The big banks have been in hot water after revelations of their misconduct as per the royal commission. From Westpac admitting it “paid bonuses to financial advisers whom were consulting clients into high fee investments” to NAB charging for financial advice it apparently never gave, and Commbank even charging fees to the deceased, its apparent that these Big banks need to regain trust within their consumers.
How will they do this? Firstly, I think they should cut the “wishy washy” promises they give consumers. NAB’s “More than money campaign”, to me, is just a mere attempt to stay trendy, forward thinking and creative in their marketing communications. I do believe that these campaigns are of some value, however due to the ethical backlash they’ve been facing, they should move their focus onto smaller clear cut messages. ANZ digital campaigns are doing well due to the fact they deliver practical help on social platforms to help their customers “Get on top of their money” with budgeting advice. NAB and Commbank should take a note out of ANZ’s book, and leverage their presence on social platforms to build trust and transparency with their consumer. Commbank sent an email out to all its customers amidst the royal commission controversy which gave consumers a small sense of comfort in its long term plan and apology.
Ultimately, the digital world should be leveraged according to the businesses’ current situation. Brand disrupting content has its time and place. Commbank, NAB and westpac should implement transparency in their communications before creatively exploring the possibilities of what they are capable of.
Do you agree?
The Frame 