A comparative analysis of appeals in the advertisements of financial services during a period of economic instability
DOI:
https://doi.org/10.15170/MM.2022.56.KSZ.01.06Keywords:
financial services, financial communication, advertising appeals, communication during crisesAbstract
THE AIMS OF THE PAPER
Our study aims to explore the appeals used in the advertisements of financial services providers, especially to compare the ads that have been published during and close before the COVID-19 pandemic. In our study, we aimed at uncovering whether, by only following the advertisements of financial services providers, we can conclude being in a global economic crisis caused by the pandemic.
METHODOLOGY
This approach is based on several previous publications that state that some appeals in advertisements markedly change during a financial crisis and also that advertisements can be interpreted as a mirror of our society. In our work, we conducted an audiovisual content analysis of 43 advertisements of three financial services providers in Hungary (Erste Bank, K&H Bank, Cofidis). We investigated the appearance and dynamics of advertising appeals.
MOST IMPORTANT RESULTS
Our results confirm, to a certain extent, some of the literature’s conclusions in terms of the rising quantity and variety of appeals, yet we could not find overarching patterns that could be true to all the providers in our sample. Therefore, based on the analyzed advertisements only, we cannot assert that there is an economic crisis caused by the COVID-19 pandemic right now.
RECOMMENDATIONS
Differences between financial service providers justify differences in communication. A bank is losing its popularity in an economically unstable situation, so it is necessary to prevent a liquidity crisis. For this reason, it is important to place an emphasis on image building. In the case of a loan company, loan requests are increasing, so it is important to draw consumers’ attention to the risks in order to avoid potential disputes later on.
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