US Retail Banking Corona Insights Week End 29 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: Listening & Shifting – Power of TV – Target & Tailor

Your audience is listening and opinions are shifting

The number of people that are very concerned about the pandemic has increased from 35% last week to 41% this week, as states re-open and business moves towards our new normal.  Concern grows over the long-term effects of COVID-19 on personal finances.  At the same time people are moving from their “neutral” zones and forming a firmer opinion – mainly positive – in feedback of how their bank is helping.  Banks’ customers are attentive, so communicate often and ensure people know how your bank can help.

Don’t underestimate the power of TV with a captive audience

Although the share of TV experiences was lower at 35% versus 45% last week, TV experiences were more positively received.  Chase’s mobile banking app ad resonated “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 service”.  Whilst Capital One had a variety of service measures featured, the sports related executions knocked it out of the ballpark this week. “Samuel L Jackson was at the golf course with Charles Barkley and kept getting interrupted when he was getting to ready to hit the ball…It was a comical ad that made me smile. I re-watched it several times to show my husband because we have never seen it before”.  Keep using TV with refreshed executions.

Target and tailor messaging to maintain relevancy

This week we saw a polarization in banking experiences with 63% relevant and 15% irrelevant.  Use owned touchpoints, like regular post, as an opportunity to tailor communications to help customers navigate their financial challenges in these unprecedented times. 

In summary:

  • Communicate often and ensure customers know how your bank can help.
  • Keep TV presence where possible – new news is appreciated
  • Take care with relevance and target and tailor communications through owned channels.

Download slides here

US Retail Bank Corona Blog slide we 29 may 2020 vs3

Dana DiGregorio, Managing Director, North America

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