Having a strong merger communication strategy is critical to the bank's customer experience throughout the transition.
Communicating effectively with your customers before, during and after a merger is critical to a banks success. The following offers tips for making sure your current customers will be your future customers.
Engaging your customers
According to a recent Deloitte study, 36% of customers state “emotions” as a key driver for switching banks due to not feeling valued, loss of a personal relationship and lack of trust that the new bank is looking out for their best interests.
Now more than ever, it’s important for both merging banks to review their customer engagement strategy and determine how to alleviate the disruption of the merger. Having a strong merger communication strategy is critical to the bank’s customer experience throughout the transition. Both banks need to keep customers engaged in a consistent and relevant format across all channels.
Customers want the following during the acquisition:
Clear, honest and simple communication
A seamless transition
To feel valued
For the new bank to earn their trust
Reassurance that they still have the same personal relationships
No disruption to their accounts
On day one, they want to be able to access, move or transfer their money
An understanding of account changes
Will their rates change? Will they still have no minimum balance?
If some of their benefits are being taken away, what are they gaining in return? Will they be able to access old account information?
Download the complete copy of our whitepaper to learn why communicating effectively is a key to making sure your current customers will be your future customers.
Stackpole & Partners is a privately-owned integrated marketing and branding agency servicing a wide variety of businesses for the past 25 years. We combine strategic discipline, creative talent, and actionable initiatives to build leading brands that drive growth for our customers. Our expertise
