The DIC concluded its market research in respect of the public’s awareness of the DIC and its role in September 2019. Our 4 main objectives at the time were to:
- Establish baseline indicators for awareness of the role of the DIC in Trinidad and Tobago’s financial system and awareness of the deposit insurance system;
- Identify knowledge gaps with respect to the DIC’s objectives;
- Assist in designing appropriate public awareness initiatives and messages;
- Inform the selection of appropriate media channels to reach the various stakeholders.
Market Research
Target Audiences
- We surveyed over 1000 households across Trinidad and Tobago.
- We also conducted focus groups with a cross section of the population spanning the 18-70 age range, on both islands.
- Depth interviews were concluded at the executive level from amongst the other safety-net participants as well as member institutions.
Results
- 9% of the population were aware of the DIC.
- 72% of respondents preferred social media advertising vs 28% print advertising.
- A sensitization programme was requested by member institutions.
What have we done since September 2019?
- February 2020 saw the launch of our social media presence on Facebook and subsequently Instagram. Since that time, twice weekly posts on Facebook and Instagram provide information about deposit insurance protection/coverage and its benefits, the purpose of deposit insurance and how that purpose relates on a personal level. Posts combine compelling text, video, images, infographics and specialised campaigns which help develop conversation and build camaraderie with our followers on these platforms.
- We have integrated our foray into LinkedIn with twice monthly blog articles. These articles discuss inter alia our adherence to international best practice and standards, financial stability and DIC’s role in the country’s financial safety net.
- For our print media audience, there is weekly advertising in the daily newspapers that seeks to educate about coverage, and member institutions.
- We have also created an online calculator that helps depositors to work out deposit insurance coverage for insured DIC member institutions for their Single, Joint and Irrevocable Express Trust Accounts.
- For our member institutions we have provided a dedicated online training portal so that staff of member institutions can get the requisite knowledge to better equip them to answer questions from the general public. To date 869 persons from 14 out of 24 institutions have been trained.
- We have disseminated bulletins to member institutions about the benefits and limitations of the deposit insurance system.
- Our 50+ audience can see more of us in TTARP Quarterly Magazine.
Conclusion
Guided by the findings and recommendations of the market research, the DIC makes every effort to keep Stakeholders aware and informed about the DIC and the deposit insurance system in Trinidad and Tobago. Content disseminated about financial stability aims to strengthen awareness about DIC’s role in Trinidad and Tobago’s financial system, while content on protection/coverage (why, how, what) and the benefits and limitations of deposit insurance, seeks to create and strengthen awareness about DIC’s purpose and provide information on how persons can obtain coverage.
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