US Retail Banking Corona Insights Week End 5 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: Rising Neutrality – Harness Emotion – A Safer New Normal

Rising Neutrality

In a milestone week for racial injustice and inequality, we see concern about the pandemic remaining high at 70% very or fairly concerned and people feeling a little less confident that their bank is doing all it can to help in these unsettling times. Neutral bank experiences increased from 31% to 41% last week versus this, with a corresponding decrease in positive experiences.  Paid ads are wearing out much more quickly during this volatile time.  Keep executions refreshed, and in tune with consumer sentiment.

Harness Emotion

Advertising that is working well this week is pulling on people’s heart strings. TD Bank’s TV advertising stood out and the humor was appreciated.  “It was the T.D. dancing manager again with the same song except this time he was home and taking a picture of a check from home. Fairly good, the actor who plays the manager is very personable and you can see he doesn’t take himself too seriously.” TD Bank | TV | Fairly positive | Slightly more likely to choose | Fairly relevant.  In these dark times, adverts by Chase, Citizens and Capital One were bringing hope.  People are valuing brands helping the community including ads from Citi and Wells Fargo. Bank of America’s support of the Chicago Marathon also received positive praise.

A Safer New Normal

As the country continues to open, we see people’s opinions varying in terms of their requirements from banks moving forward.  The main thing people want (32%) is a return to normal, followed by financial support (21%) and safety/hygiene (16%).  However, we see an interesting difference between men and women with men being more likely to want a return to normal (41% v 25%) and women being more interested in hygiene (21% v 9%).  Banks should aim to deliver a safer new normal.

In summary:

  • Keep executions refreshed and in tune with consumer sentiment
  • Harness the power of emotion in advertising
  • Help deliver a safer new normal

Download slides here

US Retail Bank Corona blog slide we 5 jun 2020 vs2

Dana DiGregorio, Managing Director, North America

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