Hey banks – no reputation building campaigns, please
While the banks’ reputations are undoubtedly in trouble, now is not the time to start pushing the redemption narrative, writes crisis comms expert Tony Jaques.
Financial institutions across Australia are enduring their worst reputational crisis for a generation, and there is every likelihood it will get a lot worse before it starts to improve. But now is absolutely not the time to launch some hopeful “reputation building initiative.”
Recent evidence at the Banking Royal Commission commenced to shred the reputation of banks, wealth management funds and other financial institutions.
Then, within the space of a few days, the Commonwealth Bank agreed to a $700 million fine for money laundering – the largest fine in Australian corporate history – and criminal charges were laid against three major banks and six of their highest executives over alleged cartel behaviour to artificially inflate the price of ANZ shares.
Very good advice.
Bit of a tangent but I’m interested in how general trust for business got low and stayed there. The GFC was probably the main modern reason, and the Banks recent behaviour leading to loss of trust isn’t really a mystery.
What I don’t get is business in general not wanting to do anything substantial to help its image. Take this own goal for example:
https://www.smh.com.au/opinion/antipenalty-rates-campaign-backfires-20150406-1mfblu.html
And it seems every time Business is in the news the BSA wheels out a spokesperson who for some reason thinks it makes sense to whine about having to pay tax and complain about the lack of infrastructure in Australia at the same time. Where is the logic behind expecting governments to pay your way for you while refusing them their source of revenue?
Or look at that recent pledge to pay their taxes in exchange for tax cuts. Basically saying if you bribe me I’ll comply with the law. Blatant admission of crime – not just admitted but “advertised”. Who in brand management is advising these people?
In the old days a large marketing effort might have worked. Re they (corporations) pretty much owned the media, in terms of coverage. Now enter social media and reviews and it isn’t down to your marketing budget to build a brand, it is down to action, service, quality and so on.
I saw an ad for Westpac, which was pretty much saying how great is Westpac for saving people, (Helicopter). I am not sure if the majority of our population would have thought the same thoughts as me, which were: ‘It is the least you can do you tax dodging, money hoarding, dodgy bstards!’. Perhaps? Perhaps not?
In 2018, the customer is in charge. Will we see a move to embrace banks owned by Australia’s, vs the top 4, which are owned by overseas banks? We shall find out…
Businesses will need tax cuts in order to be able to afford to improve their image – simple!