Bank Failure: Consumers And Finserv Brands Disagree On Marketing Relevance

As in other brand sectors, marketers in financial services may be too sure of their own abilities.  

An overwhelming 82% of brands think customers are satisfied with their messaging. But only 41% of consumers agree, and even fewer, 39%, think the communications they get are relevant, according to Banking on the Customer Journey, a global two-part study from Braze, conducted by Wakefield Research. 

Consumers in the U.S. tend to be happier than those elsewhere: 54% feel the messages they get are extremely or very relevant. And 80% are satisfied with their financial services. But only 37% strongly agree that their primary service looks out for their best interest.  

Moreover, 50% of consumers rank trustworthiness as the top factor, but only 15% of marketing executives agree.  

The preferred channel for banking communications? Of the consumers polled, 49% like email for general messages and 38% for urgent ones.

But only 44% in the U.S. prefer email overall, versus 56% in EMEA and 45% in APAC.  

The disagreement between brands and consumers also extends to frequency. Of the brands polled,  49% of brands send communications at least a few times a week, but 60% of consumers prefer to get them less than once a week. 

Consumers want to receive:

  • Account updates (low balance, deposit has processed, etc.) — 56% 
  • Promotional offers — 14%
  • Information on new products and features — 13% 
  • Education content or personal finance advice — 9%
  • Corporate announcement updates — 7%

In another finding, Braze reports 62% of consumers are willing to share more personal information to get more relevant communications. 

Wakefield Research surveyed 1,500 marketing executives working in the financial services industry in Australia, France, Germany, Indonesia, Japan, Singapore, the U.K., and the U.S.

Wakefield also surveyed 5,000 consumers in the same countries. The research was conducted from January 1 to June 1, 2022.


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