DBS named the most valuable brand in Singapore
Singapore’s DBS Bank has been named the country’s “Most Valuable Brand” for the fifth consecutive year, according to the latest “Top 100 Singapore Brands” annual report from the London-based Brand Finance.
The Singapore Top 100 Brands report incorporates data from all listed companies here, with brands accorded a brand rating based on various factors. This includes a benchmarking study of the strength, risk and future potential of a brand relative to its competitor set, and a brand value. The latter is defined as a summary measure of the financial strength of the brand.
Pegged with a brand value of US$5.4 billion, Brand Finance noted that DBS has a significant lead over the rest of the pack, with close to US$1.8 billion of brand value between it and the second-most valuable brand.
“DBS is in a very strong position and it will continue to grow its brand strength and brand value given the ANZ acquisition,” said Samir Dixit, the managing director of Brand Finance Asia Pacific, referring to DBS’s acquisition of ANZ’s wealth and retail banking business in five regional markets last year.
“The strong and stable brand strength indicates that DBS is highly focused on their brand growth and makes concentrated efforts to build their brand and not just products to differentiate themselves. A strong brand further allows them to be competitive regionally and not just locally,” he said.
“While banking as an industry is being disrupted, we have sought in recent years to embrace these changes by reimagining banking and the way we do marketing… we will continue to embed ourselves in the customer’s journey… delivering digitally innovative solutions so as to make banking simpler and faster,” said Karen Ngui, head of group strategic market and communications at DBS.
A recent survey found that more than two-thirds of respondents believed brand experience is essential for reaching their firms’ goals. Indeed, a different study by analyst firm Forrester Research found that many CMOs see brands as monolithic, rational and difficult to measure – which they are not.