Financial Services Lags in “Brand Intimacy”

Financial firms still have a long way to go to make positive inroads with consumers when it comes to brand perception, reports Bank Innovation. 

Citing a report from consulting firm MBLM, financial services ranked 11th in a list of 15 industries when it comes to building an emotional connection with customers. 

“Before the crisis, financial services brands were showing signs of eroding brand intimacy, appearing to focus more on transactional relationships than on establishing customer bonds,” wrote Rina Plapler, partner at MBLM. 

These findings further drive home the importance of the work that financial communicators and marketers do. Financial services firms often face negative headlines — sometimes of their own making — which is why it’s critical to always be communicating the positive ways that firms are impacting their customers and communities and the steps they are taking to continually improve. 

The study, conducted with Praxis Research Partners, surveyed 6,200 consumers in the U.S., Mexico and the United Arab Emirates about their emotional connections to brands in different industries