In an article published this week in The Financial Brand, Steve Touhill, Executive Director, Client Services at Resonate, writes that consumers currently not only want to feel safe physically but financially — and banks and credit unions must factor this attitude into their marketing and communications.
Consumers Rate Safety and Security as Top Values
Safety and security are now top values for 30% and 24.8% of U.S. adults respectively. We’re watching consumers avoid debt and steer clear of in-person banking as they look to create a sense of both immediate and long-term safety. Those consumers who are feeling financially anxious need reassurance. How can FinServ marketers provide that message?
Segmenting between digital and in-person consumers will be critical, as will speaking specifically to those who are financially anxious as a result of the pandemic. Providing support to customers undergoing hardship, marketing products and services that can assist those consumers, promoting low ATM fees, high interest rates on checking and savings, as well as bonus for opening new accounts could help retain and grow account holders.
“62% of the U.S. population believes that the economy will not return to “normal” until 2021 or later”
Interested in learning more about the current data on consumers, the trends towards financial anxiety and the need for security, and what it means for bank marketers looking towards 2021? Read Consumers Freaking Out Financially: How Bank Marketers Must Respond on The Financial Brand today.