A new era of financial services: How the Bank of America is communicating in a challenging environment
Anne M. Finucane
The challenges facing marketers across the financial services sector are as complex today as they were at any time in the history of the industry. Large financial institutions have generated enormous attention and criticism from elected officials, advocates and, at times, their own customers. As our economy struggles to recover, the most comprehensive changes to the regulatory landscape since the 1930s are fundamentally shifting how banks interact with their customers, leading to greater confusion. All this serves to further weaken public trust in large institutions, even as historical data indicates that strong institutions, particularly strong banks, are necessary to build a strong economy.
With increasing intensity, consumers, businesses, and influencers want to know what banks stand for, how they develop and deliver products and services, and what broader value they deliver to customers, the economy, and society. Empowered by new media options (digital and social) that free them to make their own choices, form their own opinions, and easily share those opinions, this broad set of constituencies is demanding their questions be answered.