UK UK Retail Banking Coronavirus Weekly Insights Week end 5 June 2020 - The impact of COVID-19 on UK Retail ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
UK Retail Banking Coronavirus Weekly Insights
Week end 5 June 2020 UK
1
With ongoing lockdown measures,
participants are tending to focus on
what they can’t do.
Tackle frustration Lower the threshold for customers
by empowerment & to take their situation into their own
hands and give clear guidance
tailored information tailored to individual needs. This
could be about anything from
pensions, to savings, to scams, to
branch opening hours.
2
Despite a short sense of relief and relaxation on a country level, worry
over the ongoing pandemic is up again.
How do you feel about the ongoing COVID-19 (Coronavirus) pandemic?
Fairly & Very Concerned %
88
79 80 80 79 78
73 75 76
71 71
67
Week 1 - Week 2 - Week 3 - Week 4 - Week 5 - Week 6 - Week 7 - Week 8 - Week 9 - Week 10 - Week 11 - Week 12 -
19.03 26.03 02.04 08.04 16.04 23.04 30.04 06.05 14.05 20.05 27.05 04.06
Source: MESH Experience Retail Banking Study Pre Questionnaire
base responses n=237 PRE
3 Question:How do you feel about the ongoing COVID-19 (Coronavirus) pandemic?
People still have the feeling that banks do what they can to help
customers during the COVID-19 pandemic.
Are banks doing enough to help How much is [your bank] doing, if anything, to help
customers during the COVID-19 its customers during the COVID-19 (Coronavirus)
(Coronavirus) pandemic? pandemic?
30.04 6.05 14.05 20.05 27.05 4.06
30%
21%
34% 30% 34% 31% 29% 25%
20%
15%
10%
79%
70% 69% 71% 5%
66% 66%
0%
1 - not 2 3 4 5 6 7 8 9 10 - doing
doing everything
anything Mean score it can to
to help help
30.04 6.05 14.05 20.05 27.05 4.06 30.04 = 6.7
06.05 = 6.9
14.05 = 6.7
Yes No
20.05 = 6.8
Source: MESH Experience Retail Banking Study Pre Questionnaire 27.05 = 6.6
base responses n=237
Questions: Are banks doing enough to help customers during the COVID-19 (Coronavirus) pandemic? 04.06 = 6.8 PRE
4 How much is [your bank] doing, if anything, to help its customers during the COVID-19 (Coronavirus) pandemic?
However, people need information on how to deal with their individual
situations and what they can expect.
Keeping internet and branch
make sure branches are safe GIVING IMFOMATION access open
Tailored advice on how to save Advising the effects on pensions funds,
money Not just make available More branches open etc
breaks that in the end make more
money for them in the long run
SUPPORTING THE be open atleast one of twice a week but to be
CUSTOMERS closed for now 2-1/2 months is just mental
AGAINST SCAMS
Giving sufficient information keeping customers
to enable them to make and staff safe in
decisions Letting customers know how to save branches
money on this pandemic
Source: MESH Experience Retail Banking Study Pre Questionnaire PRE
5 base responses n=237
Paid advertising has kept up high
positivity but has gone down in
relevance and persuasion because
Spark enthusiasm not everyone needs help or has
found it already.
Consider focusing on innovative
products and services that can
spark enthusiasm, both among
customers and prospects.
6
The compassionate efforts made by banks have lead to a stable higher
positivity in the category.
Paid Positivity “People with post its on their heads asking if the word on the
100% paper would affect them in different ways. All words and
questions were about mental health and the voice over was
90%
a out how Lloyd's care about mental health and want to be
80%
there for those with problems.
It was warm and would be reassuring to anyone suffering at
70% this time. I was glad to see such a positive message ”
68%
60% 62% 64% 60% 59% Lloyds | TV | Fairly Positive| No difference | Fairly Irrelevant
56% 54% 56%
50% 52% 51%
49% 47% 49%
40%
30%
“Good to see companies caring during difficult
20% times. ”
Halifax | TV | Fairly Positive | Much More Likely |
10% Neutral
0%
Feb Week Week Week Week Week Week Week Week Week Week Week Week
13th - 1 2 3 4 5 6 7 8 9 10 11 12
March T2B Positivity
11th
Source: MESH Experience Retail Banking Study
7 Week 12 base: Total Experiences n= 1,082 | People n= 344. DIARYHowever, since not everyone needs help, or have found it already,
relevance and persuasion have gone down. “i saw an ad about natwest improving overdraft
conditions for customers as a result of coronavirus. it
made me feel positive towards the bank, though i am
Paid Persuasiveness and Relevance not a natwest customer.”
100%
NatWest | Newspaper | Fairly Positive| No difference |
90% Very Irrelevant
80%
70% “Didn’t read in detail as have no
55% mortgage but glad to hear they are “Ad telling how they were helping
60% helping those who have” people during lockdown. Good that
44% 54%
49% they are working to help
50% 43% 43%
40% Nationwide| Newspaper | Very Positive | customers”
46% 44% 36% 51%
38% No difference | Very Irrelevant
40% 33% 48% 44% 34%
35% 41% Halifax| TV | Very Positive | No
33% 38% 36%
30% 34% 36% difference | Very Irrelevant
27% 34% 33%
20%
10%
“Saw the advert but didn't click on it
as I had no interest in doing so.It “About mortgages buy to let during
0% was for business people I think” covid. Doesn’t apply to me”
Feb Week Week Week Week Week Week Week Week Week Week Week Week
13th - 1 2 3 4 5 6 7 8 9 10 11 12 NatWest | Online | Neutral| No NatWest | Newspaper | Neutral| No
March
11th T2B Persuasiveness T2B Relevance difference | Very Irrelevant difference | Very Irrelevant
Source: MESH Experience Retail Banking Study
8 Week 12 base: Total Experiences n= 1,082 | People n= 344. DIARYFocusing on innovative products and services can spark enthusiasm,
both among customers and prospects.
“New ways to use app”
“Various Ordinary people who seemed to be Barclays staff, Barclays | Online Banking | Very Positive| Much
talking about the covid outbreak and what Barclays were more likely to choose| Very Relevant
doing to help, which involved using their website including
being able to pay in cheques without visiting a branch. A
tabby cat appeared at the end when the woman who spoke
first was on again, and meiowed. Intrigued- I want to know
how to pay a cheque in without visiting a branch. ”
“used the app on my phone to pay in a cheque for
Barclays | TV | Fairly Positive| Slightly more likely to choose| 1st time. pleased as i didnt have to go in branch ”
Fairly Relevant
Lloyds | App from bank | Fairly Positive| Much more
likely to choose | Very Relevant
Source: MESH Experience Retail Banking Study
9 Week 12 base: Total Experiences n= 1,082 | People n= 344.This week we have seen an
increase in negative earned news.
Control the
Now it’s becoming clear how hard
narrative the banks have been hit by the
measures they’ve taken and the
impact of the crisis, take control
over the narrative to avoid
collateral damage.
10Earned reach is going up again. The continuous negative impact on the
banking sector creates an increase in Negative Earned Experiences.
Earned Reach
20%
Earned Positivity
18% 18%
16%
14% 15%
35% 39%
14% 14% 13% 42% 45%
13% 14%
12% 12%
12%
12%
10%
10% 11% T2B
36% 27%
8%
8% 31%
32%
6%
Neut
4% ral
34%
29% 27%
2% 23%
0% B2B
Feb Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week Week Week Feb 13th - Week 1-4 Week 5-8 Week 9-12
13th - 10 11 12 March 11th
March
11th
Source: MESH Experience Retail Banking Study
11 Week 12 base: Total Experiences n= 1,082 | People n= 344. DIARY
Week 12: 28 May – 4 JuneThe alleged hit that Nationwide has recently taken is one of the
dominating headlines. This inevitable reality check could create a new
wave of worry amongst customers.
“Was online and saw a headline on MSN saying Nationwide's
profit was 40% down and had taken a £101 million hit due to
coronavirus”
Nationwide | Online | Very Negative | Much Less Likely |
Neutral
“I read about the fact that Nationwide is set to lose more than £100
million as a result of Coronavirus. This made me worried.”
Nationwide | Newspaper | Fairly Negative | Slightly Less Likely |
Fairly Relevant
Source: MESH Experience Retail Banking Study
12 Week 12 base: Total Experiences n= 1,082 | People n= 344. DIARYSituations like this call for banks to control the narrative, and reassure
people by providing information and giving context.
“The article quoted the chief executive as “was just reading update on financial news regarding virus
saying that the bank won't be able to offer and the effect it has on peoples money and also bank loans
customers good savings rates as it has to and can see business are struggling to get loans ”
cover expected losses on loans. […] Very
angry. As a loyal customer of many years I Barclays | Online | Fairly Negative | Much Less Likely | Fairly
feel I am being treated badly .” Irrelevant
Nationwide | Newspaper | Very Negative |
Slightly Less Likely | Very Relevant
Source: MESH Experience Retail Banking Study
13 Week 12 base: Total Experiences n= 1,082 | People n= 344. DIARYAPPENDIX UK 14
Real-time Experience Tracking (RET): Methodology
BEFORE DURING AFTER
SURVEY REAL-TIME SURVEY
Survey to capture Diary to capture brand Survey to capture
brand health metrics and experiences in real-time brand health metrics and
imagery via mobile imagery to measure impact
of experiences
Experience Maximizer to identify touchpoint impact
15MESH Experience is a data, analytics and insight company working with
Fortune 500 organizations, like Delta Air Lines and LG Electronics. We
believe that brands today should take an Experience Driven Marketing
approach, looking through the eyes of the customer to understand all paid,
owned and earned brand encounters. Our proprietary methodologies,
datasets and models help us give clients faster and better advice on
how to optimize their marketing investment. Real-time Experience
Tracking (RET) was described by Harvard Business Review as “a
new tool (that) radically improves marketing researchYou can also read
