The ever-rising cost of housing across key markets has long been a source of anxiety for Canadians—an important factor for banks to be conscious of when finding ways to connect with their consumers. A recent report by Royal Bank of Canada highlights that point of anxiety. Based on Statistics Canada’s most recent Survey of Financial Security, the report uses data broken out by household age. And while the ongoing rise in home prices has meant increased net worth for many older Canadians, it’s meant more debt for younger ones.
Royal Bank of Canada has used dynamic ways to connect with this cohort of new home buyers and help ease the stress that comes along with a first mortgage. Earlier this year they posted faux movie trailers to YouTube that reflect the different types of stress encountered in the mortgage process. For the overwhelmed, they created a drama, and there’s a horror theme for those intimidated by it all; for people who are more excited than stressed, there’s a romantic comedy.
The campaign, which includes clickable links to relevant RBC sites and social content, taps into consumer anxiety and positions RBC as an understanding expert in the process. As home prices continue to rise and uncertainty about the debt taken on remains, banks will need to find more ways to reassure and aid consumers.