Power of knowledge core principles practitioners experience of public awareness
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Margaret Chuang Assistant Director CDIC, Taiwan July 30, 2010. Power of Knowledge Core Principles & Practitioners’ Experience of Public Awareness. 1. 1. Protecting Depositors?. 2. 2. Maintaining Stability?. 3. 3. Lessons Learned.

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Power of knowledge core principles practitioners experience of public awareness

Margaret Chuang

Assistant Director

CDIC, Taiwan

July 30, 2010

Power of KnowledgeCore Principles & Practitioners’ Experience of Public Awareness

1

1


Protecting depositors

Protecting Depositors?

2

2


Maintaining stability

Maintaining Stability?

3

3


Lessons learned

Lessons Learned

Confidence in banks and financial market can easily be shattered

An effective deposit insurance system is needed

The public should be educated

4

4


Contents

Contents

  • Core principle of public awareness of DIS

  • IADI guidance paper on public awareness

  • Taiwan’s experience in promoting public awareness

  • Future perspectives

5

5


Power of knowledge core principles practitioners experience of public awareness

Core Principles of

Effective Deposit Insurance Systems

6

6


Core principle on public awareness

Core Principle on Public Awareness

In order for a deposit insurance system to be effective it is essential that the public be informed on an ongoing basis about the benefits and limitations of the deposit insurance system.

Clear Formal Statement

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7


Power of knowledge core principles practitioners experience of public awareness

Core

Principles

Supporting Guidance on PA

Clearly set out the objectives of PA program

Clearly define the principal target audience

Regularly conduct an

independent evaluation

Closely work with

insured FIs and FSN players

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8

6


Power of knowledge core principles practitioners experience of public awareness

  • IADI Guidance Paper on Public Awareness of Deposit Insurance Systems


Iadi guidance paper on pa

IADI Guidance Paper on PA

  • Project conducted by RGC Subcommittee and chaired by CDIC Taiwan

  • Guidance Paper issued in May 2009

  • Topics covered in the paper:

    • objectives of a PA program

    • organizing an effective PA campaign

    • applying special strategies to special occasion


Power of knowledge core principles practitioners experience of public awareness

Enhancing the effectiveness of a deposit insurance system

Reinforcing consumer protection

Objectives of a PA Program

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11


Power of knowledge core principles practitioners experience of public awareness

Enhancing the Effectiveness of a DIS

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12


Reinforcing consumer protection

Reinforcing Consumer Protection

Public awareness should be promoted from the perspective of consumer protection

Financially-informed and knowing their rights of consumers can impose additional discipline on the banking system

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13


Power of knowledge core principles practitioners experience of public awareness

Ongoing

Public Awareness Activities

in Normal Time

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14


Power of knowledge core principles practitioners experience of public awareness

Target audience

Messages

Communication tools

Budgets and resources

Evaluation

Organizing an Effective PA Campaign

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15


Target audience

Target Audience

  • Clearly define principal target audience

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16


Messages

Provide information affecting depositors’ savings

Keep messages short and concise

Messages should be consistent

Use plain language to avoid ambiguity and misinterpretation

Messages delivered in various languages

Messages

17

17


Communication tools

Communication Tools

  • Employ a wide variety of tools and channels

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18


Budgets and resources

Make budget allocations to build and maintain desired level of awareness

Consider using external public relations and branding expertise to supplement internal expertise

Budgets and Resources

19

19


Evaluations

Conduct regular and independent evaluation of awareness level

Most practical approach to know awareness level

Understand result of a PA campaign

Learn where/what to focus for further PA campaigns

Outsource professional firms to conduct survey

Evaluations

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20


Power of knowledge core principles practitioners experience of public awareness

Public Awareness Activities

under

Special Occasions

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21


Transitioning to limited coverage

Engage in public awareness activities early

Disseminate accurate information of coverage limit and transition schedule

Transitioning to Limited Coverage

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22


Bank runs

Communication must be quick and wide reach

Manage the media: press release and media updates

Distribute announcement of deposit protection at bank units and to bank staff

Bank Runs

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23


Bank failures

Plan ahead

Communication plan should be part of SOP

Activate the dark site for reimbursement

Utilize all media to disseminate information about reimbursement

Coordinate with other financial safety net players to maximize synergies

Bank Failures

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24


Power of knowledge core principles practitioners experience of public awareness

Taiwan’s Experience

in Promoting Public Awareness

25

25


Objectives of pa programs

Objectives of PA Programs

To enhance fulfillment of public policy objectives and responsibilities of deposit insurers

To maintain a sound deposit insurance system

To elevate the level of awareness of deposit insurance

26

26


Public policy objectives of cdic taiwan

Public Policy Objectives of CDIC Taiwan

Protecting the interest of depositors

Maintaining order in the credit system

Promoting the healthy development of the financial industry

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27


Designing a pa program

Deposit insurance annual promotion plan

To promote the current/new policies

Based on the public awareness survey results

Can be adjusted during the implementation period

Budget

The budget is accordingly prepared by CDIC Taiwan and approved by the Parliament

Designing a PA Program

28

28


Target audience1

Target Audience

  • Small depositors

  • Financial institutions

  • All depositors

  • Financial institutions

Before 1999

1999- to date

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29


Target segment

Target Segment

Female depositors

Middle-aged depositors

Future depositors-students

Financial institutions

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30


Basic information for depositors

Basic Information for Depositors

The maximum coverage

NT$ 1.5 million (US$49,000)

Full coverage (Oct. 2008-Dec. 2010)

The scope of depositinsurance coverage

Basic information on CDIC Taiwan

Corporate image

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31


Provide blanket guarantee

Provide Blanket Guarantee

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32


Messages what depositors need to know

Messages: What Depositors Need to Know ?

What is deposit insurance ?

Which parties should pay deposit insurance premiums ?

Are all banks insured ? How will I know?

Am I insured and for how much?

Are all deposits insured ?

Will banks fail ?

How and when do I get my deposit back ?

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33


Responsible parties

Responsible Parties

Maintaining Financial Stability

CDIC Taiwan

Insured

Financial

Institutions

Other

Financial Safety

Net Players

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34


Communication tools1

Communication Tools

Educational materials

Fliers, pamphlets, brochures and annual report

Multi-media

TV, radio, newspapers and magazines

Toll-free line

0800-000-148

A customer service

a mailbox and a fax line

Bilingual corporate website

www.cdic.gov.tw

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35


Educational materials

Educational Materials

  • Annual reports

  • Deposit Insurance Journals

  • Brochures

  • Fliers

  • Posters

36

36


Mass media

Mass Media

Television

Radio

Newspapers

Magazines

Toll-free line

37

37


Chinese website ww cdic gov tw

Chinese Website -ww.cdic.gov.tw

38

38


Cdic english website

CDIC English Website

39

39


Communication tools cont

Communication Tools (cont.)

Holding international symposiums and professional seminars for financial institutions

Organizing open seminars for the general public

40

40


Communication tools cont1

Communication Tools (cont.)

Deposit insurance signs

A large-sized sign

A small-sized sign

Sticker

Souvenirs

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41


Communication tools cont2

Communication Tools (cont.)

CDIC History Exhibition Hall

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42


Performance evaluation

Performance Evaluation

Overall awareness level of the general public at the end of 2009

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43


The most effective tools in taiwan

The Most Effective Tools in Taiwan

74.1%

TV advertisement

73.4%

TV News

Financial Institutions

47.3%

Internet

44.2%

Newspapers

43.6%

Magazines

26.9%

Broadcast

23.0%

Bulletin Advertising

20.5%

Schools

17.5%

Friends and Relatives

15.8%

Others

4.1%

0.0%

20.0%

40.0%

60.0%

80.0%

Source : 2009 public awareness on CDIC Taiwan and deposit insurance survey

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44


Special occasions for promoting dis

Special Occasions for Promoting DIS

Transition to limited coverage system

Message

Proposed transition schedule

The maximum coverage

Insured items

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45


Special occasions for promoting dis cont

Handling Bank Runs

Dispatch staff into the branches to halt the runs

Hold press conferences with the competent authorities

Issuing press releases for the public

Putting up large notices in prominent areas

Special Occasions for Promoting DIS (cont)

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46


Future perspectives

Future Perspectives

More active role of CDIC Taiwan in raising public awareness

Multilateral cooperation for consumer protection and public awareness among safety net players

To prepare crisis communications plan to deal with emergency situations

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47


Public awareness power of knowledge

Public Awareness- Power of Knowledge

[email protected]

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