We aim to help marketers offer the best customer experience they can and continue to build their brand equity during this time of crisis. Key trends this week: Opportunity to create solutions for those feeling better off – Higher word of mouth generated by news – Less reached by advertising and customer comms
In the last couple of weeks, some clients have reported a reduction in COVID crisis meetings and a focus on the longer-term economic recession. In response to this new phase we are excited to provide an online dashboard so that banks can view the trended data for themselves. The link will give you direct access to the dashboard, no log-ins are required but please use Google Chrome and access via a laptop.
The dashboard is a beta version, so we welcome feedback. One feature to point out is the ability to click on data points to view the underlying comments for the experiences, so if response to advertising is positive, you can click to see what people are saying about it.
Opportunity to create solutions for those feeling better off
In line with expectations, 27% of people are feeling much/slightly worse off financially, as a result of the pandemic. However, 20% are feeling much/slightly better off. This is likely to be due to lower expenditure on holidays, going out and commuting. Banks have the opportunity to create solutions for those feeling better off.
Less reached by advertising and customer comms
Overall, the percentage of people experiencing retail banks dipped down this week. Barclays advertising reach reduced. However, we saw Santander pick up with mentions of Champions League sponsorship and a new TV ad.
Banks have been in the news recently for a variety of reasons. “HSBC to introduce minimum 15% deposit for flat buyers, 20% for new builds. Understanding, especially as they seem to anticipate a drop in market values”. HSBC | Online | Neutral | No difference | Neutral. “Very disappointed to read NW closed small business customer accounts after loans had been applied for due to coronavirus. Not very confident.” NatWest | Online | Very Negative | No difference | Very Irrelevant. “It gives good travel money without any commission. You can take money out from ATM or use Monzo card without any commission for withdrawing foreign currency. I looked at website and looked for rates a savings.” Monzo | Newspaper | Very Positive | Much more likely to choose | Very relevant.
Higher word of mouth generated by news
News is creating conversation. “Talking to my friend who is going on holiday. She asked how I pay for things while abroad and she mentioned that she uses the Metro Bank and thinks she gets a good interest rate when using it abroad. Intrigued to look into it more as I've never really heard about Metro Bank before.” Metro | Talking to someone | Fairly Positive | Slightly more likely to choose | Fairly relevant.
In summary- 20% of people feel better off – opportunity to create solutions for them
- Percentage of people reporting banking experiences has decreased due to less advertising and owned media being picked up
- Earned media is up and generating conversation
Contributor:
Mark Thompson, Experience Director & Kaat Defreyne, Senior Experience Executive