9) and WeLab in tenth (13.9).
Singapore-based DBS bank completes the rankings in eighth (15.2).
Insurance
Within the Insurance category, AIA tops the rankings (with a score of 29.8), followed by Manulife in second (26.0), Prudential in third (23.0) and AXA in fourth (18.9). Hong Kong based FWD and HSBC Life take the fifth (15.6) and sixth (14.9) place, respectively.
BUPA (13.4), Sun Life (12.2), Bank of China Group Insurance/ BOC Life (12.0) and Blue Cross (11.3) round up the rest of the top 10 brands over the past year.
Payment Systems
Hong-Kong-based contactless smart payment system Octopus Card is the top performer in the ‘Payment Systems’ category, with a score of 58.8.
VISA (52.9), PayPal (39.5) and Alipay HK (38.5) and PayMe (36.9) make up the rest of the top five.
Other notable brands that make it to the top ten this year include Mastercard (36.3), WeChat Pay (27.7), Apple Pay (21.5), Union Pay (16.7) and American Express (14.3).
Methodology:
The brands in YouGov Finance Purchase Funnel Rankings are ranked based on their Consideration score among consumers who are Aware of each brand. This allows us to show which brands are most successful at converting Aware consumers into ones that would consider the brand when next in-market.
To identify the Aware audience we ask, ‘Which of the following brands have you ever heard of? Please select all that apply.’ And in follow up we ask the Consideration question, ‘When you are in the market next to use a product or service from a Financial Services brand, which of the following would you consider?’. The questions vary slightly from this template in different sub-sectors and regions.
The rankings chart shows the brands with the highest average Consideration score between 1st September 2020 - 31st August 2021. The scores are representative of Aware consumers within the general population of adults 18+.
All scores listed have been rounded to a single decimal place; however, we have used additional precision to assign ranks. All brands have been tracked for at least 6 months to be included in the rankings.
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