Financial Marketing Crisis: The Least Trusted Financial Brands

With the recent financial market turmoil, customer sentiment on the leading financial brands is at near an all time low.  Banks have experienced a financial public relations nightmare dealing with shareholder and political pressures.  For HSBC only 16% of polled customers agreed with the statement "My financial provider does what's best for me, not just its own bottom line." The report was compiled by Forrester's annual Customer Advocacy rankings are based on a survey of 4,500 customers. Results are:

"My financial provider does what's best for me, not just its own bottom line."

33 percent of Bank of America agreed
31 percent of Chase customers agreed
29 percent of Capital One customers agreed
28 percent of TD/Commerce Bank customers agreed
27 percent of Fifth Third Bank customers agreed
26 percent of Citibank customers agreed

Bank marketing has long focused on large branding campaigns designed to push features instead of focusing on the needs of individual users.  A financial brand is more than a logo or your colors, customers need to know that you will take care of them regardless of the economic environment.  Bank marketing needs to swing back and focus on the individual user and provide a sense of security and trust.

A communication audit is the simplest check-up for existing banks, credit unions and investment institutions in need of a review of their financial marketing strategy.   Learn more about Bank Branding and Financial Marketing Strategies by visiting www.allianceinteractive.com or contact Alliance Interactive at 888.222.9056.