Conchango offers top survival tips for making it through the credit crunch

London, 6th November 2008 – IT services and new media agency Conchango, today unveils a series of best practice guidelines, developed by its team of financial services and interactive digital experts to help leading retail banks and building societies survive the recession.

The current economic climate is forcing the banking industry to justify spend and prove return on investment, and as a result the role of digital within the business is being reassessed. By incorporating transparency and user centred design in their online propositions, financial institutions can instil trust, cross-sell and retain customers, even in the midst of a tough financial climate.

David Deane, Conchango’s Head of Finance Consulting, says “Given the current economic climate, the banking community must embrace digital (in its many forms) to effectively reach and engage with customers and therefore maintain an edge over competitors. By adopting just a few simple strategies, digital services can act not only as sales tools, but can also help to drive customer loyalty and advocacy, which will prove crucial during the testing times ahead.”

To help high street banks and building societies adapt their online strategy and stem the recession, Conchango has created the following survival guide:

Provide a consistent experience - Focus on leveraging knowledge of customers at every touch point. Customers are more likely to respond to a website that reflects the same design and experience as other touch points with a particular brand

360 degree communication – Digital allows frequent; focused and highly relevant content to be pushed and received by Customers. Financial Service companies must embrace this fundamental customer desire

Support the customer - Make it as easy as possible for customers to administer their money, whoever and wherever they are; understand their product(s) and where relevant, switch to you

Be transparent and honest (provide Education) - Clearly report on all fees and charges - both historical and future - and make any charging and fee models much clearer to understand

Ensure findability - Make it as easy as possible for customers to find out about leading products and services. Sites should include tools for customers to investigate and compare products against leading competitors

Talk to Customers as individuals – Everyone’s financial matters are different; banks must use digital to connect 1 to 1 with each and every Customer and Intermediary alike

About Conchango
Conchango is one of the largest consultancies in EMEA delivering strategic, creative and technical solutions to businesses and organisations across the globe. They help clients to understand the capabilities and unique opportunities of the digital space.

Conchango works with clients to develop deep insights and effective, measurable strategies for the future – whether short or long term. They marry strategic and creative endeavour with first-class technology development and systems integration. They drive value from an organization’s information through both the experience and measuring the potency across the enterprise and societies. The resulting experiences are applications, websites, intranets, kiosks and mobile applications that help to drive loyalty and advocacy over time.

Bought by EMC in June 2008 and now forms EMC Consulting EMEA.
www.conchango.com

Press Contacts:
Firefly Communications
Tel: +44 (0) 20 7346 1403
Email: HTUConchangoTeam@fireflycomms.comUTH

Lesley Mace at Conchango
Head of PR and Marketing
Tel: +44 (0) 20 7261 4071
Email: Lesley.Mace@conchango.com
Web: HTUwww.conchango.comUTH

Published on: 12:00AM on 6th November 2008