Das ka Dum with Dr Bhaskar Das: As a marketer, what do you think banks should do to help reassure people that their monies are safe and reinforce trust?

12 Mar,2020

Bhaskar Das

It’s an unfair ask, but we thought it would be good to know BD’s thoughts on the issue. So without any further ado, Dr Bhaskar Das in the March 12 edition of Das ka Dum. Read on…

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Q. As a marketer, what do you think banks should do to help reassure people that their monies are safe and reinforce trust?

 

A. It’s a topical issue and the subject has been top of the mind for the population at large due to the widespread repercussions on people’s life. The banking sector (or for that matter the whole of the BFSI sector) has been under a cloud for a number of reasons which are already in public consciousness. So I won’t repeat them. As you rightly mentioned, banks have to earn [back] the trust and that can be done by demonstrating systems and processes that consumers understand and appreciate. What is critical is not to find out “who is wrong”, but ” what is wrong” and take definitive action towards it. But it’s easier said than done. I am not an expert on the subject. In the digital age, the process can be secure, transparent and empowering for the consumers. The million dollar question is how to circumnavigate multiple socio-economic imponderables.

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