The rapid March 2023 collapse of Silicon Valley Bank (SVB) and Signature Bank—combined with the panic that spread through social networks—tested customer trust and loyalty in regional banks. None were ready to react as the rise in interest rates, decline in deposits, and fall in the value of their securities put them on thin ice. And First Republic’s failure just days ago shows that the test may not be over. Banks’ marketers can draw lessons from this experience to prepare for future crises.
Key Question: How should marketing strategies change during a crisis of customer confidence?
KEY STAT: Commercial bank deposits fell by nearly $497 billion between February and April 2023 as panic consumed depositors. That represents over half of the drop seen between April 2022 and April 2023.
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