How Financial Institutions can Help Alleviate Consumer Concerns During Economic Hardship

The COVID-19 pandemic crisis has had a devastating effect on people’s health and global economic conditions. To remain safe, companies and individuals have shuttered their storefronts and homes. Job losses have been the worst this country has seen since the Great Depression and it has your customers living in fear.

Financial Assistance Trends Higher in Searches

Financial concerns have overwhelmed your customers as they scramble for answers to pay rent or mortgage bills, find affordable groceries, and meet other weekly obligations.

During the week of March 8-14, 2020, Google search activity for the key phrase “financial help” soared to a 203% increase over the previous period’s search activity. As recently as last week, searches for financial assistance have seen an uptick as economic recovery stalls. Financial institutions have a unique opportunity to ease growing customer distress and present budget-cutting solutions to help lighten their financial burdens.

A Communication Approach to Alleviate Concerns

During this challenging time, brands need to foster and build relationships with existing customers. Next to “convenience” factors, trust is the most frequently cited reason for deepening a financial relationship. Now more than ever, financial institutions have an opportunity to build trust with members and alleviate concerns about their financial security.

Financial Institution’s Communication Should be

Early

Communicate first, before your members are desperate for answers

Often

Continue to communicate for members with changing circumstances

Across Platforms

Reach the widest audience by utilizing all communication channels

1. Communicate Early and Often

Allow your members to raise concerns and ask questions about their financial health and future planning by opening lines of communication early. Your messaging should acknowledge an understanding of current economic conditions while also demonstrating empathy and offering assistance. Continue to share these messages regularly for members with changing circumstances. 

2. Contribute at Every Opportunity

Utilize your business’ various owned channels to build rapport with your members. Combine your direct mail messaging with a matching online effort to maximize your brand’s supportive presence. The variety of messages your brand can share are endless. 

  • Offer practical, actionable advice for customers in financial distress.
  • Communicate protocols in place to ensure the health and safety of staff and members.
  • Prioritize advertisements for money-saving financial options like refinancing at a lower interest rate.

Options for Communication

Your members are staying home, social distancing, and feeling isolated. Now is the time to bridge the gap with customers and form a deeper personal connection that will flourish long beyond the end of this pandemic. 

Leverage your Existing Financial Communications and Get Your Message Seen

Bills and financial statements make up some of the most significant mail your customer receives. Capitalize on the power of transactional mail by sharing your messaging with in-statement ads and selective inserts. Your statement printing and mailing service provider can help spread your message at a minimal cost by leveraging your existing monthly mailings. 

Digital channels are another great way to reach your members regularly. Electronic statements, also known as eStatements, have the same capabilities and importance as mailed statements without the overhead postage and printing costs.

Leveraging statement print and mail services helps your company stay in contact with your members with on-point messaging to help alleviate concerns about their financial security. Whether you’re contacting members with a discount offer or an invoice, consider their financial fears and address them with compassion.

How you form your message has a big impact on its effectiveness. Need help? Read our 7 Customer Communication Tips for Financial Institutions or connect with us on LinkedIn.

Output Services can help you communicate with your customers in a meaningful way through print, mail, and electronic presentment of high-value documents including bills and financial statements.