Retail Banking - Weekly Insights on the Impact of COVID-19

MESH Experience
on 27/03/2020

Consumer sentiment is changing day-to-day, so how can brands navigate successfully? Using real-time experience data on retail banking, we highlight the key insights over the last week. We aim to help marketers offer the best customer experience they can and continue to build their brand equity during this time of crisis.

Why was the research conducted?

Consumer sentiment is changing day-to-day, so how can brands navigate successfully? Using real-time experience data we highlight the key insights for retail banks over the last week. What messages are resonating? Which touchpoints are being used? How media consumption is changing?

How was the research conducted?

The Retail Banking Study captures all the experiences people have with retail banks covering over 100 touchpoints. The data is captured in real-time using a mobile survey and a diary to provide rich stories from people's experiences and diagnostics on why messages and media are working or not working.

What are the key findings of the research?

The Retail Banking Study is releasing weekly insights and these are changing week on week. Recently we compared US vs. UK reactions to retail banking regarding COVID-19.

Only 57% of the US population feel that banks are doing enough to help customers during the pandemic, which is slightly lower than for the UK (66%).

US banks score highly for their efforts on physical contact points including use of flexi-glass, sanitizers, gloves and social distancing measures. As the country opens up following lockdown, it is vital to continue to reassure customers that branches are safe environments.

Communication around delaying payments without interest, no overdraft fees and helping protect customers from fraud, as well as friendly bank assistants are all appreciated. As the health crisis moves into an economic recession it will be important for banks to help customers plan for the future.

UK customers have found reassurance from banks’ presence through advertising, adjusted to be in tune with current sentiment. US banks can demonstrate support through paid communications. However, in both countries, banks have received negative PR around speed of getting loans to small and medium businesses. In the current situation, people want to see banks doing the right thing for all customer groups.

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Contributor's Name: Fiona Blades