Minority groups are featured in less than 20% of advertising, according to new research, but given 65% of people would feel more favourable about a brand that promotes diversity, companies are missing a huge opportunity to connect with consumers.
As consumers become ‘desensitised to the big brother’ effect, larger finance brands including Mastercard and Lloyds are imitating disruptors such as Atom Bank and immersing themselves in biometric technology.
Brands that are inclusive of the LGBT community are more likely to be perceived as welcoming of other minority groups too but LGBT representation is still “noticeably lower” than other areas of diversity, says Stonewall’s Joey Hambidge.
Halifax’s decision to use Top Cat in its latest campaign will make its marketing more “impactful” according to its marketing communications director Ros King. But the move comes as YouGov BrandIndex data shows that its advertising awareness levels have fallen at a statistically significant rate.
Lloyds Bank is launching a new brand campaign featuring its iconic black horse, with head of marketing communications Jean Reddan saying the brand is aiming to move away from the advertising of its rivals that ‘sugar-coats life’.
Financial technology brands are shaking up what has been a stuffy and inaccessible industry by meeting changing consumer demands head-on, and marketers stand to learn a great deal from their disruption.