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The key here would be for the banks to come up with marketing campaigns and strategies to direct client/customer emotions into actions that favor it's profitability and brand. These campaigns should be designed to counter the negative emotions as such uncertainty, hidden costs, anger and frustration with the process etc and offer a sense of trust and relaibility. The major focus should be on developing the belief of the customer which is usually affect driven. In my view it would be vital to provide much needed information to the custoemrs to earn their trust, transparency is always valued by people. I'd also recommend directing our marketing and services and relating them in light of emotional experiences and excitement. The key objective ultimately would be to create a positive image of the brand.
While offering broad range of choices seems like a very good idea, I'd rather have banking marketing and services focus on key areas to create a strong brand image about their services. Focus should be on quality rather than quantity of services because we do NOT want to encourage indecision.
'Emotional Marketing' has long been a traditional way for Insurance Companies to incur sales and for Banks to do the same also shows great potential. You can use the concept by deriving packages that will benefit the customers on a personal level. If you have read Steven Covey's 'Seven Habits of Highly Effective People' then you must have come across the concept of 'emotional bank account', which directs us to engaging customers on an emotional level. Its a simple concept; think of it as the bank (you) as a friend of the customer (me). When I want to make a withdrawal even though there is zero account balance in my bank account but i withdraw a1000 Dirham, the bank (you) here should act as a friend and give a balance of overdrawn option, making my balance as -1000. the concept here is that the bank (you) act as a friend not just as a financial institution and market it as such. I need a friend in hard times rather than on a daily basis, these emergencies are the ice breaking moments for banks to retain and increase sales and/or customers. Hope this helps.
Bless You.
