NEW YORK (AdAge.com)—Consumers are back in banking.
After many months of marketing messages that tout safety and stability precipitated by last fall’s financial meltdown, banks both big and small are refocusing their marketing on solutions and services targeted specifically at the wants and needs of more fiscally conservative consumers.
“Six months ago we were trying to reassure the market and consumers that we are safe and secure and stable,” said Jim Buchanan, senior VP and consumer marketing executive at Bank of America. “Now consumers are telling us they’re not worried about those things anymore. ...What they are interested in is ‘How can you help me manage my finances?’”
For some, that’s as simple as employing attentive and informed tellers that are trained to recall consumers’ names. For others, it means introducing new customer-friendly marketing initiatives such as Bank of America’s clarity commitment, reduced-fee plans and just-launched Add it Up program that earns consumers cash back on credit- and debit-card use, or Citibank’s “Refer. Reward” program that pays up to $500 for referring friends and family to the bank. Several major banks have also adopted Twitter for a variety of customer-service uses, from problem solving to updates and product announcements.
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