Merger Communication: Make a Good First Impression
When two financial institutions come together through a merger or acquisition, every element of communication must positively reflect the image and branding of the organization.
Welcome to the Bank
The first communication should be a letter sent to the soon-to-be-acquired customers as soon as possible after the merger is announced, welcoming them to the bank. This must happen immediately following the announcement to avoid rumors and negative publicity.
The letter would come from both banks' CEOs and reassure customers that the merger process will be smooth and they will benefit through enhanced service offerings, more branches, etc. They would be told they'll get specific information about their accounts as the transition progresses.
Frequently Asked Questions
If timing permits, another jointly signed letter could be sent about 6-8 weeks later. A brochure listing the answers to frequently asked questions such as Can I continue to use my existing checks? Or will I need a new password for Bill Pay? What would be included in the package? This would take some of the pressure off branch/call center staff.
The Conversion Mailing
Once the conversion date is finalized, the primary communication mailing would be scheduled to be received by customers 30 days before the big day. Each customer would have their accounts listed, including the current product name and the new post-conversion name. The old and new numbers will also be recorded if the account numbers change.
A Product Conversion Guide will be included with this mailing. This catalog provides the opportunity for the acquiring bank to present its brand and its products. Laid out with eye-catching graphics, the Guide must have enough production value to make it worthy of being kept as a resource for new customers and a sales tool for employees.
The Data is Key
Data files should be acquired well in advance so that all products are accounted for and confirmation can be made that they have been adequately mapped to new products. Accounts with identical name/address info are combined into one letter to eliminate duplicate packages.
Knowledgeable people from both banks must review the data to verify its accuracy before producing the letters. Once confirmation is received, a sampling of records is printed to ensure the account information appears appropriately.
During the package assembly, all materials should be verified as being correctly inserted. If consumer and business accounts have different disclosure materials, it should be confirmed that customers are receiving the correct legal documents.
The Goal? No Calls.
If customers are correctly—and accurately—communicated with all the details and information they will need, they will be less likely to call with questions about the merger. And making these new customers feel comfortable with the conversion process is the best way to preserve the value of the acquired franchise.