Customers voted with their feet –they did not accept what they heard. So, initially, official statements aimed at reassuring them had the opposite effect as depositors rushed frantically to get their hands on their funds/investments –hard earned. It was only after more than 96 hours and a commitment given by The Chancellor himself AND –and aimed at depositors- that there began to emerge a return to what customers considered to be business as usual.
What went wrong? The message! In the first 24 hours everyone received the same message, all’s well with Northern Bank, despite the fact they approached the Bank of England to borrow directly from them, should the need arise. While that message may be reassuring to financial analysts and investors of major funds who understand the workings of financial markets, to depositors, small investors and ordinary members of the public, the message was ‘company in trouble’.
Not surprisingly, depositors in their hundreds acted swiftly on the message they received –something was wrong. Both online and off, they rushed to get their hands on their funds. A message about ‘the bank being open for business as usual’ seemed rather inappropriate and misleading to customers. Customers knew that the scenes at their local banks and on their TV screens were anything but close to what they would consider normal. Highly inappropriate choice of words for what was anything but a normal situation!
Many of you reading this living in the UK may have been like me and first heard about the recent turmoil in the financial market and implications for the mortgage market towards the week end –seemingly about the same time that customers did. One message about the institution’s position was sent to the public, investors, mortgage holders, deposit account holders –all of whom needed to specific messages aimed at their concerns.
One message could not target the concerns of all interest groups –one size did not fit all.
So when deposit holders received the same message as the financial analysts –the result is panic. The opposite reaction to what was intended.
Three key principles of effective communication and customer care were ignored:
- WHO are the intended recipients of your message?
- WHY this message (purpose), i.e., is it to inform, reassure or persuade?
-What information will be relevant to them?
Hopefully vital lessons about communication principles were learnt by the official spokespersons and those with similar businesses.
Veronica
Speaking with Confidence
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