BBDO KNOWS the Banking Image Crisis

KNOWSBBDOTHE BANKING IMAGECRISIS2013

KNOWSBBDOBBDOTHE CONTEXT

BBDOKNOWS

KNOWSBBDO

FEWER PEOPLE TRUST BANKS TODAY THAN AT THE HEIGHT OF THE BANKING CRISIS…

Source: Ernst & Young data 2012

KNOWSBBDO

Source: Ernst & Young data 2012

THE NUMBER OF CONSUMERS SWITCHING BANKS IS RISING

KNOWSBBDO

Source: Ernst & Young data 2012

THE NUMBER OF CONSUMERS WHO HAVE RELATIONSHIPS WITH MULTIPLE BANKS IS RISING

KNOWSBBDOBBDO

5 YEARS ON AND WE ARE STILL MID STORM

KNOWSBBDOTHE EXTERNAL CONTEXT

PLEASE PLAY CONTEXT FILM

KNOWSBBDO

THE EXTERNAL CONTEXT IS:

CHALLENGING VOLATILE UNCERTAIN

KNOWSBBDO

WHAT DOES THIS MEAN FOR THE BANKING INDUSTRY?

KNOWSBBDOTHE BANKING INDUSTRY

PLEASE PLAY BANKING INDUSTRY FILM

KNOWSBBDO

GREED BLAME MISTRUST

THE IMAGE OF BANKING

KNOWSBBDOMedia headlines do much to fuel the perception of injustice. Consumers perceive banks to be the cause while they feel the effects. Headlines outlining this injustice do little to help the image of banks, we are still in the midst of a banking IMAGE crisis

BANKS VS. PEOPLE

Source: London Evening Standard 2012-2013

CAUSE EFFECT

KNOWSBBDOBBDO

5 YEARS ON AND BANKS ARE STILL MID IMAGE CRISIS

KNOWSBBDOBBDO

Source: Statistic Brain

CHALLENGE:

CHANGE THE CONVERSATION

KNOWSBBDOKNOWSBBDOBANKS -THE PRODUCT

BBDOKNOWS

KNOWSBBDOBBDO

“THE MESSAGE THAT BANKS PROVIDE A VITAL SERVICE TO THE ECONOMY HAS BEEN LOST.”

Source: Ernst & Young data 2012

ERNST & YOUNG

KNOWSBBDOBANKING PAST

PLEASE PLAY OLD BANK FILM

KNOWSBBDOBBDOCLIENT VIEW:

Global Head of Marketing Communication, BESPLEASE PLAY BES BANKING ROLE IN SOCIETY FILM

KNOWSBBDOBBDOBANKING PAST

THE EXPERIENCE

WAS PHYSICAL-IN BRANCH, IN

PERSON

THE RELATIONSHIP

WAS BASED ON TRUST, THE

BANK WAS CONSIDERED

SECURE

IN PERSON TRUST PRIVATE POSITIVE

PAS

T THE SERVICE FELT

PERSONALAND

CUSTOMISED

PERSONAL

THE DYNAMIC WAS IN

FAVOUR OF THE BANK, THE BANK

WAS REVERED

REVERED

THE PERSONA OF THE BANK WAS PRIVATE

THE IMAGE OF THE BANK WAS

POSITIVE

Banks past were considered secure and “careful” and respected by the customer, equally they were considered facilitators, enablers and drivers of innovation that transformed people’s lives

The banking relationship in the past was in person, personal and positive

THE PERCEPTION WAS THAT BANKS PROVIDED A VITAL SERVICE TO THE ECONOMY AND TO THEIR CUSTOMERS

KNOWSBBDOBBDO

Source: Statistic Brain

CHALLENGE:

RECLAIM ROLE AS FACILITATORS AND INNOVATORS

THE CUSTOMERBBDOKNOWS

KNOWSBBDOBBDO

Source: Ernst & Young data 2012

VAST MAJORITY OF CUSTOMERS ARE WILLING TO OFFER BANKS MORE INFORMATION IF IT LEADS TO A MORE PERSONALISED SERVICE

KNOWSBBDOBBDO

“THE DIFFERENCE NOW IS THE DECLINE OF THE OLD-FASHIONED BANK MANAGER WHO WAS KNOWN TO EVERYONE. MY BIG MAXIM WAS‘KNOW YOUR CUSTOMER’… THE BANK MANAGER WOULD KNOW THE FAMILY FINANCIAL BACKGROUND. HE HAD A COMPLETE SNAPSHOT OF YOUR FINANCES…”

- Mr Capon, Former Assistant Bank Manager UK

Source: BBC News Magazine

KNOWSBBDOBBDOBANKING PRESENT

THE EXPERIENCE

WAS PHYSICAL-IN BRANCH, IN

PERSON

THE RELATIONSHIP

WAS BASED ON TRUST, THE

BANK WAS CONSIDERED

SECURE

IN PERSON

VIRTUAL

PRIVATE

PUBLIC

POSITIVE

NEGATIVE

PAS

T THE SERVICE FELT

PERSONALAND

CUSTOMISED

PERSONAL

THE DYNAMIC WAS IN

FAVOUR OF THE BANK, THE BANK

WAS REVERED

REVERED

THE PERSONA OF THE BANK WAS PRIVATE

THE IMAGE OF THE BANK WAS

POSITIVE

THE EXPERIENCEIS VIRTUALIN BRANCH, IN

PERSON

THE RELATIONSHIP IS BASED ON

MISTRUST, AND BLAME. THE

BANK IS SEEN AS GREEDYP

RE

SE

NT THE SERVICE

FEELS IMPERSONAL, MASS MARKET AND ONE SIZE

FITS ALL

THE DYNAMIC IS ARGUABLY IN FAVOUR OF

THE CUSTOMER, THE BANK IS CHALLENGED

THE PERSONA OF THE BANK IS

PUBLIC

THE IMAGE OF THE BANK IS

NEGATIVE

TRUST

MISTRUST CHALLENGEDIMPERSONAL

The banking relationship today is often distant and can be perceived as impersonal and negative

KNOWSBBDOBBDOTHE DNA OF BANKING

THE EXPERIENCE

WAS PHYSICAL-IN BRANCH, IN

PERSON

THE RELATIONSHIP

WAS BASED ON TRUST, THE

BANK WAS CONSIDERED

SECURE

IN PERSON

VIRTUAL

PRIVATE

PUBLIC

POSITIVE

NEGATIVE

PAS

T THE SERVICE FELT

PERSONALAND

CUSTOMISED

PERSONAL

THE DYNAMIC WAS IN

FAVOUR OF THE BANK, THE BANK

WAS REVERED

REVERED

THE PERSONA OF THE BANK WAS PRIVATE

THE IMAGE OF THE BANK WAS

POSITIVE

THE EXPERIENCEIS VIRTUALIN BRANCH, IN

PERSON

THE RELATIONSHIP IS BASED ON

MISTRUST, AND BLAME. THE

BANK IS SEEN AS GREEDYP

RE

SE

NT THE SERVICE

FEELS IMPERSONAL, MASS MARKET AND ONE SIZE

FITS ALL

THE DYNAMIC IS ARGUABLY IN FAVOUR OF

THE CUSTOMER, THE BANK IS CHALLENGED

THE PERSONA OF THE BANK IS

PUBLIC

THE IMAGE OF THE BANK IS

NEGATIVE

TRUST

MISTRUST CHALLENGEDIMPERSONAL

The challenge is to recapture the personal aspect of the service, the personal approach led to a positive perception

KNOWSBBDO

Source: The Financial Times, UK only

IN 1970 THERE WERE ABOUT

20,000BANK BRANCHES

FOR 10M CUSTOMERS

TODAYTHERE ARE HALF THAT NUMBER FOR FIVE TIMES AS MANY CUSTOMERS

IT IS IMPOSSIBLE FOR GENUINE PERSONAL CONTACT TO PLAY ANY ROLE IN THE DELIVERY OF

BANK SERVICES

KNOWSBBDOBBDO

“IT IS IMPOSSIBLE FOR GENUINE PERSONAL CONTACT TO PLAY ANY ROLE IN THE DELIVERY OF BANK SERVICES”

— THE FINANCIAL TIMES

KNOWSBBDO

Source: The Financial Times and Corporate Executive Board

IN 1990 WE INTERACTEDWITH OUR BANK ON AVERAGE

9 TIMES A MONTH

TODAYWE INTERACT WITH OUR BANK

30 TIMESA MONTH

KNOWSBBDOBBDO

Source: Statistic Brain

WE BELIEVE THIS INCREASED INTERACTION IS AN OPPORTUNITY TO:

PUT THE PERSONAL BACK INTO BANKING

KNOWSBBDO

IMAGE – CHANGE THE CONVERSATION

PRODUCT – REMIND PEOPLE OF THE ROLE BANKS CAN PLAY IN ENHANCING THEIR LIVES

RELATIONSHIP – UNCOVER WHAT PERSONAL MEANS TODAY

BROAD CHALLENGES: