Banks Must Emphasize Positives but Address Negatives: Law of Crisis PR Advocates

It is time for banks to do more than advertise interest rates and financial products. The Wall Street credibility crisis has infiltrated the very heart of our economy and winning back personal trust must be a priority. There should be bankers across America who are working hard with both internal and external PR departments to create long term communications plans that indicate their banking models are safe and secure.

Smaller banks that were more conservative in their lending practices have an advantage and should figure inroads into the market shares of the larger institutions where there may not have been a so-called “run on the bank” but there has certainly been a “walk on the bank.” Customers have been pulling accounts and squirreling away money in coffee cans and mattresses almost like the days of the Great Depression.

So here blossoms a smaller bank’s public relations and business opportunity. The home-town banks should acknowledge any failures, but emphasize failures were honest mistakes and present instances where their practices have actually saved customers money now. They should underline how they know their customers, are neighbors, and are sympathetic but smart and prudent. Think back to the hero of the movie “It’s a Wonderful Life.” Jimmy Stewart’s George Bailey character was just the kind and compassionate, small-town hero banker that was a good neighbor when folks needed him and his neighbors were there for him when he needed them.

This is the time for the nation and communities of all sizes to pull together. Banks should consider hosting town hall meetings or Q & A sessions to personally explain issues and concerns. Ads and news stories can reinforce the bank’s theme but we bet grass roots positive word-of-mouth stories about a good neighbor bank will be the best investment a bank can make now.