Although the FSA said Northern Rock was solvent, that it exceeded its regulatory capital requirement and that it had a good-quality loan book, the Bank of England's need to intervene has left thousands of homeowners anxious.
The resulting online activity is evidence of how the credit crisis has been affecting high-street customers.
When the news broke, the number of searches for "Northern Rock" more than quadrupled, as consumer interest spiked.
The uncertainty also meant that Northern Rock customers began panic-searching to find the best deal from alternative financial companies.
The above graph demonstrates the increase in the number of impressions the day after the news broke for those searching on savings-related keywords, compared to the averages of the previous three Saturdays.
The recommended action for advertisers is to promote their savings and deposit accounts with key messaging in order to attract those wishing to open a new account.
Using pay-per-click is the most strategic method, and creative advertising needs to convey three key messages:
1) Brand reliability
2) Speed and simplicity of the process for applying and the transferral of funds
3) USP-focused promotion of the interest rates that customers can expect
Using this online ad format, advertisers can immediately capitalise on the rush of consumers looking to take their business elsewhere.
By Ben Knight, finance account director, The Search Works.
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