How Banks Are Regaining Trust As the Financial Sector Readjusts
As the global financial crisis and US credit rating downgrade took grip, banks of all sizes were challenged to leverage and activate custom media channels to reassure, engage, inform, advise, and notify customers, stakeholders, and investors. Quick response to ever-changing conditions and market gyrations required nimble content provisioning and adept use of digital media channels for rapid versioning, content personalization, and customization relative to audience types and levels of sophistication.
The media seemed ruthless at times, citing the "irresponsible corporate management" as the cause behind the crisis, yet many banks remained conservative in their business practices. Likewise, the degree to which banks’ reputations were impacted varied; while some community banks may have experienced minimal effects, other national or global institutions felt the need to rebrand, reprice, or completely change the structure of their marketing programs.
"Delivering Positive Impressions During Market Depressions", the year-end survey of 120 marketers, sponsored by True North Custom Media, revealed that a large majority of those surveyed in the last quarter of this year report that the current financial market turmoil is creating a difficult environment that is challenging them to reassure and more effectively communicate with their customers. Even so, less than half of them have formal systems in place to address customer concerns during times of uncertainty. This report highlights how senior banking marketers are responding to the financial crisis, as well as ways marketers can begin to positively position their brands and restore customer confidence.