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: Smaller banks cut through – new Lloyds campaign.
Our UK Retail Banking Dashboard provides a weekly snapshot of trends that you can interrogate. We invite you to click on the link below and take a look around the data. 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. One feature to highlight 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.
Smaller banks cut through – new Lloyds campaign
Recent government announcements might change the levels of consumer concern with the pandemic, which has continued at around the same level throughout August and September (around 70% are concerned). Continued uncertainty allows banks to be a pillar of support. However, equally, they face more significant repercussions if that trust is broken. At the end of September HSBC dominated the news cycle with accusations of fraud and turbulent share prices. Around 10% of participants reported an Earned Experience for HSBC, up from a level of around 2% throughout the rest of the pandemic.
On a positive note we have seen smaller banks come back into play during September. Virgin Money stands out from the crowd with 63% of experiences being Very or Fairly Positive. Its strong product propositions and offers are attracting attention. “It was listed in the Daily Mail Best Buys within Money Mail. Likely because you can earn 2% interest on balances up to £1000. This was a positive feeling as so many bank accounts offer no incentive to bank with them”. Virgin Money | Newspaper | Very Positive | Much more likely to choose | Fairly Relevant. First Direct also benefits from the positivity of its experiences due to smooth banking interactions and thoughtful customer communications.
Paid Experience Reach tips back up to 40% from 31% last week, but this is still below the Feb-Mar benchmark of 44%. The increase was largely driven by Lloyds and its new campaign “Forever Forwards”, running alongside the Gyles and Maureen ads. “The new Lloyds Bank theme tune 'We've Only Just Begun' much better than 'No Matter What You're Going through' a total dirge of a song. I've been saying for a long time it needed replacing with something more upbeat. Relieved.” Lloyds | TV | Very Positive | Slightly more likely to choose | Fairly Relevant.
In summary
- HSBC plagued by negative news.
- Virgin Money’s strong products are being picked up
- Paid Experience increases due to new Lloyds campaign
Contributor:
Mark Thompson, Experience Director & Kaat Defreyne, Senior Experience Executive