Restoring consumer confidence in financial services

Abstract

Purpose

The purpose of this paper is to seek to explore the role of brand advertising in restoring trust in the sector. Consumer confidence in financial services has been bruised and battered over recent months.

Design/methodology/approach

The paper uses data from a variety of respected online analysts and commentators to explore current and future trends in online advertising and their impact on trust in the financial services sector.

Findings

The role of trusted adviser in the financial services sector is now the domain of online sources and last year, 36 per cent of the total online population visited a personal finance site. Financial services marketers have realised the importance of online as a direct response mechanism to support offline marketing activity. However the effort to balance direct response and brand building activities through offline channels is, at present, far from being replicated online. And with the migration away from traditional media on an upward spiral, the approach to internet marketing and advertising will have to catch up.

Originality/value

The paper provides financial services marketers some insight into the future of online advertising and explains the benefits of adopting a dual approach of both brand advertising and search marketing to restore consumer confidence.

Citation

Gill, C. (2008), "Restoring consumer confidence in financial services", International Journal of Bank Marketing, Vol. 26 No. 2, pp. 148-152. https://doi.org/10.1108/02652320810852790