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MESH Experience releases insights on Corona to help retail banks

MEDIA RELEASE: 2 April 2020: MESH Experience, the award-winning global data, analytics, and insight company, has just released key insights from its UK Retail Bank Study on the impact of coronavirus.  The company has added extra questions concerning coronavirus to their study and plan to share weekly insights from the study to help retail banks respond to customer needs during the corona crisis.

Findings from week ending 27 March 2020 showed a dramatic shift in touchpoint reach and relevance of banking communications along with the following key actions and insights:

Gear up your call centres

  • Whilst concern over coronavirus deepens and banks are showing some positive response, there is plenty of room to improve.  Continue to keep communication channels open but invest in call centres rather than simply directing customers online.

Continue focus on customer communications but take care with messaging

  • As expected, we are seeing a big reduction in out of home and in-branch experiences. There are significant increases this week vs. last week in bank customer communications such as email, direct mail, and SMS, with banks offering advice for customers relating to coronavirus

Fight the risk of irrelevant messaging

  • People’s experiences this week are more irrelevant, especially for paid and owned channels.  Last week we saw positive reactions to the news on mortgage holidays, this week full-page newspaper ads by Lloyds and Halifax reassured customers. However, generally, banks aren’t adjusting their advertising appropriately, to address the situation.  With owned channels, don’t bombard your customers with coronavirus emails that are generic and therefore not useful.

Fiona Blades, founder of MESH Experience, commented “We realized that we work with big banks and other very influential clients in companies that can make a difference to the economy and the way society feels.  One immediate way we could help was through our UK retail banking study which can give banks a valuable perspective on people’s changing attitudes and behaviours. We capture every experience people have with banks, from seeing a TV ad to using their mobile banking app or receiving an email, using a mobile diary platform.  And our participants rate how positive or negative these experiences are as well as providing relevance ratings and comments.”

Website: MESH Experience

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