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Deposit insurers around the world promote strategic communication to depositors
Communication strategies are methods and ways of approaching the target audience, helping them recognize the image of the organization, providing information about the organization's activities, thereby contributing to behavior change of the target audience. Recognizing the importance of communication strategies in raising public awareness in general and depositors in particular, deposit insurers around the world have developed and effectively applied many strategic communication programs.
In Canada, the deposit insurer (CDIC) targets a public awareness level of 60-65%. The target audience focused on include women, young adults, and low-income households (research shows these people are likely to withdraw in mass amount). In the event of an institutional breakdown, the CDIC acts as a focal point for detailed communication planning, including basic guidance for depositors, provision of information in the mass media, and organization's internal processes. The Ministry of Finance coordinated with CDIC to implement a communication plan, providing scenarios and implementation timeframes for all members of the Financial Safety Net.
In Malaysia, since its establishment in 2005, the Deposit Insurance Corporation (PIDM) has always aimed to build a solid foundation, responding to changes in the operating environment as well as the focus orientation of the organization. PIDM's development strategy for the period 2022 - 2024 focuses on 3 pillars, which are: Readiness for processing; Enhancing stakeholder confidence; Enhancing organizational capacity. In particular, the pillar “Enhancing stakeholder confidence” is a key success factor and is central to many aspects of PIDM operations, including depositor protection, targeting the insured subject, promote or contribute to the stability of the financial system. During the period of instability or potential insolvency of deposit insurance participating institutions, it is necessary to strengthen people's confidence in the financial-banking system. Therefore, the Awareness Plan focuses on increasing public understanding of the roles and responsibilities of PIDM, and strengthening public trust and confidence. PIDM's communication initiatives include the use of multiple channels, the implementation of a financial recovery 2.0 campaign, a community financial education forum, thereby achieving the goal of public awareness about 75%, community support reaches 50%.
In Russia, with the goal of connecting deposit insurers with professionals and depositors across the country, the Russian Deposit Insurance Agency (DIA) has launched a Communication Development Strategy with the goal of expanding access to services in electronic form: Renovate the official website, develop user-friendly mobile applications, strengthen financial inclusion activities for the community. Among them are two large-scale programs that DIA has successfully implemented, namely the Finoteka financial universalization program and the assessment of the satisfaction of financial service users with the deposit insurer.
The Finoteka program aims to provide financial information to depositors nationwide in the form of videos with simplified content on the official website finoteka.ru. There are 3 forms: long skits, short skits and visual videos about a specific situation. As of May 2018, these videos have been viewed 42 million times through channels such as Youtube, Facebook, social networking applications and official news sites in Russia. According to statistics, up to 97.6% of the responses are positive, the time watching a video is 40% higher than the average watch time on Youtube, and the traffic to the DIA website increases by more than 30% each time playing new videos. The initial results of this communication program are very remarkable when the financial knowledge is illustrated in an attractive, easy-to-understand way, attracting viewers. Up to a third of Internet users in Russia have watched videos on the topic of personal financial management.
The DIA used an online rating system to measure the satisfaction of financial service users with deposit insurance activities. Responding to the survey is done online, on the basis of an assessment of factors such as user behavior and psychology. Among those who have interacted with the DIA, 57% rate the activities of the deposit insurer as very good. The surveyed subjects were also divided into demographic and sociological groups to assess the satisfaction level of each of these groups with the banking and deposit insurance system, as well as to devise appropriate communication plans. suitable for each group in the future.
Depositors' awareness of deposit insurance policy in Vietnam
Deposit Insurance of Vietnam has gradually diversified forms of communication and dissemination of deposit insurance policies to depositors. In general, the communication and dissemination of deposit insurance policies have contributed to conveying the message of deposit insurance to the public in general and depositors in particular. On the favorable side, the DIV has organized communication with many forms and tools to depositors, helped bring the image of the deposit insurer to the public, and well performed the task of disseminating the deposit insurance policies prescribed under the Law on Deposit Insurance.
DIV has built a team of collaborators who are economic experts, reputable managers, qualified staff and regularly trained professionally in journalism and communication, gradually moving towards research and apply modern technology to disseminate deposit insurance policies to depositors nationwide. On-site assessment of the communication events showed that the participants of the events confirmed that it is necessary to disseminate the deposit insurance policy and that the communication method being implemented is appropriate.
In terms of limitations, the DIV currently does not have a formal long-term strategy for public awareness, has not been able to carry out continuous awareness raising activities, and has not widely surveyed the level of public awareness on deposit insurance policy. Dissemination of deposit insurance policies with a focus on depositors in rural, remote and isolated areas with little access to financial - banking information and deposit insurance policies is a long process that requires a lot of resources and coordination of functional agencies, mass organizations and other political organizations. DIV is in a transition period, participating more deeply in the process of restructuring weak credit institutions, however, communication activities at problematic credit institutions are still limited.
According to the results of an applied research project conducted by DIV in 2020, the perception of depositors about the deposit insurance policy is determined through the percentage of depositors who understand all the core elements of the deposit insurance policy such as insured deposits, liability to pay deposit insurance premiums, coverage limit, the organization responsible for paying the insurance premiums; how to handle deposits in excess of the insurance payment limit.
Out of more than 1000 survey participants, 34.6% had known all the core information about the deposit insurance policy at the same time. This is a low average rate, on the basis of comparison with the target perception rate set by the Deposit Insurance Development Strategy of 45% of depositors by 2025 and 55% of depositors by 2030 who capture the core contents of the deposit insurance policy. To achieve this target rate, it is necessary to promote communication of deposit insurance policy in the coming years to increase the awareness level of depositors about deposit insurance policy. At the same time, the majority of depositors were partially aware (at least 1 core policy element) but did not fully understand the core contents of the deposit insurance policy, accounts for 61.6%. Notably, 3.8% of depositors participating in the survey were completely unaware of any of the above policy elements.
Meanwhile, the rate of specific awareness for each indicator is very high. 77% of survey respondents know about the currency of the insured deposit; 75.3% know that the responsibility to pay deposit insurance premium belongs to the credit institution receiving the deposit; 60.8% know about the current insurance coverage limit; 81.1% know that DIV is the organization that will pay insurance to depositors if the deposit insurance participating institution becomes insolvent or goes bankrupt; 64% know that after the insurance is paid, the excess deposit will be paid after liquidation of the credit institution's assets.
To achieve the target of 45% (by 2025) and 55% (by 2030) of depositors understand the core content of the deposit insurance policy
Deposit Insurance of Vietnam (DIV) is the only state-owned financial institution operating in the field of deposit insurance. Presenting a strong image of the the deposit insurer with high technology, management and specialization, improving labor productivity, efficient and sustainable operation in the finance and banking industry is an increasingly demand. The DIV's communication strategy to 2025, with a vision to 2030, is one of the important strategies that needs to be developed and implemented, as part of the Deposit Insurance Development Strategy.
The communication strategy of the deposit insurance corporation should present the views, strategic orientation, goals and actionable solutions in the development and management of communication with external and internal; building and developing the image of the deposit insurance corporation, contributing to the realization of the objectives of the development strategy that the deposit insurance corporation is aiming for. Over the past 20 years, the deposit insurance corporation has accumulated a lot of experience and lessons in communication work. In the coming period, the DIV needs to renew its awareness and apply a modern communication approach in formulating and managing the implementation of a communication strategy; must clearly define the objectives to be achieved, target specific media objects and apply modern communication technology. At the same time, harmoniously combining compliance with legal regulations with the application of international standards and practices in communication, towards standards of professionalism and efficiency in operations.
The objective of the communication strategy is to create the image of DIV - a state-owned financial institution operating not for profit, in order to protect the legitimate rights and interests of depositors, to implement the policy of deposit insurance to contribute to maintaining the stability of the system of credit institutions, ensuring the safe and healthy development of banking activities.
In order to achieve the results and objectives of the Communication Strategy, DIV needs to implement a number of strategic solutions and actions, creating key outputs such as products and communication channels; communication cooperation; regulations and regulations governing and guiding communication work; organization of the apparatus for communication; communication skills required for communication officers; technology platform for communication.
The deposit insurance policy should be promoted in all aspects: the scale of communication, the depth of information, increasing access to the public... DIV needs to clearly identify the specific public audience for each communication program, targeting only one or a few target audiences with a high degree of similarity, in order to ensure consistency in communication channels, communication messages, communication contents and display.
Continue to promote communication to depositors through deposit insurance participating organizations; improve the technical features of the website, update the content in accordance with the information needs of the public as well as closely follow the issues of concern to the depositors; consider and pilot the implementation of a communication program to promote the spread (viral); monitor information on social networks about deposit insurance policies as well as Deposit insurance of Vietnam, thereby promptly capturing negative information to correct, disseminate and explain, so that the deposit insurer can officially present on social networks, giving an official voice to preserve the trust of depositors.
In addition, it is necessary to focus on implementing the communication of deposit insurance policies in a certain period in accordance with the actual situation; improve efficiency and diversify forms of deposit insurance policy dissemination; to study and propose amendments and supplements to the Law on Deposit Insurance with the content stipulating that deposit insurance participating organizations are responsible for coordinating with deposit insurers in communicating deposit insurance policies; doing surveys of the level of awareness of deposit insurance policy of depositors periodically, striving to achieve the goal that by 2025, 45% and by 2030, 55% of depositors can grasp the core contents of deposit insurance policy.
