Banks need to revalidate their brand promise through empathy – Experts
By Felicia Nwosu
Following reactions of some banks to their customers in response to the hardship currently posed by the monetary and currency redesign policy of the Central Bank of Nigeria (CBN), which led to some commercial bank branches slowing down operations or shutting out their customers for fear of being attacked, has prompted diverse comments from experts.
According to them, the lack of empathy and insensitivity towards customers suffering as demonstrated by some of these notable banks during the crisis will soon boomerang negatively as well as sever their beautifully blossomed relationships with a large number of their customers. They therefore urged them to revalidate their brand promise to their customers through the expression of empathy.
Kingsley Owowo, a Digital Marketing expert at MARKETING EDGE, and who has also worked in the Customer Service department of a commercial bank, shared his unpleasant experience with some of the banks. He pointed out that today’s customers/ consumers invest in experiential and emotional exchanges, which is why they go beyond just patronizing a brand. He added that consumers are moved by brands that align with their aspirations before winning their hard earned money. He reminded banks that the prevailing naira redesign policy crisis will be over, that their customers will remain. He revealed that while some banks have been very empathetic with their customers and seek ways of alleviating their sufferings, others have given them cold shoulders.
“Some smart banks are now being empathetic about their customers. What so many brands fail to understand is that there is life after this new note crisis. Mark my word, there would be serious consequences in the banking sector post-new note crisis. How many banks are currently managing the situation well and what measures are they taking to cushion the effect on customers? I saw a particular bank that gave their customers Coke and biscuits. Customer Service Experience is an integral part of customer sustainability and retention,” Mr. Owowo said.
Sunkanmi Ogunniyi, Associate Group Head, Business Innovation & Strategy, CMC Connect (Perception Managers), revealed that some banks are already experiencing the aftermath of their actions with lots of customers moving their accounts to other banks.
“We are already experiencing the implication because I know one or two people that have already closed some accounts and moved to other banks. I know someone who moved from Zenith Bank to other banks, even though the person had only Zenith Bank accounts, I mean multiple accounts with Zenith, he still moved to Sterling Bank. I am sure he opened this account because of the way Zenith treated him.
“It is really about empathy and that is what is missing in the entire situation. A lot of operations and banks need to show more empathy to customers; it is a logical thing, you care about who cares about you. If as a company or corporate organization, you are not expressive or showing an action that you care about your customers, it is only a matter of time before they move and go somewhere else,” she said.
The PR expert pointed out that any marketing efforts devoid of empathy may not sail safely, especially in an economy that is driven by people who value emotional relationships.
“If you are running a business and you want to have stable revenue, one that increases and you want to make sure that your customer base is increasing, empathy is very important in ensuring that you have loyal customers,” she said..
On whether it is too late for the banks involved to amend things, she reaffirmed that it is more difficult to win customers than to lose them, while explaining that it will be more of a herculean task for marketers in such organizations.
“It is easier to keep a customer than to win a new one. It may not be too late to make amends, but it will take a long time to bring those people back. I am definitely sure that they know that they are losing customers at the moment; their marketers will need to work hard. It will take them a lot to regain those customers.
She advised brands to continue to depict their identity and promise, especially in times of crisis, through empathic processes.
“The customer does not really owe you anything because there are other competitors. You can also see some products whose prices have been increased, and consumers move to the next affordable ones. It takes some level of loyalty for them to stick with you. The customers these days have a very weak loyalty; it is not as strong as before, especially because of the way the economy is biting. If I am offering you my money to serve me and you are not serving me the way I want, I will move on to the next brand irrespective of how good you say you are,” she concluded.
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