Content in context

Sure, banks can turn to content in times of crisis to show they care, but who is helping customers, and who is going for cheap laughs?

By Adam Goodvach

February 20, 2009

Content generation will play a greater role in website development during the next 12 months as banks strive to show their commitment to customers. UBank has launched a YouTube station to present its satirical take on the financial crisis but examples from overseas markets suggest far greater recession-related content is on the way. How will Australian banks seek to assist customers under financial pressure?

However bad Australia’s economic climate, it’s clear the United Kingdom is far worse, with many of its ‘big 5’ banks now partly owned by the UK government or cashed-up Asian governments. Its retail environment has descended into price cutting with 70 per cent the average discount on the ‘high street’. The recession is palpable and not helped by negative press articles and the ever-present phrase “in these difficult times” appended to every TV ad.

Banks have reacted to the public presence of a poor economic environment by increasing their levels of content and not just online. RBS is using its (government-supplied) advertising budget to run TV ads promoting MoneySense, an integrated online and offline campaign that aims to provide financial guidance to British people across three broad age demographics.

The MoneySense campaign places advisors in more than 1,000 NatWest (RBS’ largest brand) branches across the UK. These people are impartial, trained by charities and “completely focused on helpful guidance, and are not linked to endorsing or selling products”. An in-depth website of the same title features a range of calculators, financial health checks and banking product guides. While some of these services existed prior to the recent financial crisis, particularly for school children, it has been re-energised and more widely promoted. [For more info type ‘MoneySense advisors RBS’ into Google].

In terms of staff and dedicated advertising, the campaign’s cost is astounding. Similar, though less extensive attempts have been made by other banks in the UK, particularly Lloyds TSB. In the United States, pressured bankers have responded to the current crisis by stating on homepages that they are strong, stable and secure. Many US sites explain their circumstances after recent mergers, takeovers and government support, and offer support and advice to those struggling to pay their bank debts.

From a customer point of view, the information provided by UBank is entertaining and provides some context for the global crisis. However, it is certainly not an attempt to seriously engage or assist customers. While many of us are pleased to be entertained, ‘in these difficult times’, we’re not looking for an amusing bank. Banks can do more to assist customers who are seeking assistance to manage an economic environment that differs from any experienced in living memory.

Content is an act of giving by the bank. Apart from Search Engine Optimisation benefits, which are unappreciated by the broader public, banks’ motivation in providing this information is broad and difficult to quantify – to build the brand and retain customers. The most useful information includes:

Financial management
Banks can assist customers in financial matters that have arisen with an impending recession, such as making and keeping to family budgets, offering low-risk options for investing money, and aiding people who have difficulty meeting their credit obligations. Credit cards, personal loans and especially mortgages are placed under increasing pressure by job losses, salary reductions and, for small business owners and bonus-reliant employees, lower revenues.

Event-related content
How can banks assist their customers or prospects through providing relevant and detailed content surrounding a prospective event such as purchasing a house or taking out a mortgage?

GFC related information
While UBank’s MoneyBox talks in an upbeat manner about the GFC, it does explain why some banks in the US and the UK have folded and explores Australia’s situation. Banks seem to be crumbling around the world, but what does this really mean for a potential customer? Content aimed specifically at this level is informative, creates a point of differentiation that is not price-based and, critically, addresses customers’ acute need for information and understanding and can still be fun. For example see the Common Craft Show
www.commoncraft.com/borrowing-money

In summary, while the move to provide additional content is a positive one, the scope to get a greater return in terms of branding and retention is with the true value-added content that helps people rather than gives them a laugh. For banks looking to expand their content, and many are, I suggest they keep in mind what the customer will really value when in need.

Adam Goodvach is the chief executive officer of customer experience benchmarking company Global Reviews.