How Not To Earn Banking Customers’ Trust

I opened up today’s Boston Globe, and on the front page of one the sections was a full-page for a bank that contained the following headline:

“Confidence is good. Earning it is better.”

The ad then displays a big blue box that highlights the bank’s higher-than-average rate on a 6-month CD. The rest of the ad goes on to say “At XXX Bank, you can feel confident with a short-term CD at a great rate. All from a bank you can trust.”

My take: Yes, confidence is good, and earning it is better. But you do not earn confidence by simply offering a good rate. This is true even in normal times. But what what makes this ad so insulting is that these are not normal times.

Is there nobody at this bank who understands what’s going on out there and who can communicate it to the ad agency? Is the ad agency itself that clueless? Do they really believe that simply offering a superior rate is the way to earning [back] the public’s confidence? Is there nobody at either the bank or ad agency who understands that this is not the right time for “marketing as usual”?

My advice to the CMO of that bank: “Ms. CMO, tear down that ad.”

Technorati Tags: Marketing, Banking

This article was originally published on . All content © 2022 by The Financial Brand and may not be reproduced by any means without permission.