17 September 2020
COVID-19’s impact on consumer behaviors and attitudes cannot be understated. Too much has changed for both financial institutions and their customers to not take a step back and assess what’s changed whether temporarily, permanently or fundamentally across the industry.
From a heightened sense of personal space, higher emphasis on cleanliness and for some consumers a reluctance or inability to start visiting in-branch locations, there are a wide range of considerations for banks and credit unions to make. All with a need to proceed with speed, sensitivity and flexibility.
While we edge around these sensitivities, financial institutions have a unique opportunity to reset and rebuild better. Satya Nadella, CEO at Microsoft framed it well:
“Every person, organization, and even society reaches a point at which they owe it to themselves to hit refresh - to re-energize, renew, reframe and rethink their purpose.”
Even those who weren’t ready to be. Some pain points have disappeared while new ones have arisen, expectations have altered as empathy takes center stage, and shifting attitudes towards lifestyle and milestones have had implications on how consumers view financial products. Financial well-being above all else has become a priority making financial education, accessibility and flexibility more important than ever.
This digital shift has happened a lot more rapidly than any of us could have expected but is an opportunity we should welcome. Lockdown has given all brands – banks and credit unions included – the space to take a step back and think about how they can refresh while they restart.
Marketers around the world are reading the same articles and watching the same webinars expressing the importance of meeting new customer expectations. We’re all well aware of the need to remap our customer journeys and re-focus our content as the new normal takes precedence. And we’re all acutely aware of the urgency that is needed to stay ahead.
In response to this situation we’ve created Marketing Strategy Re-Start to help banks and credit unions to equip marketing teams with everything they need to respond to the changes around them. We understand how critical speed and flexibility are in these circumstances so have set up this program to deliver in six weeks.
We’ve helped many mid-size banks and credit unions find a more impactful route to market, and now Marketing Strategy Re-Start will help them bounce back from COVID-19. We’re here to help and would love to talk to you about re-starting your marketing strategy.
You can learn more about our Marketing Strategy Re-Start by clicking below or get in touch to further discuss.