Which bank can we trust?

InfoPrint Solutions has undertaken an Australian survey – Precision Promotion to discover how the banks and credit unions are seen by their customers. Preliminary results of two audits, surveying customers reveal that not surprisingly there is plenty of mistrust in the community.

Only 43 per cent view their banks as a trusted partner. InfoPrint Solutions, director of precision marketing, Lee Gallagher says that banks should beware of their blunders. “Up to 45 per cent of consumers say that if the gaffe is big enough, they will share their banking complaints with friends, family and beyond.”

The report to be released in mid January, reveals consumer views of customer service, loyalty, level of trust, if they have changed banks – why, preferred channels of communication, complaints and compliments and how this information is shared whether through blogs or word of mouth. The data is designed to show marketers where to spend their budget, the most preferred channel, how to ensure relevancy and to balance the good news with the bad. It shows the financial sector how to deliver the right, relevant message through the right channel at the right time to deliver effective brand engagement.

Gallagher emphasises that banks need to communicate especially when customers are getting bad news such as interest rate rises

“Consumers need to interact with the brand especially in difficult times to increase value,” says Gallagher.

He identifies transpromo as an underutilized way to communicate with and provide marketing messages to customers. Reasons why interest rates have risen and even community and environment messages such as sport programs that the financial institution is sponsoring, can be placed on a customer’s statement. Statements are the main communication channel adopted by banks.

“The reading time of statements is three minutes compared with up 90 seconds of direct mail. Statements are often stored for longer.”

He says relevance is the key. “Look at what customers are doing to see what channel they prefer. If they are environmentally conscious don’t send them messages on paper except to inform them of the bank’s environmental programs.”

Or if a customer is strapped for cash don’t try to upsell or cross sell banking products to them. If they are struggling to make payments offer automatic withdrawal services.

“When an offer is relevant and suits the client’s behaviour the uptake is so much more than email or direct mail blasts.”