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 we observed that whilst customers are appreciating the efforts of banks, we see the heavy toll the pandemic is taking on them.
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.
Whilst customers are appreciating the efforts of banks, we see the heavy toll the pandemic is taking on them this week
78% of people feel banks are doing enough to help customers during the pandemic and 57% score their own bank an 8/10 or higher for helping its customers with the financial consequences of COVID-19.
However, this week news about bank losses is driving up the reach of earned media to 23%. Participants are picking up news stories about Santander, Barclays, RBS, NatWest, HSBC and Lloyds talking about the heavy losses that banks have incurred and their implications. “Share price collapse due to fall in profits. Worried.” Lloyds | Radio | Fairly Negative | Slightly less likely to choose | Neutral. “HSBC has announced that it is likely to speed up its needs to reduce staff by 35,000 due to the estimated cost of over £30 billions in bad loans caused by the coronavirus. I feel a lot of negativity about this. No one wants to see mass redundancies of this magnitude.” HSBC | TV | Very Negative | No difference | Fairly Relevant. “Noticed article regarding Santander recording the biggest loss in its 163-year history after taking a multi-billion pound coronavirus hit - reducing its mortgage lending now etc. Interested in this as daughter currently looking for mortgage lender to buy her first property. This doesn’t look good – won’t recommend them to my daughter as a possible mortgage lender or advise her to move her current account there - her uni bank account will cease in about six months time.” Santander | Online | Fairly Negative | Slightly less likely to choose | Fairly Relevant
The percentage of people having an Owned experience has dipped this week to 57% versus a high of 72% at the end of June when people were going out as lockdown eased and some were disappointed that branches and ATMs were not fully functioning. Less people are reporting branch and ATM experiences this week. Owned communications (e.g. through app, online, email) enable banks to stay in touch and are positively received.
In summary
- People appreciate the efforts of banks – keep communications going
- However, news of bank losses are unnerving people
- Use Owned channels, such as app and email, to reassure customers
Contributor:
Mark Thompson, Experience Director & Kaat Defreyne, Senior Experience Executive