branding can re-build trust in banks
March 2009
Outdoor media such as large billboards and transit ads is the second most effective way for financial institutions to re-build consumer confidence, behind television campaigns, according to new research by APN Outdoor.
Almost half of the respondents in the national study, which was conducted by Edentify and commissioned by APN Outdoor, said they had lost confidence in banks and financial institutions as a result of the global financial crisis, yet more than half said they intended to purchase a financial product in 2009.
And when choosing individual products from a financial or insurance company, consumers said they valued security, stability and trustworthiness in an institution most strongly, ahead of convenience, interest rates or service.
When asked which advertising media portray a bank as stable and secure, 57% of consumers agreed that television did this. This was closely followed by large format outdoor, with 44% of respondents indicating they trusted the medium, while 41% said print was to be trusted and 36% said they were confident in transit outdoor formats.
Online was the least trusted format, with only 25% of respondents indicating that the format portrays a bank as secure, stable, trustworthy, and a market leader.
Paul McBeth, general manager of marketing at APN outdoor, said: "What this research clearly reinforces is the need for our banking and financial institutions to invest in brand advertising, and media such as Television and Large Billboards are seen by consumers as the perfect media channels to re-store brand trust and stability.”
Source: www.bandt.com.au
Almost half of the respondents in the national study, which was conducted by Edentify and commissioned by APN Outdoor, said they had lost confidence in banks and financial institutions as a result of the global financial crisis, yet more than half said they intended to purchase a financial product in 2009.
And when choosing individual products from a financial or insurance company, consumers said they valued security, stability and trustworthiness in an institution most strongly, ahead of convenience, interest rates or service.
When asked which advertising media portray a bank as stable and secure, 57% of consumers agreed that television did this. This was closely followed by large format outdoor, with 44% of respondents indicating they trusted the medium, while 41% said print was to be trusted and 36% said they were confident in transit outdoor formats.
Online was the least trusted format, with only 25% of respondents indicating that the format portrays a bank as secure, stable, trustworthy, and a market leader.
Paul McBeth, general manager of marketing at APN outdoor, said: "What this research clearly reinforces is the need for our banking and financial institutions to invest in brand advertising, and media such as Television and Large Billboards are seen by consumers as the perfect media channels to re-store brand trust and stability.”
Source: www.bandt.com.au
