US Retail Banking Corona Insights Week End 22 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: Help Manage Money – Keep Presence High – Take Care

Help Manage Money

Heading into Memorial Day Weekend, worries over the pandemic linger with 71% of Americans somewhat concerned.  Concerns relate to short term rising prices and lower pay checks to the longer-term hardship of diminishing returns on savings and retirement accounts.

Whilst 65% of people feel that banks are doing enough to help during the current crisis, around a third feel their bank could be doing more. There’s an opportunity for banks to help customers manage their money in the short and long term.

Keep Presence High

People’s experiences with banks – whether seeing a TV ad or using online banking – are more positive now than they were a year ago.  We see those communications which are providing specific help performing well.  “The ad was about the steps Wells Fargo is taking in response to the COVID-19 situation. These steps include fee waivers & payment deferrals, mortgage payment relief efforts and a page on their website answering frequently asked questions about mortgage and home equity.”

Beyond individual help, people appreciate messaging explaining what banks are doing to help society, such as charitable donations to relief efforts.

The proportion of bank experiences through TV advertising is higher than a year ago. This week the future-forward message from Bank of America resonated “Good impression. Was there for us with 200,000 strong with the line tomorrow starts today. Really quite good ''tomorrow starts today'' is such a wonderful line.”

Take Care

The watch out this week is to take care with overt selling. Many people’s circumstances have changed making a credit card offer that could have been received well a few weeks ago, have the potential to feel exploitative today.  Lean into helping customers by communicating service benefits. 

In summary:

  • Help customers manage their money in the short and longer term
  • Keep presence high, support society and provide specific-benefit messaging
  • Take care to help rather than sell

Download slides here

US Retail bank corona Blog slide we 22 may 2020

Dana DiGregorio, Managing Director, North America

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