Communicating with customers is going to be a fundamental part of the rebound strategy for the troubled banking industry. A few weeks ago, bank customers who were unsure and confused about the state of the union rushed to pull money out of banks which accelerated the demise of Washington Mutual. Pundits are disquieting and consumers are afraid. JP Morgan and Bank of America will have to introduce themselves to millions of new customers acquired in the shuffle and disseminating information at the speed of the market may prove daunting.
Not now, but soon, the new owners of defunct banks are going to have to decide if they want to keep the identity of the old institution, introduce themselves as the new owners or forge a totally new brand of the combined entities. JP Morgan’s purchase of Washington Mutual is a perfect example. While Washington Mutual was the approachable bank serving 11 of New York’s 30 lowest income neighborhoods, JP Morgan is a staunch Wall Street landmark for the wealthy. How does JP Morgan build trust with their new customers?
Digital signage could play a useful role in easing the transition. A few banks have experimented with digital media and found that it’s an easy way to inform customers of rate changes, new product offerings, investment tips and suggestions for responding to changing market conditions. It demonstrates a sense that the bank cares to keep customers informed and educated. Digital signage could be the perfect medium to build relationships with a captive audience — inside the branch.
