How to Communicate Confidence with Banking Customers
Top 4 strategies for confident COVID-19 communications
As the COVID-19 pandemic disrupts everyone’s lives, your customers are increasingly concerned about their financial security. According to a March 5 survey by J.D. Power, 83% of consumers fear the virus will negatively impact their finances.
As banks continue to share updates on how the coronavirus is impacting branch operations and their finances, customers are expecting their banks to be informed and proactive, sharing the most relevant information. Confident communication that serves your customers during this critical time will be important to ease their minds and maintain their trust.
With an increased focus on the ability to deliver relevant information on the right channel at the right time, here are 4 key communication strategies that will help banks meet customer expectations at every touchpoint.
- Put the Customer First
Start communications by answering the customer’s needs first and foremost. Explain what options are available to them, for example extended payment deadlines, reimbursement of overdraft fees, or extended lines of credit.
- Communicate Clearly
Provide incredibly clear, empathetic, and personal communications. For example, headers in emails can make the content easily digestible and guide customers to key information like, “What Mortgage Customers Need to Know” or “How to Bank Online.”
- Think Across Channels
In addition to focusing on digital channels to communicate with your customers, ensure that your message is consistent across each. If you’re directing members to a call center from an email or website, ensure those teams are prepared with the correct information to address customer concerns.
- Provide Access
Remind customers how to get in touch with you with questions, comments and concerns. Many banks have a dedicated page on their website for updates on hours of operation and online resources. Keep in mind customers who may be new to your online banking resources such as online banking, bill pay, or call centers.
According to Alex Johnson, Director of Portfolio Marketing for FICO, “Most of the time, consumers don’t think about banking at all. They just expect it to work. The only times they really think about banking is when there is a financial need or when they’re facing a crisis.”
Financial institutions that effectively communicate with their customers during this stressful time will build customer confidence in their financial security and your bank.