Credit Card rate increase communication

With the cost of borrowing increasing, it is inevitable that some costs for credit are passed on to consumers by banks. However, our client (a leading high street bank) identified a need to frame any rate increase within a cost-of-living and consumer duty context, to assess compliance as well as identify risks and additional support needed when communicating the increase.

The Challenge

Working with the bank to outline a strategy for testing the receptiveness and comprehension of news that consumers will not be ‘happy’ to receive and potentially impacts on their personal circumstances and relationship with the bank
Key profiling and analysis of communication details
Humanising both the consumer’s needs and relaying the motivations and support structures offered by the bank

Our approach

Quant online survey of 1,000 consumers
Nat rep, but with robust base sizes for key age bands
Testing 2 different communications (split 50/50 across the sample)
Heatmap testing for positive and negative responses
Perceived vs actual understanding tested
Drawing on different additional knowledge sources from across Savanta: YouthSight and our Consumer Compass

The outcome

Providing definitive results on sensitive wording to be used in the final communication
Clear, grounded and well received heatmap outputs, drawing out key communication areas that are easier and harder to understand (and steps to address them)
Critical profiling detail, to support the effective delivery of the communication and minimise potential risks of harm – both to the consumer but also to the bank’s brand image