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: Worry remains high – Presence is not enough – RBS in the news
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.
Worry remains high
Concern about the coronavirus pandemic remains high, with 72% being very or fairly concerned. However, 42% of participants give their own bank a score of 8 out of 10 or higher, when asked how much their bank is doing to help customers.
Presence is not enough
Over the last couple of weeks, Halifax and Lloyds have increased their presence through a higher Share of Experience (SOE). This week Lloyds has 16% SOE (v 9% for the benchmark in Feb/March) and Halifax has 15% SOE (v 7% benchmark). The Lloyds black horse ad is back on air. However, response to this is more muted than at the start of COVID. “The Lloyds advert pre Covid19 - two black horses the older horse looking out for the younger horse. Same advert but words changed - NOW MORE THAN EVER we are looking after you… bit of a cop out - we are helping you at this time of crisis but not actually telling us how… I think some companies are just jumping on the band wagon of 'look we are helping everyone' when they are not doing anything but saying they are.” Lloyds | TV | Neutral | No difference | Fairly Irrelevant
As a result, Lloyds brand experience quality is below average. Halifax experiences are below average too, mainly due to neutral advertising and owned experiences. “Received a text message to remind me my mortgage holiday was coming to an end. I had received a letter yesterday though stating the terms and conditions which are different to what I was told on the phone by the advisor at the time of application hence my negative feeling towards this.” Halifax | SMS | Fairly Negative | Slightly less likely to Choose | Very Relevant
With some financial help measures finishing, banks will need to pay attention to customer service to successfully transition customers to new arrangements.
RBS in the news
News on RBS changing its name to NatWest group has been picked up this week and received mixed reactions as it reminded people of the past recession.
- Keep advertising fresh and demonstrate how the bank is helping customers
- Take care with transitioning customers off payment holidays
- Negative news needs careful management
Mark Thompson, Experience Director & Kaat Defreyne, Senior Experience Executive