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How Much Are Banks Liked?

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Our Logica Engagement IQ tool helps companies drill down on where they can better engage with their customers to build business.  One component of the Engagement IQ is “Likeability.”  Likeability is a composite score based on how companies are associated with the following attributes: smart, hip, thoughtful, secretive, arrogant, and dishonest.

When looking at how financial firms score on Likeability we see a few interesting trends.  Financial services companies perform highest on smart (42%) and thoughtful (21%), while payment companies are more likely to be seen as hip (17%) compared to banks (8%) or brokerage firms (7%).

Not one of the negative attributes (arrogant, secretive, and dishonest) tend to stand out for financial services firms, but banks tend to score higher on these negative attributes than other industries, especially among Boomers.

Related: Engagement Is Key for Building a Strong Brand in Financial Services

Related: Americans Are Embracing Financial Technology

Payment companies may have a natural edge when it comes to younger audiences with their mobile-first platforms, but there are a few ways banks and brokerage firms can improve their scores:

  • Build a bridge to banking: Banks that have a payments platform or partnership should use/take advantage of consumers’ high engagement with those products as an opportunity to open the conversation about banking or brokerage products.
  • For Boomers, who tend to have the lowest engagement with financial services, consider tailoring content to their life-stage or interests in order to increase readability and postability scores.
  • In order to bolster engagement among Boomers, consider developing content specifically for them that is more relatable and meaningful in order to increase readability and postability scores.
  • Play to your strengths: Banks and brokerage firms are most likely to be seen as smart. Communicate messages that emphasize innovation and demonstrate ways they are leading the industry.

Engagement is key for building strong brands.  How does your Likeability come into play?  Let us help you find out and build engagement to drive business growth.

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