A new report by VCCP Search suggests that while customers worry about the safety and stability of their banks, the banks themselves continue to “stick their heads in the sand.”
Managing director of VCCP, Paul Mead, said few financial firms have reached out to customers to allay concerns about the economic crisis, instead continuing to try to sell products.
VCCP research indicates that only rarely have banks used Search the programme to ensure that a brand is highly ranked on the Internet to educate consumers. The firms have remained mostly silent on the credit crunch, instead of denying rumors or putting forth messages from the company.
Analysis carried out by online reputation management specialists VCCP Search into the online presence of banks showed:
* Sell! Sell! Sell! UK banks stick their heads in the sand over the banking crisis and focus on selling more loans and financial products to their customers.
* Analysis of the UK’s top banks showed little or no communication with concerned customers or share holders on the day the FTSE crashed a further 10% – with banking stocks worst hit
* Consumers reading about the financial meltdown turn to Google for reassurance and more information about their money and their bank. They find advice sorely lacking. VCCP Search finds an almost total communications failure by the UKs leading banks
* Of the top 10 retail banks in the UK only one has any direct reference to the global banking crisis on their home page. First Direct is the ONLY bank to mention mentions the word ‘credit crunch’ and talk about what it means for First Direct customers
* Barclays tell its customers ‘think carefully about securing debts against your home’. Advice it should perhaps have heeded itself along with the rest of the banking community!