April 14, 2020
Share this Article:
For further details on our finance marketing strategy trends, download PDF: Mediaworks-Marketing-in-a-Crisis-Finance
With the UK economic output expected to drop by 15% in Q2 and unemployment figures set to double, it’s very likely that customers will be needing to speak to their bank more frequently and more urgently. Websites and apps should be UX optimised but also digital journeys managed to increase self-serving content, leaving much sought-after human resource to manage more complex or urgent enquiries.
Digital communications will be essential as face-to-face contact will be limited, so along with thinking about what support you need to provide to customers, think about HOW. Tone of voice, persona and visual brand language are all important in delivering a warm and supportive brand experience.
The way we pay is likely to change forever. Not only are we seeing an increase in online sales, but government advice is to use contactless payment methods where possible.
Business customers will need to be set up for ecommerce, contactless and maybe even subscription payments. Providing support and advice on these could ensure your customers have thebest chance of surviving a rocky economy.
It’s no surprise that finance is the biggest stressor of people in the UK, and even more so now when there is so much uncertainty around the economy and employment.
Many financial service companies are offering support with mortgage payments, lower interest rates and charge free overdrafts. However, think about how you can also support your customers’ mental health alongside product support. Offer customers helpful advice andcontent to manage their finances in this trying time…maybe even financial therapy.
Gusto boxes, Amazon Prime, Spotify, beauty boxes –there’s a subscription service for everything these days, whether it’s music or art supplies. This change in how we buy, despite being in other categories, means that consumers have different expectations of brands and their services. Flexibility and on-demand are key, being able to offer short-term contracts and no admin or cancellation fees for policies.
Insurance is often seen as confusing so ensure you are using plain English and jargon busting when communicating with customers, but also consider how you could provide engaging and educational material that could help them get their head round policies.
Financial services have been promoting their ‘good guy’ creds for a while now, but one Fintech start-up has taken that even further. Doconomy have launched a credit card which instead of alerting you to spending limits, caps your usage by the impact of your spending’s carbon dioxide emissions.
Whilst that may feel like a niche audience, Mastercard have invested –suggesting they are taking customers desire for more green brands seriously. Make sure you are helping your customers by creating content that educates them on their enviro friendly and damaging spending habits.
If you need any further support or information then do not hesitate to contact the Mediaworks team.
Thank You. Stay Safe.
From powerful brand propositions, customer-centric experiences or creative search campaigns, our proven approach overcomes obstacles and delivers commercial success.
We work fast and break norms by applying innovation, intelligence and creativity to everything we do. We look for people who share our passion and ambition.
Interested in finding out more about how we deliver outstanding results? Speak to our experts today.