UK - Retail Banking Corona Insights Week End 15 May 2020

We aim to help marketers offer the best customer experience they can and continue to build their brand equity during this time of crisis.This week's themes are: Reality bites – Land with radio – Style wearout

Reality bites

In the week when Boris Johnson announced plans for re-opening, financial fears over government spending, taxes and impending recession have caused an increase in concern this week, back up to 75% very or fairly concerned about the pandemic from 67% last week.  “Interest rates will go down. Concerned tax may increase.” 

In the context of recession and mounting government debt, banks have a role to help customers manage their finances and give advice for the longer term.

Land with radio

Engaged advertising reach for TV and radio is at the highest levels seen since the start of lockdown.  Nearly 40% of people reported having a positive bank TV experience this week.  This is driven by Barclays, Halifax and Santander – combined they account for 42% of positive TV and radio experiences in comparison with having only 21% of neutral/negative TV and radio experiences.  Barclays new digital eagles execution is demonstrating how the bank is helping customers and differentiates through its communication.  More specific messaging, especially fraud, from Halifax and Santander, is landing well on radio. 

Style wearout

Wearout!  We wondered when we would start to see this with the new video style/multiple people/zoom-type ads.  This week the style of the NatWest ads was less engaging.  “Again, I was watching a recorded video and made a point of slowing the ads down to watch it…it’s a bit “twee” but said exactly what the other banks are saying.  I don’t mind it but the fact that they are all saying, essentially, the same thing, it begins to wear thin.”  In order to ensure that the real actions banks are taking lands well, it’s time to move away from this type of corona-style ads.

In summary

  • Help customers manage their finances for the longer term
  • Consider radio to land specific messages
  • Avoid video style/multiple people ads as this style is wearing out

Download slides here

Retal bank corona blog slide we 15 may 2020 vs2

Mark Thompson, Experience Director & Kaat Defreyne, Senior Experience Executive

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