US Retail Banking Corona Insights Week End 19 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: Engage on Age – Practicality – Leverage Owned

Engage on Age

70% of people are still concerned about COVID-19.  However, this is higher amongst those aged 18-24 and 65+, leading them to be more engaged in the banking category. 65% of banking interactions are positive for 18-24, versus 49%, 2019 benchmark. (For 65+, 63% vs 50%, 2019).  So now is a good time to communicate to these age groups.

Stay relevant by showcasing your ability to meet customer needs

While the relevance of advertising has declined from 61% in the last two weeks in May to 48% in the first two weeks in June, Chase advertising has been best in class.  The Chase “Banking Needs” ad is particularly relevant (76% relevant).  Excellent commercial showing how the Chase app can help you manage your account. Very impressed and determined to find out more because I have a Chase card and didn’t know about this serviceChase | TV | Very positive | Slightly more likely to choose | Very relevant.

Teaming up with Chilmark Digital and using the [ReSync] content optimization platform revealed exactly what works so well.  The ‘checking transactions from anywhere’ message had the most impact.  “I liked that I could check balance and emergency.” Female 35-44.  And ‘banking on the coach featuring a cat’ was another high point.  I mostly do my banking on my phone and I have a cat.” Female 35-44. 

Leverage Owned touchpoints

Owned experiences, such as online banking and email, impact brand consideration more than Paid and Earned (UK banking study), so it’s vital to leverage them. The most engaging Owned experiences highlight a variety of services to help customers. Capital One and Chase are best in class.  “Great experience… With minimum effort, able to finish task which normally takes a long time at the branch. Technology rocks. Thanks.” Chase | Banking App | Very positive | Much more likely to choose | Fairly relevant. 

In summary:

  • Engage with attentive younger and older audiences
  • Keep advertising relevant through practical help
  • Leverage Owned channels to drive consideration

Download slides here

US Retail Bank Corona blog slide we 19 jun 2020 vs1.0

Dana DiGregorio, Managing Director, North America

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