Consumers are not “cozying up” to financial services.

The 2020 Brand Intimacy Study this week ranked financial services 11th in a list of 15 industries when it comes to building an emotional connection with customers, according to a study by MBLM, a consulting firm specializing in brand intimacy.

“Before the crisis, financial services brands were showing signs of eroding brand intimacy, appearing to focus more on transactional relationships than on establishing customer bonds,” wrote Rina Plapler, partner at MBLM, in a sub-report that focused on financial services. “The pandemic has increased the role technology has played in forcing banks to be ‘all in’ as it relates to technology, because fewer consumers are going to branches. Additionally, banks have become a gateway for government help, increasing the significance of their roles.”

The study, conducted with Praxis Research Partners, surveyed 6,200 consumers in the U.S., Mexico and the United Arab Emirates about their emotional connections to brands in different industries. According to MBLM, building a strong emotional relationship with customers translates to increased revenue and profit. Media and entertainment was the top industry, followed by automotive. Luxury came in second to last and travel was last.

PayPal took the top spot for financial services, while American Express came in second. Compared to all industries,  however, PayPal and Amex came in 37th and 74th, respectively. PayPal was the most popular financial brand for men while Bank of America was the most popular for women. According to MBLM, consumers associate financial services with “enhancement,” or becoming “better through use of the brand — smarter, more capable, and more connected”

Financial institutions are exploring different ways to bond with customers during the pandemic. Capital One is inviting customers to call in and explain their financial situation; Chase and Bank of America have emphasized philanthropy; and Amex is providing cash-back rewards for streaming entertainment services. Citi, Chase and Wells Fargo have all allowed customers to delay mortgage or personal loan payments.

According to MBLM, the top 10 brands with the most emotional connection to customers saw average revenue growth of 6.47% from 2009 to 2018, compared to 5.16% for the S&P Global and 5.08% for the Fortune 500 top brands. From a profit perspective, MBLM’s top 10 brands saw 37.69% growth in that same time period compared to 6.99% for the S&P 500 and 16.43% for Fortune 500 brands. 

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Survey participants were between 18 and 64 years old and had an annual household income of $35,000 or more. The consumers took a 20-minute survey “that delved into the emotional connections that consumers have with brands across 15 industries.”

As companies and consumers alike continue to weather the COVID-19 pandemic, continuing to build emotional connections will be key for financial services, according to MBLM. “For those who are less compassionate and more rote, and who are focused only on transactions, there will likely be an erosion in trust and eventual disengagement,” Plapler wrote. “For those that help us through this crisis, consumers will likely feel a stronger bond and deeper connection.”

Bank Innovation Build, which takes place Sept. 9-10 as a virtual experience, is a must-attend industry event for professionals overseeing financial technologies, product experiences and services. Register here.