We’ve all seen the flood of messaging surrounding COVID-19 and the incredible uncertainty it has created. For any business, directly communicating about this crisis is an essential step, but banks and credit unions need to go one step further:
Right now, communicating your financial institution’s strength and stability couldn’t be more important.
It’s time for a messaging campaign to instill confidence regarding the dependability of your bank or credit union, so your customers or members will have one less thing to worry about.
Based on some of the lessons learned during the financial crisis of 2008, here are 8 recommendations:
- Be confident, direct, and empathetic. Acknowledge that it is understandable that your accountholders are anxious, and, if appropriate, explain that is why you are communicating. People are reassured by personal communication, not press releases.
- Talk about your track record of stability and mention other storms you’ve weathered – like the Great Depression or Great Recession – to put things in perspective.
- Discuss your commitment to sound banking processes and conservative financial practices. Highlight industry recognitions you’ve received.
- If appropriate, remind consumers that their deposits are federally insured.
- Use multiple communication channels and vary your message over time. Emails and social media are important, but don’t forget about traditional direct mail. This will be especially valuable for housebound, email-fatigued consumers.
- Don’t skimp on design. Attractive, on-brand collateral will reinforce your message.
- Emphasize that your bank or credit union is working proactively to ensure the ongoing availability of banking services, and highlight steps you’ve taken to promote business continuity.
- Remind your audience about your commitment to the local community. You’re in this together, and you’ll get through this together.
Lightstream’s experienced team is working remotely and is fully operational. We’re ready to support your campaign to highlight your financial institution’s stability. Contact us to learn more.