Co-operative Bank Struggles with Loss of Brand Confidence Due to Mounting Debts
Following the suggestion by ratings agency Moody's that spiralling debts mean it might have to accept state aid at the expense of taxpayers, the Co-operative Bank's brand perception is taking a major hit.
YouGov BrandIndex rating scores now show the Co-operative Bank's Buzz score (a net balance of the positive and negative things people hear about a brand) has dropped to -60.2 as of yesterday, representing a major 54 point drop from the -4.2 registered just last week. This also compares to the 12.2 rating that the brand enjoyed at the beginning of May.
Additionally, its Index score (how consumers rate a brand in terms of impression, quality, value, reputation, satisfaction and whether they would recommend it) has experienced a drop to 32.4 from 56 a week earlier.
In response to this, the Co-operative Bank has said in a statement that the sale of its life and general insurance business as well as consumer trust in the Co-op brand will help pull it through this tough spot.
A spokeswoman for the bank further said that they have seen "very limited customer reaction" to the Moody's rating downgrade so far, adding that they will continue to engage with customers through "usual channels".
The bank has also been using Twitter to reassure customers that it is "business as usual" and encourage them to ring up with any questions.