After widely publicized cases regarding disgruntled consumers, banks and overdraft fees, Congress passed new legislation designed to prevent abuse by financial services providers. The only problem is many consumers are not aware of the new laws. Or, if they are, consumers don’t understand the details. Findings by HarrisInteractive suggest that more banks should be engaging in marketing campaigns to educate customers.
Nearly one in 5 U.S consumers aged 18 to 24 cited online video as an influence on their choice of banks. More Consumer Spending logothan one-third was influenced by social media such as positive and negative product reviews, blogs, and social networks according to a recent Ad-ology Research study.
More consumers feel confident that the economy will improve before the end of 2010 and this new attitude will lead investors back into the market. What may be different this time is that investors plan to come into the market armed with more information about where they want to put their money. This trend means that financial marketers from banks to brokers have a chance to win new customers by using educational ad campaigns.