Trust is important for any brand, but it is the lifeblood of the financial services industry. Indeed consumer trust is arguably the greatest competitive advantage any bank or credit union possesses. As a result, financial institutions must prioritize building brand equity by providing an impeccable customer experience, which is — first and foremost — predicated on data security.
That’s where marketing communications comes into play. Marketing can play a significant role in helping financial institutions build trust — that essential bedrock of brand equity. But a simple email sent with the wrong personalization or at the inappropriate time can have serious negative consequences, and possibly escalate to the point where consumer pull the dreaded “switching trigger”.
For instance, how do you think Jaime feels when her bank sends her something addressed to “Frank”? Or when they send her a home loan promotion with a better rate than the one she just got… from her bank? Do you think she feels confident in her banking provider’s ability to understand her financial situation — her needs? Not likely. In fact, she might wonder whether or not her institution is keeping her information private. Are they sending her information to Frank, and vice versa? Such missteps undermine the very foundation of trust and fiduciary confidence that every financial relationship is predicated upon.continue reading »