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1
USUS Retail Banking Coronavirus
Customers & Prospects – month end 19 June 2020
2
US
MESH Experience
Coronavirus & US Retail Banking
Customers and Prospects
Field Period: 5.12.20 - 6.14.20
Report Date: 6.26.2020
3
To keep customers:• Safety first
• Reach out to customers
• Support community
• Advertise differences
• Optimize Owned channels
Bank of America outperforms other
major banks among its customers.
A safety-first approach in branch
and outreach to customers has
been particularly appreciated, as
has $ Billions invested to support
society.
PNC and Ally demonstrate helpful
communications through Owned
channels.
In general, Bank of America customers are more concerned about the pandemic.
4
Source: MESH Experience Retail Banking Study
Base Customers: Chase n=334, Bank of America n=305, Wells Fargo n=238, Capital One n=121
Field Period: 5/12 – 6/14
Question: How much is [your bank] doing, if anything, to help its customers during the COVID-19 (Coronavirus) pandemic?, Are banks doing
enough to help customers during the COVID-19 (Coronavirus) pandemic?
PRE
7% 7%
16%
37%33%
4% 5%
17%
33%
42%
3%8%
18%
32%
39%
4% 5%
26% 28%
36%
Not at all concerned 2 3 4 Very concerned
How concerned are you about the COVID-19 Pandemic
Chase Bank of America Wells Fargo Capital One
T2B score
Chase = 70%
Bank of America = 75%
Wells Fargo = 71%
Capital One = 64%
5%
2% 2%3%
26%
16%
12%
16%
9%10%
6%
1% 2%4%
20%
13%11%
15%
11%
15%
5%
2% 2% 2%
20%
16%
13%13%
8%
20%
3%
1%2%
1%
31%
12%13%
11% 11%
15%
0%
5%
10%
15%
20%
25%
30%
35%
1 - not doinganything to help
2 3 4 5 6 7 8 9 10 - doingeverything it can
to help
How much is [your bank] doing, if anything, to help its customers during the COVID-19 (Coronavirus) pandemic?
Chase Bank of America Wells Fargo Capital One
Bank of America and Wells Fargo’s efforts during the pandemic have been noticed by their customers.
5
Source: MESH Experience Retail Banking Study
Base Customers: Chase n=334, Bank of America n=305, Wells Fargo n=238, Capital One n=121
Field Period: 5/12 – 6/14
Question: How much is [your bank] doing, if anything, to help its customers during the COVID-19 (Coronavirus) pandemic?, Are banks doing
enough to help customers during the COVID-19 (Coronavirus) pandemic?
T3B score
Chase = 35%
Bank of America = 42%
Wells Fargo = 41%
Capital One = 36%
Market Average = 39%
PRE
Bank of America and Wells Fargo customers appreciate support in branch and local outreach.
6
Source: MESH Experience Retail Banking Study
Base Customers: Chase n=334, Bank of America n=305, Wells Fargo n=238, Capital One n=121
Field Period: 5/12 – 6/14
Question: How much is [your bank] doing, if anything, to help its customers during the COVID-19 (Coronavirus) pandemic?, Are banks doing
enough to help customers during the COVID-19 (Coronavirus) pandemic?
PRE
“Bank of America is doing their best to help their
customer by keeping their money safe and
giving their customers calls”
“Increased support for mobile banking and good
policies in place to stay safe in branches”
“They do a phenomenal job making sure that all
my needs are met I have absolutely no
complaints tech is good response time is good
staff are helpful”
“They have shields installed, guards are
wearing masks. There are six feet markers on
the floors.”
“They offered very best customer service during
pandemic”
“They are only letting a few people in their
branches at a time and using social distancing”
“They have branches open and a strong online
presence”
“They're reaching out to see if there customers
need help and are supportive of local
communities”
“They have put in a number of procedures to
make sure that customers safety is first &
foremost.”
“Limited number of people allowed in bank at
one time. Bank has 6 foot markers and requires
face masks…”
Bank of America is best in class among customers with particularly positive and relevant experiences. Capital One follows suit.
7
Source: MESH Experience Retail Banking Study
Base Customer Brand Experiences: Chase n=131, Bank of America n=144, Wells Fargo n=76, Capital One n=56
Total Time Period: 5/12 – 6/14
Question: How did it make you feel?DIARY
5% 4% 5% 9%
38%26%
36% 23%
56%69%
59%68%
Customers - Percentage of experiences that are Positive, Neutral and Negative
B2B Neutral T2B
11%5% 7% 4%
22%
15%
30%25%
67%80%
63%71%
Customers - Percentage of experiences that are Relevance, Neutral and Irrelevant
B2B Neutral T2B
Bank of America messaging, “Tomorrow starts today”, and actions, investing $ Billions in society, work in tandem to make a positive future
8
Source: MESH Experience Retail Banking Study
Base Customer Brand Experiences: Bank of America n=144
Total Time Period: 5/12 – 6/14
Question: Please describe your experience in as much detail as possible
“AOL news post of BOfA donation of
1Billion dollars to support racial
inequality”
Bank of America | Social Media | Very
Positive | Slightly more likely to choose |
Very Relevant
“It showed different situations of people around the country
doing basic everyday things. The message was we will
withstand the current situation and they are here for us.
Tomorrow starts today was the slogan.”
Bank of America | Online | Fairly Positive | No difference |
Fairly Relevant
I was just browsing through the news when
this article caught my eye. The article states
that BofA will be using this $1 billion bond to
''fund not-for-profit hospitals treating COVID-
19 patients, businesses that manufacture
and distribute protective medical equipment
and supplies and companies creating
diagnostic tests or vaccines to stop and treat
the virus.'' Although it's not about specific
financial services, but rather support in the
COVID-19 fight, it's a topic I'm interesting
in hearing more about.
Bank of America | Online | Fairly Positive |
Slightly more likely to choose | Fairly
Relevant
DIARY
Chase neutral experiences relate to low impact branch impressions and customers already knowing app features demonstrated in TV ad
9
“I saw the branch while
driving to the grocery story.
I experienced no emotion or
other feelings”
Chase | Branch | Neutral |
No Difference | Very
Irrelevant
“I saw a Chase branch as I drove by. My
impression was neutral.”
Chase | Branch | Neutral | No Difference | Very
Irrelevant
“Showed that by using app your bank would
always be with you - Not relevant so no feeling”
Chase | TV | Neutral | No Difference | Very
Irrelevant
“Showed that by using the app your bank would
always be in your pocket. Nothing - not relevant
Chase | TV | Neutral | No Difference | Very
Irrelevant
Responses from same person
Source: MESH Experience Retail Banking Study
Base Prospect Brand Experiences: Chase n=131
Total Time Period: 5/12 – 6/14
Question: Please describe your experience in as much detail as possible
In general, customer experiences are more likely to be through Owned channels vs benchmark – particularly for Chase and Bank of America.
10
Source: MESH Experience Retail Banking Study
Base Customers (experiences of their own bank): Chase n=131, Bank of America n= 144, Wells Fargo n=76, Capital One n=56, total market 1933
Total Time Period: 5/12 – 6/14
Question: Where did you experience it?
DIARY
21% 22%13% 16%
10%
17% 17%
11%
16%
14%
10%13%
13%
9%
6%
2%
6%
4%2%
2%
2%
3%
4%4%
5%
8%
3%
9%0%
5%
4%3%
8%
2%6%
2% 1%1%
2% 1%
2% 1%5%
2% 1%
5% 5% 4%
7%7%
22%15% 18%
29% 30%
1%6% 0%
2% 2%
1% 2%1%
0% 2%
5% 4%8% 11% 9%
Chase CustomerBank of America CustomerWells Fargo CustomerCapital One CustomerTotal Benchmark - All brands total market
Touchpoint Share - Experiences of that Brand amongst it’s customers
Other
Poster/Billboard
Personal Conversation
TV
Online
Customer Service Call/Chat
Text Message
Social Media
Branch
Regular mail (post)
ATM
Banking App
Online Banking
Contain
Owned
touchpoints
Total Benchmark
All brands total
market
PNC bank communicates well through Owned channels to inform and reassure throughout these difficult times.
11
“Great! They are always very informative.
Pleased!”
PNC | Social Media | Fairly Positive | No
Difference | Fairly relevant
“It was an email detailing our different scams that
are happening and to be wary of them. Made me
feel like they are looking out for me”
PNC | Email | Fairly Positive | Slightly more likely
to choose | Very relevant
“i logged into my financial account online, and
checked the balance, airline mile rewards, and
transactions for my primary and sole credit card
account. i was satisfied with the level of detail
provided, which included no pending-
processing transactions and the overall
balance.[felt] reassured and satisfied”
PNC | Online Banking| Very Positive | No
Difference | Very relevant
Source: MESH Experience Retail Banking Study
Base PNC Customer PNC Brand Experiences: n=20
Total Time Period: 5/12 – 6/14
Question: Please describe your experience in as much detail as possible
Ally’s customers’ experiences were largely around being informed of new CD rates and were generally positive.
12
“was searching for a place to safely park
temporary money i need in a few months. i saw
an ally advertisement for penalty free cd’s and
lots of options for savings.”
Ally | Social Media | Very Positive | Much More
likely to Choose | Very relevant
“New rates on CDs. We have a few due..
Disappointing that rates are low. “
Ally | Online | Fairly Positive | Much more likely to
choose | Very relevant
“This was a letter from Ally reminding us that
we have a CD that is due to mature soon. I
like that we still receive paper statements in the
mail. Technology is great, paperless statements,
but it’s so easy to lose important messages
through email.”
Ally | Regular Mail | Very Positive | Much More
likely to Choose | Very relevant
Source: MESH Experience Retail Banking Study
Base Ally Customer Ally Brand Experiences: n=21
Total Time Period: 5/12 – 6/14
Question: Please describe your experience in as much detail as possible
Recommended actions for your customers.
• Highlight what you are doing both for your customers (especially in branch) and for
the community, as your efforts will be appreciated
• Be mindful that customers may engage less if you only highlight what already
exists in your advertising – consider communicating how this is different from other
brands so they understand the value
• Owned channels are effective and customers are paying a lot of attention to them –
so optimize these to communicate a range of messages
13
14
Chase’s experiences with prospects are more
positive, persuasive and relevant than those
for other banks due to appealing TV ads.
Capital One experiences impact on prospects’
perception that the brand is different. Its
advertising intrigues prospects.
Bank of America builds trust, but experiences
are not persuasive.
From a lower base, having a Wells Fargo
experience increases brand consideration
with prospects, ahead of other major banks.
To attract prospects:• Advertise new features
• Be different!
• Emphasize convenience
• Support community
• Use TV
Chase does a great job generating positive, persuasive, and relevant experiences among prospects. Capital One is not far behind.
15
Source: MESH Experience Retail Banking Study
Base Prospect Brand Experiences: Chase n=171, Bank of America n=137, Wells Fargo n=110 , Capital One n=201
Total Time Period: 5/12 – 6/14
Question: How did it make you feel?DIARY
4%9%
15%2%
32%
39%
46%
42%
65%52%
38%
55%
Chase Bank ofAmerica
Wells Fargo Capital One
Prospects - Percentage of experiences that are Positive,
Neutral and Negative
B2B Neutral T2B
5% 7% 8% 3%
45%
58%67%
58%
50%
36%25%
39%
Chase Bank ofAmerica
Wells Fargo Capital One
Prospects - Percentage of experiences that are Persuasive,
Neutral and Not persuasive
B2B Neutral T2B
8%
26% 30%16%
21%
21%
31%
28%
71%
53%39%
55%
Chase Bank ofAmerica
Wells Fargo Capital One
Prospects - Percentage of experiences that are Relevant,
Neutral and Irrelevant
B2B Neutral T2B
Chase TV ads, highlighting mobile app capabilities, generate positive experiences among prospects.
16
Source: MESH Experience Retail Banking Study
Base Prospect Brand Experiences: Chase n=171
Total Time Period: 5/12 – 6/14
Question: Please describe your experience in as much detail as possible
“Chase was promoting their mobile app for their exclusively online banking- you
could deposit a check from anywhere just by taking a picture. I thought it was
very convenient”
Chase | TV | Fairly Positive | Slightly more likely to choose | Fairly Relevant
“Excellent commercial showing how the Chase app can help you manage your
account.”
Chase | TV | Very Positive | Slightly more likely to choose | Very Relevant
“While lying in bed, watching the morning news, an ad for chase financial
services came on. This ad contained hand-drawn images of people -- some of
them in covid-19 situations -- who were doing their banking tasks
electronically (e.g., taking a pic of a check as a way to begin depositing the
funds).
Chase | TV | Fairly Positive | No difference | Fairly Relevant
25%
56%
56%
56%
47%
47%
61%
62%
Different
Ethical
Fair
Helpful
Inclusive
Innovative
Reliable
Trustworthy
Pre
+0
-1
-5
+7
-3
+4
-5
+9
Net Gain
Net Gain = Impact on Imagery
between pre and post surveys.
Prospects who had experience with
Bank vs did not have an experience
Capital One’s modern branches and higher interest rates intrigue prospects.
17
“The savings rate for capital one is 5 times the average savings rate! why didn’t I
notice this before? perhaps I was distracted by the very attractive spokesman.
hmmm. back to the ad… I have seen commercials on tv for capital one many times
before. i love how casual capital one branch banks are now. it truly is banking
reimagined.”
Capital One | Magazine | Very Positive | Much more likely to choose | Very Relevant
“Describing various ways, method to bank, have coffee and feel modern in a cafe
lounge setting. A more intuitive way of customer 360 view I would believe. There is
one of these just down the street.”
Capital One | TV | Very Positive | Much more likely to choose | Very Relevant
“Commercial opened with the spokesman breaking a roomful of ice to make the point
that most banks offer so little interest on savings that your money almost feels like it’s
frozen. Then he said that Capital One’s rate is five times the national average.
Capital One | TV | Fairly Positive | Slightly more likely to choose | Very Relevant
Source: MESH Experience Retail Banking Study
Base Prospect Brand Experiences: Capital One n=201
Total Time Period: 5/12 – 6/14
Question: Please describe your experience in as much detail as possible
35%
49%
48%
50%
43%
49%
58%
50%
Different
Ethical
Fair
Helpful
Inclusive
Innovative
Reliable
Trustworthy
Pre
+7
+2
+3
+2
+2
+1
+3
+8
Net Gain
Net Gain = Impact on Imagery
between pre and post surveys.
Prospects who had experience with
Bank vs did not have an experience
Bank of America’s “Tomorrow starts today” helps build trust among prospects.
18
Source: MESH Experience Retail Banking Study
Base Prospect Brand Experiences: Bank of America n= 137
Total Time Period: 5/12 – 6/14
Question: Please describe your experience in as much detail as possible
18%
38%
39%
40%
31%
35%
42%
36%
Different
Ethical
Fair
Helpful
Inclusive
Innovative
Reliable
Trustworthy
Pre
+6
+3
-5
+0
+0
-1
+1
-2
Net Gain
“Talked about how in these trying times good things can come out of a hard
situation and how Bank of America is there to help you.”
Bank of America | TV | Fairly Positive | No difference | Neutral
“It was an article in USA Today about companies assisting throughout the
COVID-19 pandemic.”
Bank of America | Online | Fairly Positive | No difference | Very relevant
“Showed a lot of different scenes especially darkened buildings that had been shut
due to coronavirus. But that Bank of America is there for us and then the lights
started to slowly go back on as if helping to return us to normal.”
Bank of America | TV | Very Positive | No difference | Farily relevant
Net Gain = Impact on Imagery
between pre and post surveys.
Prospects who had experience with
Bank vs did not have an experience
Wells Fargo deepens its relationship within the community.
19
Source: MESH Experience Retail Banking Study
Base Prospect Brand Experiences: Wells Fargo n=110
Total Time Period: 5/12 – 6/14
Question: Please describe your experience in as much detail as possible
16%
25%
27%
27%
34%
27%
30%
32%
Different
Ethical
Fair
Helpful
Inclusive
Innovative
Reliable
Trustworthy
Pre
+0
+2
+0
+4
-4
+2
+3
+6
Net Gain
“Theme was ''stepping up'' - Wells Fargo is offering mortgage payment relief,
employees are giving food to those in need, donating $175 million dollars to
assist local communities.”
Wells Fargo | TV | Very Positive | Slightly more likely to choose | Neutral
“An advertisement from this company plays on TV. It was about the brand itself
and how they strived to earn customer's respect. I felt that this kind of
commercial was unique and cool.”
Wells Fargo | TV | Fairly Positive | No difference | Neutral
They take the time to understand your business from your operations to your
long-term vision and goals. And they support you with local relationship
managers and bankers, who work alongside your team to help keep your
business on track and moving forward.”
Wells Fargo | TV | Fairly Positive | No difference | Neutral
Net Gain = Impact on Imagery
between pre and post surveys.
Prospects who had experience with
Bank vs did not have an experience
Capital One and Chase experiences increase prospects’ perception.
20
Source: MESH Experience Retail Banking Study
Base Prospects who had brand experience: Chase n=79, Bank of America n=72, Wells Fargo n= 56, Capital One n=92
Field Period: 5/12 – 6/14
*Shaded box indicates greater or less than +/-5 shift
Question: Which of these words do you associate with each bank?
PRE – DIARY – POST
18%
38%
39%
40%
31%
35%
42%
36%
Different
Ethical
Fair
Helpful
Inclusive
Innovative
Reliable
Trustworthy
Pre
25%
56%
56%
56%
47%
47%
61%
62%
Different
Ethical
Fair
Helpful
Inclusive
Innovative
Reliable
Trustworthy
Pre
16%
25%
27%
27%
34%
27%
30%
32%
Different
Ethical
Fair
Helpful
Inclusive
Innovative
Reliable
Trustworthy
Pre
35%
49%
48%
50%
43%
49%
58%
50%
Different
Ethical
Fair
Helpful
Inclusive
Innovative
Reliable
Trustworthy
Pre
Impact on Imagery – Prospects who had experience with bank vs did not
+0 +6 +0 +7
-1 +3 +2 +2
-5 -5 +0 +3
+7 +0 +4 +2
-3 +0 -4 +2
+4 -1 +2 +1
-5 +1 +3 +3
+9 -2 +6 +8
Net Gain Net Gain Net Gain Net Gain
39%
T2B
Pre
The impact of activity on prospects, largely through TV, comes through most strongly for Chase, Capital One, and Wells Fargo.
21
Source: MESH Experience Retail Banking Study
Base Prospects who had brand experience: Chase n=79, Bank of America n=72, Wells Fargo n= 56, Capital One n=92
Field Period: 5/12 – 6/14
Question: Now, how strongly would you consider opening a new financial service account from the following banks (if you were in the market for a
new account)?
PRE – DIARY – POST
58%
T2B
Pre
28%
T2B
Pre
52%
T2B
Pre
Impact on Consideration between pre and post surveys – Prospects who had
experience with Bank vs did not have an experience
+2 Net Gain
+1 Net Gain
+8 Net Gain
+4 Net Gain
Recommended actions for your prospects.
• Showcase what makes you different. Capital One does this well with its modern
cafes.
• Emphasize convenience such as Chase and its banking app. Highlight daily tasks
you can make easier for prospects.
• Plant your roots in the community and broadcast it. Wells Fargo and Bank of
America are both donating millions in local COVID-19 relief efforts and receiving a
positive response.
22
23
APPENDIX US
Real-time Experience Tracking (RET): Methodology
24
BEFORE DURING AFTER
Survey to capture brand health metrics and
imagery
Diary to capture brand experiences in real-time
via mobile
SURVEY REAL-TIME SURVEY
Survey to capture brand health metrics and
imagery to measure impact of experiences
Experience Maximizer to identify touchpoint impact
MESH 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 research”.