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: Reach Out and Support Community to Retain Customers and Advertise Innovative Features and Differentiate to Attract Prospects
Taking data from mid-May to mid-June, we have taken a deep dive into which banks have been doing a good job at retaining customers and attracting prospects.
Reach Out and Support Community to Retain Customers
Bank of America and Wells Fargo outperform other major banks among their customers with 42% and 41% of them scoring their bank as 8-10 (on a 10-point scale) on helping its customers during the pandemic. Capital One and Chase trail at 36% and 35%. Bank of America also leads in quality of experience with 69% of bank interactions being Very or Fairly Positive and 80% Relevant.
The key ingredients to keeping customers include putting branch safety first, reaching out to customers personally, supporting the wider community (“AOL news post of BofA donation of 1Billion dollars to support racial equality” Bank of America | Social Media | Very Positive | Slightly more likely to choose | Very Relevant) and optimizing Owned channels, where PNC has done a good job. “It was an email detailing different scams that are happening and to be wary of them. Made me feel like they are looking out for me” PNC | Email | Fairly Positive | Slightly more likely to choose | Very relevant.
Advertise Innovative Features and Differentiate to Attract Prospects
Chase’s experiences with prospects are more positive, persuasive and relevant than those for other banks due to appealing TV ads (discussed last week). However, we see that, coming from a low base, prospects having a Wells Fargo experience, are most likely to increase their brand consideration. Wells Fargo has been deepening its support of the community, impacting on an increase in Inclusive and Different image perceptions. “Theme was ''stepping up'' - Wells Fargo is offering mortgage payment relief, employees are giving food to those in need, donating $175 million dollars to assist local communities.” Wells Fargo | TV | Very Positive | Slightly more likely to choose
To attract prospects, advertise on TV, support community, be different, advertise new features and emphasize convenience.
Contributor:
Dana DiGregorio, Managing Director, North America