After last week’s Royal Bank of Scotland’s technical problems the group has decided to pull its ‘helpful banking’ adverts and cancel their corporate hospitality in light of these events.
The majority of RBS’s customers were unable to make transactions for up to a week which resulted in RBS opening their banks over the weekend in order to deal with the backlog of transactions but has the damage already been done? Many angry customers have posted tweets and publicised what the technical failures has meant for them on the news. YouGov Brand Metrics has released some figures about Natwest and found that since 22 June the brand has been significantly damaged. Customers had rated the brand at -3.3 for its Buzz score which included both positive and negative feedback, whereas it had been -0.4 the day before.
The heat may be slightly taken away from the RBS Group after the recent Barclaycard interest rate manipulation story. Confidence amongst customers towards the four large UK banks is low and Louis Brook, of the Move Your Money campaign, comments that “People are incredibly loyal and have quite strong emotional attachments to their banks, but when that’s broken by something so fundamental as not being able to get access to your own money, it can be the last straw.”
The comparison website Moneynet has found that since the Natwest IT failure they have had a 12% increase in traffic to their current account pages.
It appears that these recent incidents have not only damaged the Natwest and Barclay’s brand but the larger banking groups as consumers seem to be talking with their feet and looking to switch bank accounts with smaller banks or building societies. Brand Managers of these banks have a tough time ahead of them to regain confidence amongst the UK population.
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