CommBank has emerged as the only Australian brand to be included in the Kantar BrandZ Top 100 Most Valuable Global Brands ranking for 2024. The bank, valued at USD $23,127M, is Australia’s most valuable brand and ranks 82nd overall in the global listing. In the financial services category, CommBank ranks 14th, ahead of international giants such as Bank of America and HSBC.

The total brand value of the Global Top 100 rebounded by 20% to reach $8.3 trillion, nearing the 2022 peak of $8.7 trillion. Since its inception in 2006, the brand value of the Global Top 100 has surged by 474%. The threshold to join the Top 100 has also risen significantly, increasing 354% from $4 billion to $19 billion.

Kantar’s BrandZ valuation and report are based on the opinions of over 4.3 million respondents on about 21,000 brands across 532 categories. To be eligible for entry into the global ranking, brands must be owned by a company listed on a stock exchange, or by a private company with its financials available in the public domain.

Ryan France, Kantar Australia Head of Brand Strategy, noted that the best-performing financial services brands are those that focus on customer orientation. “Brand value growth in the Financial Services category was most strongly related to ‘Meaningful’ perceptions. In this category, being Meaningful means meeting customer needs and being emotionally approachable. It means offering a good range of products and services. And it means being trusted in a world where there is increased scrutiny on the financial services industry,” he said.

France also highlighted that CommBank’s success is a testament to its innovation and forward-thinking approach. “These are usually the brands facing challenges, and challengers, coming at them from all directions. However, CommBank shows us that these well-established brands can not only survive but thrive. By being an innovation leader, and thinking bigger than their category, CommBank is evolving its leadership role. That’s what big brands need to do to stay ahead, and CommBank gives us a great case study that we can all learn from,” he said.

CommBank’s Chief Marketing Officer, Jo Boundy, said: “We are thrilled to be recognised as Australia’s most valuable brand and be ranked among global leaders. CommBank’s commitment to building a brighter future for all Australians drives our focus on creating more meaningful and rewarding customer experiences. This recognition is a credit to our hard-working teams’ over many years. We will continue to listen, innovate, and add value for our customers.”