New Doremus Study: Notice to Banks...Your Corporate Clients "Live In Missouri"

Sept. 23, 2008 - PRLog -- Doremus, the global business communications network, recently completed a series of one-on-one interviews with clients of the top investment banks. While recent developments in the financial markets have changed the status of many of the once top investment banks, the research still reveals what clients are looking for from financial institutions in general.  

The purpose of the study was to learn how banks could reposition themselves in the current market to regain client confidence. Interviews were conducted among senior financial executives at large and mid-sized companies. A cross-section of industries, from airlines to technology, from retail to energy was covered.

The research revealed that clients have a cynical opinion of investment banks, only reinforced by today’s environment as a result of the subprime fallout, credit and capital concerns, restructurings and closures in the banking industry.

As one respondent said, “The industry moves in cycles. (There was a) similar effect on mortgages in the 80s. Banks did not learn. They went and did the same thing. It feels as if they are hiding and just waiting for the storm to blow over.”  

Why Are Investment Banks Silent?
In light of the negative perceptions in the media regarding the subprime situation and other issues, respondents were curious why certain investment banks (those relatively unscathed) would not want to position their offering and strengths through communications.

Don’t Give Me Promises and Excuses
Clients said they are looking for support from their banks and confidence that their financing objectives will be met and corporate interests served. The continuing turmoil in the markets only serves to accent the importance of this need.  

What Kind of Messages Will Get Banks Noticed?
Clients of the top investment banks said they would respond to targeted messaging. And proof of performance should be a critical component.

As one respondent to the study put it, “It’s about demonstrating what you can do that’s behind what you are saying.”

Ray Zipko, EVP at Doremus said, “In times of crisis, messages of reassurance and a demonstration of commitment by a bank’s leaders are key. But those messages will only be as strong and credible as the bank’s performance behind them.”  

For more information about the Doremus study contact Hope Picker at hpicker@doremus.com.  

Doremus is a specialist in a world of generalists. With offices in New York, San Francisco, London, Hong Kong and Singapore, it specializes in business communications, helping companies grow. It does this by leveraging a unique understanding of its clients’ target audiences … taking the complex and making it compelling through intellect, insight, ideas and impact.

Doremus is a part of the Omnicom Group Inc. .  Omnicom is a leading global advertising, marketing and corporate communications company.  Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, interactive, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than 100 countries.

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Doremus (http://www.doremus.com) is a specialist in a world of generalists. With offices in New York, San Francisco, London, Hong Kong and Singapore, it specializes in business communications, helping companies to grow. It does this by leveraging a unique understanding of its clients’ target audiences … taking the complex and making it compelling through intellect, insight, ideas and impact.