The Newspaper Marketing Agency criticised financial services companies Egg, Capital One and MBNA for making press ads for being “wordy” and “cluttered” and has called for whole sector to improve its advertising.
The NMA says that the financial services companies should aim to create more “focused and distinctive” ads for newspapers. The agency’s comments come after it completed consumer research into financial services advertising.
The respondents were scathing of the quality, relevance and clarity of their offerings.
It spoke to eight research groups across four finance categories – mortgages, loans, insurance and credit cards.
The NMA says: “A different advertising approach could transform negative perceptions. Well-branded, focused, distinctive advertising would appeal.”
It admits that some financial services’ ads were well received by consumers but adds that the creative work is often poor and uninviting.