Bigmouthmedia Survey Reveals Public Believe Online Financial Advertising
on: May 28, 2010, 12:30 pm
has called upon the Financial Services Authority to introduce
new rules to govern the selling of finance products online.
at the annual bigmouthmedia Finance Summit in London, finance
strategist Chris Cathcart unveiled the results of a new consumer
survey showing that 77% of web users believe that online financial
advertising is neither honest nor straight-forward. The research
- conducted in partnership with Financial Marketing UK - revealed
that a clear majority of respondents mistrust the sector.
Financial Services Authority has to recognise that the web marketplace
presents a unique range of challenges for the finance sector and
that continuing to ignore the issue is no longer an option. They
must step up to the plate and help organisations by providing
a detailed set of guidelines governing selling online if we are
to avoid what could end up as a compliance nightmare," said
Cathcart, bigmouthmedia's senior finance strategist.
also displayed similar levels of mistrust and suspicion when it
comes to the financial figures such as interest rates and potential
savings gains displayed on websites. A resounding 65% of respondents
categorically stated that they do not trust such numbers and cannot
make decisions based upon them.
asked to identify the product categories they found troublesome
to research online, consumers identified the most significant
challenges as arising when investigating investment opportunities.
A compelling 65% said they found researching investment products
either "fairly confusing" or "very confusing",
whereas 80% said they had little or no problems evaluating car
insurance deals on the web.
from the research indicate that language could play a significant
role in the confusion. An overwhelming 98% of respondents believe
that the terms and conditions governing products and services
sold online should be in plain English rather than the complex
legal jargon currently used in the majority of contracts.
evidence couldn't be any clearer: the majority of consumers distrust
the finance sector and there is a lot of work to do to win that
confidence back. Wording terms and conditions in a manner they
can understand would be a major step towards achieving this,"
Founded in 1997, bigmouthmedia is Europe's largest independent
digital marketing agency. With a team of over 200 staff located
across 13 offices in 10 countries on 3 continents, the company
maximises exposure for major brands online through a variety of
fully integrated digital marketing channels: Search
engine optimisation, PPC, Online Media Planning, affiliate
marketing, Social Networking, Brand Monitoring, Online PR
and Web Analytics. Bigmouthmedia also provides up to date daily
digital marketing news to ensure clients are fully informed
and aware of all industry developments.
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