Analysis of publicly-available financial data reveals big banks dominate Canada's top 10 most valuable brands
The strength of Canada’s big banks has been highlighted in a new analysis of the country’s most valuable brands.
RBC takes top position in the 2022 Kantar BrandZ Top 40 Most Valuable Canadian Brands report, which reveals a 49% rise in the value of firms analyzed in the past two years to US$201 billion.
Banks (67% growth), insurers (60%), and telecom providers (41%) have led the growth, which has been boosted by pent-up demand and savings of Canadian consumers during lockdown.
RBC has seen a 74% rise in its brand value over the past two years and is not only number one in Canada but the second-most-valuable bank – and 57th across all industries – globally.
Canada’s biggest lender is worth $37.7 billion, a significant lead versus its rivals: TD ($28.7 billion), Scotiabank ($10 billion), BMO ($9.7 billion), and CIBC ($7.3 billion).
Mary de Paoli, EVP CMO, RBC, has paid tribute to colleagues for helping to drive the bank’s goals and ambitions.
“We are incredibly grateful to our employees for the dedication and creativity they put into delivering exceptional value every day, and the steady resolve to keep reaching higher,” she said. “You don't get to be one of the world's most valuable brands without having one of the world's best teams behind you."
For TD, brand value has increased 67% and remains in the top 10 of global banks.
Other financial services firms in the top 40 include Desjardins (12), Sun Life (14), Manulife (16), Canada Life (17), National Bank (18), Intact (21), and iA Financial which is a new entry at 34.
The Kantar BrandZ Top 10 Most Valuable Canadian Brands 2022
|
Rank |
Brand |
Category |
Brand Value 2022 |
|---|---|---|---|
|
1 |
RBC |
Banks |
37,724 |
|
2 |
TD |
Banks |
28,703 |
|
3 |
Bell |
Telecom Providers |
17,080 |
|
4 |
Lululemon |
Apparel |
16,025 |
|
5 |
Telus |
Telecom Providers |
10,414 |
|
6 |
Scotiabank |
Banks |
10,057 |
|
7 |
Bank of Montreal |
Banks |
9,685 |
|
8 |
CIBC |
Banks |
7,291 |
|
9 |
Rogers |
Telecom Providers |
6,249 |
|
10 |
Tim Hortons |
Fast Food |
4,987 |
Value and sustainability
Consumers are demanding more of the brands they favour.
Value is increasingly important, the Kantar report highlights, with only 13% of the top brands rated by Canadian consumers as being great value.
More than half of respondents said brands were either overpriced or at risk of being so. That means they must work harder to communicate their value to consumers.
The exception among the top 10 is Lululemon, which is the only brand in the ranking identified as having a justified premium, helping its brand value grow 32% since 2020.
Sustainability is also important with Canada’s most valuable brands all ranking above average in this regard, together with brand purpose and responsible behaviour towards the environment.
"The post-pandemic surge in brand value demonstrates just how much protection strong brands provide from crises and economic shocks,” said Scott Megginson, President, Insights Division, Canada at Kantar. “The power of brands will prove just as important in the current era of higher inflation if they also have strong perceptions of value. Brands that can demonstrate both premium positioning and value benefits will continue to grow their equity over the next year when supported by strong consumer messaging."
