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Presentation Public Awareness

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Title: Presentation Public Awareness


1
CDIC
Protecting Your Deposits
Deposit Insurance Awareness
John Raymond LaBrosseDirector, International
AffairsCanada Deposit Insurance Corporation
December 8, 2003
2
CDIC
Purpose of the Presentation
To provide an overview of CDICs approaches in
meeting its responsibilities in regard to
ensuring public awareness on deposit insurance.
3
CDIC
CDICs Mandate
  • CDICs Statutory Objects are to
  • Provide insurance.
  • Contribute to the stability of the financial
    system.
  • Promote standards of sound business and financial
    practices.
  • Do so in a manner that would minimize CDICs
    exposure to loss.
  • For the benefit of depositors.

4
CDIC
Supporting CDICs Mandate
  • Why public awareness is so important?
  • Most Canadians do not know or fully appreciate
  • the value of deposit insurance.
  • Confusion exists as to what is insured and lack
    of awareness and misunderstanding about deposit
    insurance amount to risks.
  • Many Canadians believe in the invincibility of
    the financial system and the major banks.
  • Deposit insurance is not a concern to depositors,
    it is an expectation, a blind trust.

5
CDIC
Supporting CDICs Mandate
  • As experience shows, there is always the
    potential for a member institution to fail and,
    given this reality, the risks of not informing
    Canadians about deposit insurance are high.
  • The risks of not adequately informing the public
    are
  • Financial
  • Regulatory
  • Political
  • Reputation
  • If we did nothing, CDIC would be subject to
    criticisms should an institution fail.

6
CDIC
Supporting CDICs Mandate
  • How public awareness fits with CDICs mandate to
    promote and contribute to the stability of the
    financial system
  • Communicating the relevant details of deposit
    insurance to Canadians is a means to fulfill this
    mandate.
  • Informed financial consumers are better equipped
    to make financial decisions based on their needs
    and priorities.
  • Financial consumers who make decisions that are
    right for them contribute to the stability of the
    financial system. They are more secure in face
    of financial fluctuations and uncertainties.

7
CDIC
Supporting CDICs Mandate
Public Awareness and Canadas Federal Deposit
Insurance System Experience has shown that the
characteristics of a deposit insurance system
need to be publicized so that its credibility can
be maintained and strengthened.
(Report of the Financial Stability orums
Working Group on Deposit Insurance) The public
needs to know and understand both the benefits
and limitations of a DIS.
8
CDIC
Effective Communications
  • Elements of effective communications
  • Clearly defined objectives
  • Tailor messages, activities and tactics to
    lowest common denominator.
  • Reflect important local factors in the program.
  • Ensure your activities are open and transparent.
  • Challenge others to support your objectives. Be
    prepared for resistance.

9
CDIC
Effective Communications
  • Assess your public environment to define your
    public awareness objectives. Find out
  • Know your audiences. Who knows about deposit
    insurance? What do they know about it? How
    important is it to them? How do they get their
    financial information? Get to know the people you
    want to reach.
  • What is the correlation between certain
    characteristics (e.g. demographics, Religion,
    Urban and Rural) and level of knowledge?
  • Identify 3rd Party Stakeholders.

10
CDIC
Effective Communications
  • Public opinion surveys enable you to
  • Identify knowledge gaps within your public
    environment.
  • Segment the population into meaningful groupings
    target audiences.
  • Set statistical targets for public awareness
    efforts.
  • Assess where you are achieving positive results
    and where you need to introduce improvements.
  • The findings cannot be transferred to another
    context. The environment of every deposit
    insurance system is distinct and must be
    studied and understood before a program can be
    truly effective.

11
CDIC
Effective Communications
  • Focus groups do not generate statistics, but they
    can enhance your public awareness effort.
  • Focus groups go beyond numbers.
  • They probe and build insight into why people say
    what they do.
  • The freely expressed sentiments and reactions of
    participants speak volumes.
  • Focus group participants in Canada have told us
    clearly that depositors, CDIC and financial
    institutions all have a responsibility for public
    awareness.
  • They also told us that financial institutions
    should assume primary responsibility for
    awareness of deposit insurance and why that is.
  • However,although the public expects their
    financial institutions
    to provide accurate and timely info about deposit
    insurance, experience shows otherwise FIs do
    not share that view.

12
CDIC
Effective Communications
  • To create a public awareness program for the
    benefit of depositors
  • Respect the role of the deposit insurance system.
    Ask yourself, Who is the system designed to
    protect?
  • Apply the findings of your research to your
    messages, activities and approach. Know the
    effectiveness of you delivery channels.
  • Take into account the full context of the
    financial system.
  • Plan your program so it can remain relevant and
    responsive to trends and events.

13
CDIC
Public Awareness Campaign
  • CDICs Public Awareness Campaign A five-year
    program to increase public awareness of deposit
    insurance. The objectives of the program are
  • To correct the misunderstanding that deposit
    insurance coverage is unlimited
  • To inform consumers about the benefits and
    limitations of deposit insurance (e.g. limits of
    coverage, what is and is not insured) and
  • To increase public awareness of the federal
    deposit insurance system.

14
CDIC
Public Awareness Campaign
  • Guiding Principles Implementation of the
    program reflects a resourceful, responsible
    approach, which includes
  • Capitalizing on partnerships
  • Supporting and enhancing stakeholder relations
  • Positioning the Corporation as a leading advocate
    of sound business and financial practices and
  • Carrying out the strategy in a sustained manner,
    using a variety of tools and tactics carefully
    selected to match target audiences and messages.

15
CDIC
Public Awareness Campaign
  • Target Audiences have been selected according to
    their information needs and, in some cases, their
    capacity to support and participate in the public
    awareness activities. The primary audiences are
  • The public at large (25-64)
  • News media
  • Member Institutions
  • Government and Elected Officials
  • CDIC Employees

16
CDIC
Public Awareness Campaign
  • CDIC uses a combination of activities and tools
    to increase public awareness. These include
  • Television and print advertising
  • Member Relations
  • Media Relations
  • Stakeholder relations and partnerships
  • Public Relations
  • Internal Communications

17
CDIC
Depositor Awareness
  • Television Advertising
  • Is the core activity of the
    program
  • Is the source preferred by
    Canadians for
    information
    about deposit insurance
  • Incorporates properties of sight, sound and
    motion to get a message across quickly,
    meaningfully and memorably.

18
CDIC
Depositor Awareness
  • Member Relations
  • Involves seeking and acting on opportunities to
    work with member institutions to increase
    awareness of deposit insurance and of CDIC as a
    partner in Canadas financial system
  • Is an activity shaped to an important degree by
    the Deposit Insurance Information By-law and
  • Not introduced yet / should speak to it, what it
    is, what itaccomplishes

19
CDIC
Depositor Awareness
  • CDIC Decal and Brochures

20
CDIC
Depositor Awareness
  • Media Relations
  • Uses survey results and stories that quantify
    trends to attract business and financial
    journalists interest
  • Includes pro-active activities like offering
    interviews and feature opportunities and
  • Also includes distribution of factual stories to
    community and multi-cultural newspapers across
    the country.

21
CDIC
Depositor Awareness
  • Stakeholder Relations
  • Reinforces relevance of deposit insurance within
    the Canadian consumer marketplace through
    partnerships
  • Has recently included partnerships with the
    Canadian Bankers Association, the Federation of
    Canadian Independent Deposit Brokers, and the
    Financial Consumer Agency of Canada and
  • Provides leverage for the Corporation to engage
    in public education activities an area that, in
    Canada, can be costly and complicated if pursued
    independently.

22
CDIC
Depositor Awareness
  • Public Relations
  • Includes CDICs Web site, maintained to ensure it
    is user friendly
  • Toll-free inquiries services
  • Participation in conferences and trade shows as
    speakers and presenters and
  • Publications program.

23
CDIC
Depositor Awareness
  • CDIC Web site
  • Website www.cdic.ca
  • E-mail info_at_cdic.ca

24
CDIC
Depositor Awareness
  • Toll-free lines
  • Services in English
  • 1-800-461-CDIC (2342)
  • Services in French
  • 1-800-461-SADC (7232)

25
CDIC
Depositor Awareness
  • Trade shows

26
CDIC
Depositor Awareness
  • Publications program

27
CDIC
Depositor Awareness
  • Internal Communications
  • CDIC Intranet site, which is
    being updated to
    ensure
    employees have easy access

    to corporate and other
    information to
    help them
    do their jobs
  • Web-based newsletter, Flash
  • Staff meetings and other corporate events to keep
    employees informed of corporate issues and foster
    team spirit.

28
CDIC
Public Awareness Campaign
  • Common Features of the Public Awareness
    Activities
  • Corporate design
  • Reference to one another (e.g. Toll-free number
    and Web address on television advertisement)
  • Created to complement each other.

29
CDIC
Public Awareness Campaign
  • Recognizing the merits of regular evaluation,
    CDIC conducts the following research projects
  • Annual CDIC Public Awareness Survey (also known
    as the tracking survey)
  • Focus Testing
  • Mystery Shopper

30
CDIC
Public Awareness Campaign
  • Impact to Date Results of the 2003 Public
    Opinion Survey Highlights
  • General awareness is now at 62, an increase from
    47 prior to the launch of the campaign. The
    goal for the end of year five is to reach an
    awareness level of 70.
  • Awareness of the 60,000 limit is now 32, up
    from 23 prior to the campaign. The objective is
    to reach 50 at the end of year five.
  • The percentage of those who incorrectly believe
    that mutual funds are insured has declined from
    40 to 37. Year four of the campaign is designed
    to particularly address this misconception.

31
CDIC
Public Awareness Campaign
  • Are we realizing the campaign objective to
    persuade people to find out more about deposit
    insurance
  • Calls to our Toll-free lines have increased to
    16,270 at the end of year three, from 14,192 the
    year prior to the launch of the campaign,
    representing a 15 increase.
  • Visits to our Web site have increased to 282,694,
    representing 2.5 times the number of Web
    site visits in comparison to the year preceding
    the launch of the campaign.
  • The number of copies of the brochure Protecting
    Your Deposits requested by member institutions
    have increased from 735,652 to 1,125,919 a 50
    increase.

32
CDIC
Public Awareness Campaign
  • Making the Campaign Stronger According to what
    we find from surveys, focus groups, target
    audiences and experience, the campaign is
    monitored and directions adjusted. In year four,
    we are
  • Developing a new television commercial to focus
    on reducing the number of depositors who
    incorrectly believe mutual funds are insured.
  • Increasing emphasis on public education through
    partnerships.
  • Strengthening public awareness work with member
    institutions through discussions and enhancements
    to the Deposit Insurance Information By-law.

33
CDIC
Public Awareness Campaign
A sustained, multi-faceted public awareness
campaign is an integral component of an effective
deposit insurance scheme.
34
CDIC
Public Awareness Campaign
  • Some requirements for success include
  • Attention and responsiveness to what the research
    indicates
  • A strategic approach that unites the various
    activities and emphasizes partnerships and
    collaborations with appropriate parts of
    financial system
  • Exchange of information with relevant
    organizations, with identification best
    practices and
  • Innovation the ongoing pursuit of opportunities
    so the program grows and remains relevant to
    depositors and the public at large.

35
CDIC
Questions?
36
CDIC
Protecting Your Deposits
Canada Deposit Insurance Corporation50 OConnor
Street, 17th FloorP.O. Box 2340, Station
DOttawa, Ontario K1P 5W51-800-461-2342www.cdic
.caDenise RobichaudManager, Communications and
Public Affairstel (613) 995-6548
fax (613) 947-0435 e-mail
drobichaud_at_cdic.ca
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