High St Banks Not Credible To IT-Savvy Millennials

Sep 26, 2014

A study published by NewsCred has revealed that a third of UK consumers surveyed don't trust their banks, and – marketers take note – more than half said that helpful content makes them trust their bank more.

20 per cent of respondents of "The Trust Transaction" study said that they'd trust content written directly by representatives of the bank, whereas content from writers outside the organisation, such as finance journalists and independent experts, would be trusted more (53/54 per cent respectively).

Millennials were found to be the slightly more receptive audience demographic for banks' content marketing strategies, with 66 per cent of 18-24 year olds saying they'd trust a bank more if it offers useful content, compared to half of respondents overall.

Not Sharing On Social Media

37 per cent said they'd share interesting articles from their bank on social media – almost double the average survey response. No doubt these results will confirm to many-a bank's marketing team that millennials require a contemporary form of engagement strategy, more attuned to the social media age. The study surveyed 1,000 UK consumers in August 2014.

NewsCred Founder and CEO, Shafqat Islam, said: "Our study shows that consumers don't trust just anyone when it comes to financial content - banks need to think carefully about how they use the right teams, tools and insight to make an impact and truly connect with their target audiences."

"Banks are being judged by the quality of content they create," he continued.

Author: Tom Phelan
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Published under license from ITProPortal.com