BankingRole of Outdoor to reconnect with customers to build trust.
High levels of distrust are changing customers’ expectations of their banking institutions.
• Trust in banks is still at its lowest since the financial meltdown and the reputation of many banks has taken a hit in recent years:
‒ Confidence has not been fully restored. Many still blame banks for causing the financial crisis
‒ Miss-selling of inappropriate products (e.g. PPI in UK)
‒ Big payouts (bonuses) for banking bosses causing outrage
‒ Discontent from those with mortgage/loan debts, as banks offer low savings but have increased the cost of borrowing
• New players: Tesco/Carrefour Bank, Virgin Money, ING Direct, Metrobank, pay day loans and online lenders are reshaping the banking industry drawing business away from the Big 4.
• Customers willingness to consider switching to a new provider increases if the new brand has proven financial expertise or the backing of an established financial institution.
• Connected customers look for accessibility and flexibility to meet their changing financial priorities.
Fragmenting choices from non-traditional players untainted by scandal are gaining traction.
Source: 2014 IAB Europe Mediascope-’Touchpoints shaping the financial experience’ (n=51,700)
“Always On” commerce
1/2
are
inclined to find out more about financial brands they see advertised
1/3
are
likely to buy a product of a brand they follow on social media
More aware
Access to Online communities 22% customers buy financial products / services online
13% buy offline after online research
55% customers state they better manage their finances due to the internet
More knowledgeable
Customers are empowered and connected to make informed choices and influence others.
Source: IPSOS Mori Reputation snapshot – Banking industry 2013
Customers want clarity.
Seek clear information to help them understand their options, but visualising the outcome is hard given their lack of confidence in the industry.
Customers want control.
Seek partners who will not only provide the tools to help them on their journey, but provide guidance and assurance along the way. They expect their financial providers to provide value.
Customers want to connect.
Need validation that their financial providers know them, are fully engaged and working with them to pursuit their best interest at all times.
51% customers increasingly desire
for more straightforward information messages (simple &
transparent).
76% customers
say they conduct their own research before seeking financial advice.
32% do so to avoid paying fees.
70% customers
ready to provide personal info to their bank, as long as they receive a tailored offering in return.
New era of customer demand for integrity, transparency and better communication.
Why Outdoor works for Banking customers
Simplicity.
Clarity of message.
Visual impact.
Simplicity of Outdoor advertising delivers messages that are simple and clear.
A single-minded message through the use of short copy and clear graphic element initiate customers discovery of product and services.
Outdoor advertising is the medium of choice to inform new product launches and ‘new’ news, second to TV.
Media Recall studies
31% people agree advertising in public places helps me to discover new products and services when I am out and about.
TNS Omnibus
Outdoor reaches highly mobile customers where they work, shop and play.
Intercept customers during their daily routine whilst they are actively exploring to reinforce USPs to help them make banking decisions on the go.
Powerful visual storytelling evokes emotions more powerful than rational messages, to deliver twice the profit.
The Long & Short Of It IPA
Strengthening brand identity through iconic Outdoor advertising.
Extend brand fame credentials to create resonance and drive brand connections.
Physical-Digital.
Local.
Proximity.
One-to-Many.
How Outdoor works for Banking brands
Outdoor is an effective trigger for customers who diversify their research behaviour to include online and offline touchpoints.
Kantar
Outdoor enhances the customers’ experience by integrating physical with info-rich digital channels.
Outdoor and Online provides consistent brand messages whether customers are accessing via a mobile device or visiting a branch in person.
Hyper-local targeting to connects customers at the right moments to promote usage.
Kinetic/Joule
Outdoor extends messages in local catchment areas to build meaningful connections.
Delivery of content on a personal level can reassure the customers choice.
Optimum distance is 150m to drive maximum footfall into a high street branch before footfall declines dramatically.
Kinetic
Outdoor proximity converts presence into business advantage.
Opportunity to tap into traffic patterns of potential customers who travel by or near the branch who are in the right state of mind.
1 in 4 adults have been prompted by Outdoor advertising to search for a brand on their mobile browser.
Kinetic/Joule
Outdoor powered by technologies such as NFC/Beacon can deliver compelling experiences through mobile devices.
Replicating the success of online banking in terms of convenience and accessibility for customers who want personalisation and flexibility.
Trust in the Financial industry has suffered from the crisis. Banks in particular are at the heart of this distrust.
Perceptions and attitudes of the sector have changed fundamentally, customer behaviour is catching up. However, banks are not keeping pace and are far behind in meeting customers’ expectations.
Outdoor advertising enforces simplicity for creative messaging to deliver great street presence for product discovery, reaches people in their daily routine to offer help in making key banking decisions and seamlessly links the offline and online worlds to deliver convenience, personalisation and flexibility.
In Summary.
