Financial services can be complex, and financial language is known for confusing jargon and complicated terminology. It’s important for financial marketing to be as transparent and straightforward as possible in an industry where connections are built on trust and security. People’s relationship to finance can feel intimidating, but your institution’s marketing language doesn’t need to be.
A study of 50 banks in the United States revealed that nearly 60% of their website content(1) is inaccessible to the average American. Your consumers have varying education levels, financial knowledge, and time in their day, so it’s safe to say that your language should be easy to understand. Below we’ll discuss how your FI can communicate with consumer-friendly marketing language.
Keep It Straightforward
Financial marketers should remember that simplified messaging doesn’t equate to sacrificing the validity or power of your offerings. A simple start to evaluating your marketing language is reading it out loud or using the readability score included in Microsoft Word. In the study mentioned above, an overwhelming amount of FIs scored low on readability, and it’s common for sentences to sound different to the writer compared to the reader. It might be time to rework your message if you’re stumbling over your words, sounding out a list of acronyms, or pausing to take a breath. Long, drawn-out sentences are expected in academic writing, but your FI’s content shouldn’t feel like a research paper or classic novel. When in doubt, simplify your sentences.
Choose Words Wisely
Many institutions fall into the trap of using a dull tone or overusing jargon. The concept of improving people’s financial wellness and providing powerful financial tools is exciting, so your consumers should sense that through your messaging.
The phrase “it’s not what you say, it’s how you say it” can apply directly to your institution’s marketing language. Choosing strong action verbs, reducing passive voice, and shedding a positive light on an offering can impact a potential consumer’s point of view.
An example is a credit card benefit. Instead of a drawn-out, technical explanation that resembles a math problem, you can clearly show consumers the number of points or cashback amount they can receive. You can also add a compelling, “What will you do with the extra $150 you’ve earned?” or, “What dream vacation do you have planned?”
Giving concrete examples that people can relate to is a great way to grab their attention and encourage them to take action. Many people won’t understand technical jargon, so it’s important to reduce complex concepts on your marketing channels to keep your offerings clear and understandable to the average consumer. As your relationship develops, you can provide more information through email or your call center if they have additional questions.
Regulate Your Language
The financial services industry is heavily regulated, and banks and credit unions must follow many rules and regulations to remain compliant with the law. Most financial emails and websites include disclaimers, and some of that technical language is unavoidable.
However, your marketing and risk management teams should be in contact with each other to figure out the best way to communicate these terms to consumers. Compliance language can be tedious and complex, but your internal teams can craft a message with more straightforward and understandable language while meeting requirements.
Personalize to Consumers
Personalization is key when it comes to your marketing language. You should think about who your audience is and tailor your message accordingly. If you are communicating with consumers who have engaged with your products and services before, you can use more language specific to your institution and build on the financial concepts that they’re already familiar with.
If you’re trying to reach new audiences, you may not want to include jargon that’s hyper-specific to your institution. They may be unfamiliar with your digital capabilities, loyalty program, or product features, so jargon-filled messaging is overwhelming when interacting with your FI for the first time. With these new consumers, you can give broad overviews of your offerings while still conveying a welcoming and helpful tone.
Personalization can also apply to the different types of clients you currently serve. Your millennial and senior consumers likely have varied knowledge on new digital capabilities and offerings, and millennial consumers may be more open to communication via SMS or your mobile app. Using modern, future-forward jargon can appeal more to the younger generations, while older consumers may be more familiar with your traditional messaging and marketing channels. While it’s important to introduce new, exciting tools and resources to all of your consumers, it’s helpful to tailor your messaging based on who you’re speaking with.
Relatability goes a long way, and sometimes clear, simple language is more powerful than we think. Consumers form impressions quickly when visiting websites and reading emails, so it’s important to put your best content foot forward. We are more likely to engage and take action if we grasp what is being communicated, and following these key steps can improve your marketing language to build deeper relationships with your consumers.
Prisma Campaigns allows you to leverage your data to deliver relevant offers and messaging to each consumer. Our marketing automation software helps your financial institution create personalized, high-performing omnichannel marketing campaigns. To learn more, visit Prisma’s blog posts for more useful marketing tips and strategies.
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