UK Retail Banking Corona Insights Week End 29 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: Sense of Relief – Portfolio of Messaging – Stay Close

A Sense of Relief

Concern about the pandemic has fallen from 78% last week to 71% this week as people feel relieved that payment holidays are being extended, providing a safety net if needed.  Scores have dropped slightly this week to 69% of people feeling that banks are doing enough to help from a high of 79% last week.  However, this high was a week after a heavy period of TV advertising which suggests that keeping high visibility impacts people’s perceptions of banks.  So, keep communicating!

Create a Portfolio of Messaging

Whilst some people are experiencing little impact on their financial situation, others are suffering significantly. Brands like Lloyds, Halifax and NatWest are using a portfolio of messaging to show support to different groups.  “It made me feel pleased that Halifax was thinking about older people in society who may be unsure about using internet banking”.  “It was a photo of a baker. The text explained that Lloyds helped a local bakery to stay open so that it could provide for the community. Pleased that Lloyds was helping at a local level”

Banks should demonstrate the breadth of support, not simply to target individuals but because others want to know that banks are helping those less fortunate than themselves.

Stay Close to Your Customers

We are seeing a sustained decline in banks reaching customers through their owned channels, currently at 51%, down from a high of 65% in late March.  This is a watch out because owned experiences have a bigger impact on brand consideration than paid or earned. With branch and ATM experiences still limited, banks could use email, mail and social media to maintain a presence with customers.

In summary

  • Keep communicating as high presence correlates with perception that banks are doing enough to help.
  • Ensure messages demonstrate breadth of help to different audiences
  • Keep customers close with increased messaging through owned channels

Download slides here

UK Retail Bank Corona Blog slide we 29 may 2020 vs3

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

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