Taking stock of financial services advertising was the focus of the Financial Mail AdForum, which took place at the Vega School in Johannesburg, in association with Ornico. The financial services advertising currently being flighted is very rational and fails to resonate, agreed the panel at the latest Financial Mail AdForum.
The financial institutions in the media and brand intelligence research and insights include FNB, Nedbank, Standard Bank, ABSA, Capitec, Clientele, Assupol, King Price, Outsurance, First For Women, Coronation, Budget Insurance, Investec and others. Part of the debate by the panellists on the day was based on how uninspired some of the advertising in the financial services industry is, how focusing mostly on price leads to a lack of creativity in some of the work and as such causes the brands to be far too similar.
South African banks spent R70-million in television advertising that didn’t create strong positive consumer reactions. One bank in particular had 70% of the measured ad spend channelled to ineffective ads. This begs the question of whether advertising is pre-tested or stress-tested before going live.