Monday, January 04, 2010

 

Communication Strategies for Banks in Transition

By Maria Geokezas

These are turbulent times. Even though the economy seems to be rebounding, banking and finance businesses are still not running at their typical pace. It’s an environment ripe for change. If you are rebranding, opening new markets or party to an acquisition or merger, your communication strategy can make all the difference in not only maintaining your customer relationships through the change but also set up for long term growth and success.

The goal of any communication strategy at this time should be to reassure and build trust in the new bank in order to protect the existing customer base. This is especially true when a bank gets taken over by the FDIC. In this situation, customers have already started withdrawing their money. And those customers that remain are a high attrition risk. The communication tactics listed below are all easy to execute at a low-cost. They need to happen immediately after the bank changes ownership. Time is of the essence.



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