Scott McKenzie's Collective Conversation Blog » issues http://blogs.hillandknowlton.com/scottmckenzie Fri, 01 Jun 2012 10:48:08 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 It’s the brand… Stupid http://blogs.hillandknowlton.com/scottmckenzie/2011/05/25/its-the-brand-stupid/ http://blogs.hillandknowlton.com/scottmckenzie/2011/05/25/its-the-brand-stupid/#comments Wed, 25 May 2011 12:37:05 +0000 Scott McKenzie http://blogs.hillandknowlton.com/scottmckenzie/?p=375

I despair I really do. Today’s news on Bank of Scotland’s handling of complaints is the latest in a long line of self-inflicted injuries by the Banking sector.

I spent 10 years working in Banking and here at H&K we work with a number of Financial Services companies manage their reputation, engage their employees and deal with issues and crises.

And there have been a few. We have witnessed banks stumble from one self-inflicted PR disaster to another. From the nadir of the economic crisis to unjustifiable overdraft charges and the shambles of Payment Protection Insurance.

What is so difficult to understand? The brand really does matter. And frankly it doesn’t matter how fluffy and people-centric your advertsising is (stand up NatWest)… if you treat your customers with such wanton disregard your brand will be in tatters.

Yes balance sheets are important. But so is trust. So is reputation. The Banks really need to up their game on customer service, on handling complaints on having greater transparency on pricing.

The new UK regulatory regime likely to be far more punitive when banks get it wrong. Rightly so. But we all have a role to play.

In his wonderful book “Whoops: Why everyone owes everyone and no one can pay…”,  John Lanchester brilliantly explains how banks make their money in a wonderfully simple and clear way. We should demand the same transparency. The banks have a right to make (lots of) money. But they should be doing it the right way. And we all have a duty to hold them to account.

BTW – if you are interested in how employees can help brands really work you should come along to our event on the 15 June. It will be a panel discussion with great speakers from Bacardi, Aviva and British Gas. One you should not miss!

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