Magazine article Marketing

Editor's Comment: COI 'Help' Could Hinder Banks

Magazine article Marketing

Editor's Comment: COI 'Help' Could Hinder Banks

Article excerpt

This week the COI's deputy chief executive, Peter Buchanan, offered his organisation's marketing services to our growing number of nationalised (or at least effectively government-owned) banks. Should they accept?

There is the view that day-to-day management should be left to the banks themselves, their marketers free to make the same decisions as they would have before their employer got itself in to the unfortunate, albeit not unique, position of needing state handouts.

To get out of this mess, these banks need to be able to behave like the independent and competitive financial organisations they will be up against. Any involvement with the COI would hinder competition.

The government does not want to be seen as controlling the banks. Until proven otherwise, banks should be trusted to put to use adspend that is appropriate to their current circumstances.

At the same time, there is a very real need to reassure taxpayers that no money is being squandered - particularly as advertising is often an easy target for this kind of accusation. …

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