In times of crisis, financial institutions play an important role in so many peoples’ lives and have the opportunity to make a valuable impact. More than ever, consumers are looking for direction and advice from financial professionals in order to make the most effective decisions during this time. As partners to a few brands in this space, we have encouraged various shifts and changes for our clients to become more effective and trusted leaders through crisis. Here are a few of our top insights for financial institutions as they maneuver through COVID-19.
Make convenience and flexibility a priority
Convenience and flexibility are at the forefront of the industry, and financial institutions should make themselves available to customers around the clock. Online banking, mobile platforms, call centers and other digital tools have become extremely important to ensure people feel supported. Banks that are exercising flexibility can provide support by waiving fees, deferring loan payments and offering financial relief to those experiencing hardship. During these times, it is crucial that financial institutions make life easier for every customer and take into account that this may be the first time they are experiencing a crisis.
Serve as an information source
This is a time that financial institutions can strengthen their role as consultants and take the lead on providing educational resources. Both business and personal banking customers are looking to banks for which options they may have, how they can stay financially safe and what they can do to help ease any stress they are experiencing. Whether it’s through virtual connection, educational articles or videos, or downloadable online resources, banks should be prepared to use all of their channels to push out useful information.
Enhance corporate social responsibility
Financial institutions can effectively make cause-marketing a long-term business and marketing plan by enhancing their corporate social responsibility in times of crisis. To develop a deeper level of engagement and trust among consumers, businesses must be socially responsible and align themselves with the four categories that consumers typically value: kindness, authenticity, community and purpose. Financial institutions that uphold these four qualities show a greater commitment to their customers that in return helps maintain loyalty during tough times.
Uncertainty can bring challenges to all aspects of the financial industry, but as marketers it’s our job to ensure our clients are providing the most value to their customers. With flexibility, education and social responsibility, brands are able to provide a sense of community while offering the utmost support to each and every customer.
About the Author: Amy Colbourn’s advertising career started in Denver more than 20 years ago, eventually taking her to Philadelphia. She has held senior agency leadership roles at some of the largest and most influential gaming and hospitality agencies in the northeast U.S., representing the world’s best casino properties. Amy has effectively led agency teams to successfully grow and expand. Her client roster of marketing influence includes many commercial casinos, retail shopping centers, country clubs and resorts.
