Brand loyalty shifts to local during COVID

The Story: As COVID’s initial lockdowns have transformed into a socially-distanced new normal, people’s brand loyalties and behaviors have shifted decisively toward supporting local businesses that have deep community roots.

The Takeaway: With bank switching expected to rise over the coming year, community banks and credit unions’ uniquely local value propositions have never been more relevant. By communicating in a way that shines a light on your brand’s purpose and authentic community connections, financial institutions are well-positioned to acquire customers and members renewed focused on the value of banking locally.

Source: Kantar, October 2020