US Retail Banking Corona Insights Week End 12 Jun 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: Lead with Compassion – Help those in Need – Personalize Email

Compassion and feel good messaging will drive positivity for your bank

COVID-19 and social injustice continue to plague the US, and concerns over the virus specifically are at an all-time high this week with 75% concerned, up +5% from last week.

Even through social challenge, banks are driving positive experiences.  USAA and Bank of America are eliciting emotion through compassionate messaging.  Positive experiences for USAA are coming through a variety of touchpoints including TV, online, radio and conversation. “I happened to see an ad for USAA when I was checking the news today. I always feel like they are a brand that cares about its customers.” This communication is in keeping with the distinct Jungian Archetype positioning of Caregiver for USAA, that we saw last year in using AI to analyze people’s experiences with banks.

Help those in need and help your community

This week we are seeing financial assistance offers being well received.  From a cash incentive to a lower interest rate, or even an uplifting message, people appreciate banks that are taking the steps to help them, and others, get back on their feet.  “I have been a loyal customer with Barclays for several years. I like their offer to help those who are willing to take advantage of counseling for credit card overdraw and financial trouble. A phone number was given for advice in helping those with needs.”

Continue to support the community, show solidarity and donate.

Personalize Email messaging to break through the clutter

Although overall experiences with banks are more positive this week, only 49% of email experiences are positive versus 60% last week. Too many “spam-like” ads and non-personalized messaging are upsetting consumers. “I received a promotional email about using my credit card to buy more things and to borrow to do so. Annoyed….” Keep email communications tactfully helpful and share your care. 

In summary:

  • Lead with compassion in your advertising
  • Continue to support the community and show solidarity
  • Personalize emails

Download slides here

US Retail Bank Corona blog slide we 12 jun 2020 vs1.1

Dana DiGregorio, Managing Director, North America

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