From the cost of living crisis to the current geopolitical landscape, effective crisis communication has never been more important for finance brands. In times of strife, finance brands should aim to improve trust amongst consumers in order to maintain retention and foster brand loyalty. By operating transparently and with authenticity finance brands can build strong relationships that last, even through times of crisis. But, how can finance brands communicate effectively during a crisis?
Why trust should be a priority for finance brands
Building trust can convert leads, improve loyalty and maintain retention, but it can often be difficult to foster. Finance organisations are often facing an uphill battle when it comes to developing trust with Edelman finding that only around 64% of survey respondents trust banks, insurers and wealth managers in 2020.
“ In 2020, Edelman found that only around 64% of survey respondents trusted banks, insurers and wealth managers. ”
To gain trust your finance brand needs to operate with transparency and authenticity, especially during periods of crisis. In fact, 94% of people are loyal to companies that operate with transparency.
For finance brands, operating with transparency and authenticity is about being open and honest with consumers about what’s occurring at your organisation. It’s important when creating transparent and authentic content that your finance brand does so simply and easily, so everything is easy to understand. Making sure consumers understand everything that’s going on is at the heart of building trust.
The dos and don’ts of crisis communication
Crisis communication can be a tough beast to tackle. While you need to be transparent and authentic, you also need to balance overwhelming consumers with complex information that maybe isn’t relevant. While a lot of finance brands got good practice in crisis communication during the COVID-19 pandemic, as the world continues effective communication strategies remain a critical component of your overall content strategy.
Here are three ways to nail crisis communication and gain trust in periods of stress:
- Deliver relevant information – Information that offers unity and stability is key to developing trust and easing consumers’ concerns.
- Provide accurate and reliable data – Information provided to consumers must always be accurate and reliable; your finance brand should become a place consumers can turn to, to find out important information they can trust.
- Present timely information – Information should be provided as quickly as possible in periods of stress, so your finance brand becomes a hub of accurate and relevant information consumers can rely on.
- Deliver personalised communication – Utilise AI technology and provide tailored information that is relevant to the individual consumer.
What finance brands can learn about how to gain trust
While crises are stressful, they do offer finance brands the opportunity to build trust, loyalty and meaningful relationships with consumers. Crisis communication is about delivering accurate information in a transparent and authentic manner. By placing the consumer’s needs first, your finance brand can communicate effectively in times of stress.