bbdo knows the banking image crisis
DESCRIPTION
Following on from our review of the banking business challenges, here we use BBDO InciteWork as a framework to identify the resulting banking category business goals and where the business needs to come from.TRANSCRIPT
KNOWSBBDOTHE BANKING IMAGECRISIS2013
KNOWSBBDOBBDOTHE CONTEXT
BBDOKNOWS
KNOWSBBDO
FEWER PEOPLE TRUST BANKS TODAY THAN AT THE HEIGHT OF THE BANKING CRISIS…
Source: Ernst & Young data 2012
KNOWSBBDO
Source: Ernst & Young data 2012
THE NUMBER OF CONSUMERS SWITCHING BANKS IS RISING
KNOWSBBDO
Source: Ernst & Young data 2012
THE NUMBER OF CONSUMERS WHO HAVE RELATIONSHIPS WITH MULTIPLE BANKS IS RISING
KNOWSBBDOBBDO
5 YEARS ON AND WE ARE STILL MID STORM
KNOWSBBDOTHE EXTERNAL CONTEXT
PLEASE PLAY CONTEXT FILM
KNOWSBBDO
THE EXTERNAL CONTEXT IS:
CHALLENGING VOLATILE UNCERTAIN
KNOWSBBDO
WHAT DOES THIS MEAN FOR THE BANKING INDUSTRY?
KNOWSBBDOTHE BANKING INDUSTRY
PLEASE PLAY BANKING INDUSTRY FILM
KNOWSBBDO
GREED BLAME MISTRUST
THE IMAGE OF BANKING
KNOWSBBDOMedia headlines do much to fuel the perception of injustice. Consumers perceive banks to be the cause while they feel the effects. Headlines outlining this injustice do little to help the image of banks, we are still in the midst of a banking IMAGE crisis
BANKS VS. PEOPLE
Source: London Evening Standard 2012-2013
CAUSE EFFECT
KNOWSBBDOBBDO
5 YEARS ON AND BANKS ARE STILL MID IMAGE CRISIS
KNOWSBBDOBBDO
Source: Statistic Brain
CHALLENGE:
CHANGE THE CONVERSATION
KNOWSBBDOKNOWSBBDOBANKS -THE PRODUCT
BBDOKNOWS
KNOWSBBDOBBDO
“THE MESSAGE THAT BANKS PROVIDE A VITAL SERVICE TO THE ECONOMY HAS BEEN LOST.”
Source: Ernst & Young data 2012
ERNST & YOUNG
KNOWSBBDOBANKING PAST
PLEASE PLAY OLD BANK FILM
KNOWSBBDOBBDOCLIENT VIEW:
Global Head of Marketing Communication, BESPLEASE PLAY BES BANKING ROLE IN SOCIETY FILM
KNOWSBBDOBBDOBANKING PAST
THE EXPERIENCE
WAS PHYSICAL-IN BRANCH, IN
PERSON
THE RELATIONSHIP
WAS BASED ON TRUST, THE
BANK WAS CONSIDERED
SECURE
IN PERSON TRUST PRIVATE POSITIVE
PAS
T THE SERVICE FELT
PERSONALAND
CUSTOMISED
PERSONAL
THE DYNAMIC WAS IN
FAVOUR OF THE BANK, THE BANK
WAS REVERED
REVERED
THE PERSONA OF THE BANK WAS PRIVATE
THE IMAGE OF THE BANK WAS
POSITIVE
Banks past were considered secure and “careful” and respected by the customer, equally they were considered facilitators, enablers and drivers of innovation that transformed people’s lives
The banking relationship in the past was in person, personal and positive
THE PERCEPTION WAS THAT BANKS PROVIDED A VITAL SERVICE TO THE ECONOMY AND TO THEIR CUSTOMERS
KNOWSBBDOBBDO
Source: Statistic Brain
CHALLENGE:
RECLAIM ROLE AS FACILITATORS AND INNOVATORS
THE CUSTOMERBBDOKNOWS
KNOWSBBDOBBDO
Source: Ernst & Young data 2012
VAST MAJORITY OF CUSTOMERS ARE WILLING TO OFFER BANKS MORE INFORMATION IF IT LEADS TO A MORE PERSONALISED SERVICE
KNOWSBBDOBBDO
“THE DIFFERENCE NOW IS THE DECLINE OF THE OLD-FASHIONED BANK MANAGER WHO WAS KNOWN TO EVERYONE. MY BIG MAXIM WAS‘KNOW YOUR CUSTOMER’… THE BANK MANAGER WOULD KNOW THE FAMILY FINANCIAL BACKGROUND. HE HAD A COMPLETE SNAPSHOT OF YOUR FINANCES…”
- Mr Capon, Former Assistant Bank Manager UK
Source: BBC News Magazine
KNOWSBBDOBBDOBANKING PRESENT
THE EXPERIENCE
WAS PHYSICAL-IN BRANCH, IN
PERSON
THE RELATIONSHIP
WAS BASED ON TRUST, THE
BANK WAS CONSIDERED
SECURE
IN PERSON
VIRTUAL
PRIVATE
PUBLIC
POSITIVE
NEGATIVE
PAS
T THE SERVICE FELT
PERSONALAND
CUSTOMISED
PERSONAL
THE DYNAMIC WAS IN
FAVOUR OF THE BANK, THE BANK
WAS REVERED
REVERED
THE PERSONA OF THE BANK WAS PRIVATE
THE IMAGE OF THE BANK WAS
POSITIVE
THE EXPERIENCEIS VIRTUALIN BRANCH, IN
PERSON
THE RELATIONSHIP IS BASED ON
MISTRUST, AND BLAME. THE
BANK IS SEEN AS GREEDYP
RE
SE
NT THE SERVICE
FEELS IMPERSONAL, MASS MARKET AND ONE SIZE
FITS ALL
THE DYNAMIC IS ARGUABLY IN FAVOUR OF
THE CUSTOMER, THE BANK IS CHALLENGED
THE PERSONA OF THE BANK IS
PUBLIC
THE IMAGE OF THE BANK IS
NEGATIVE
TRUST
MISTRUST CHALLENGEDIMPERSONAL
The banking relationship today is often distant and can be perceived as impersonal and negative
KNOWSBBDOBBDOTHE DNA OF BANKING
THE EXPERIENCE
WAS PHYSICAL-IN BRANCH, IN
PERSON
THE RELATIONSHIP
WAS BASED ON TRUST, THE
BANK WAS CONSIDERED
SECURE
IN PERSON
VIRTUAL
PRIVATE
PUBLIC
POSITIVE
NEGATIVE
PAS
T THE SERVICE FELT
PERSONALAND
CUSTOMISED
PERSONAL
THE DYNAMIC WAS IN
FAVOUR OF THE BANK, THE BANK
WAS REVERED
REVERED
THE PERSONA OF THE BANK WAS PRIVATE
THE IMAGE OF THE BANK WAS
POSITIVE
THE EXPERIENCEIS VIRTUALIN BRANCH, IN
PERSON
THE RELATIONSHIP IS BASED ON
MISTRUST, AND BLAME. THE
BANK IS SEEN AS GREEDYP
RE
SE
NT THE SERVICE
FEELS IMPERSONAL, MASS MARKET AND ONE SIZE
FITS ALL
THE DYNAMIC IS ARGUABLY IN FAVOUR OF
THE CUSTOMER, THE BANK IS CHALLENGED
THE PERSONA OF THE BANK IS
PUBLIC
THE IMAGE OF THE BANK IS
NEGATIVE
TRUST
MISTRUST CHALLENGEDIMPERSONAL
The challenge is to recapture the personal aspect of the service, the personal approach led to a positive perception
KNOWSBBDO
Source: The Financial Times, UK only
IN 1970 THERE WERE ABOUT
20,000BANK BRANCHES
FOR 10M CUSTOMERS
TODAYTHERE ARE HALF THAT NUMBER FOR FIVE TIMES AS MANY CUSTOMERS
IT IS IMPOSSIBLE FOR GENUINE PERSONAL CONTACT TO PLAY ANY ROLE IN THE DELIVERY OF
BANK SERVICES
KNOWSBBDOBBDO
“IT IS IMPOSSIBLE FOR GENUINE PERSONAL CONTACT TO PLAY ANY ROLE IN THE DELIVERY OF BANK SERVICES”
— THE FINANCIAL TIMES
KNOWSBBDO
Source: The Financial Times and Corporate Executive Board
IN 1990 WE INTERACTEDWITH OUR BANK ON AVERAGE
9 TIMES A MONTH
TODAYWE INTERACT WITH OUR BANK
30 TIMESA MONTH
KNOWSBBDOBBDO
Source: Statistic Brain
WE BELIEVE THIS INCREASED INTERACTION IS AN OPPORTUNITY TO:
PUT THE PERSONAL BACK INTO BANKING
KNOWSBBDO
IMAGE – CHANGE THE CONVERSATION
PRODUCT – REMIND PEOPLE OF THE ROLE BANKS CAN PLAY IN ENHANCING THEIR LIVES
RELATIONSHIP – UNCOVER WHAT PERSONAL MEANS TODAY
BROAD CHALLENGES: