Building Emotional Connections in Financial Services: Why it Matters More Than Ever
Cast your mind back to your last banking experience. Did it feel personal, or was it just another transaction? In an industry full of numbers, it’s easy to forget that behind every financial decision, there’s a real human being with their own hopes, fears and dreams.
In today’s financial brand-scape, trust is everything and competition is fierce, so building an emotional connection with customers is more important than ever.
The Rational vs. Emotional Divide
Financial services brands are often guilty of being too rational in their approach. When everyone is talking about 'security' and 'returns' in the same way, they risk becoming just another brand in a sea of sameness. But in a world full of fintech disruption, standing out is crucial and emotions are the secret weapon to help you do just that.
The Power of Emotion in Building Trust
Emotions aren’t just fluff, they’re real drivers of behavior. Research shows that around 70% of our decisions are influenced by emotion, with only 30% driven by logic. So whether it’s security, confidence or hope, emotions play a big role in how people choose their financial providers, make investments or plan for the future.
When brands connect on an emotional level, it builds trust beyond just numbers. People feel understood, aligned with values and valued themselves. And guess what? They’re more likely to stay loyal, even in tough times.
Brands That Use Emotion Well
Look at Nationwide, for instance. As a mutual building society, they focus on serving their members, rather than maximising profit for shareholders. Their ads are full of heartwarming stories of people buying homes and achieving their dreams. They connect with their audience through values like fairness and reliability, using a more down-to-earth and approachable tone of voice.
Then there’s Monzo, a challenger bank. They’ve built a brand around empowerment, transparency and innovation. All while keeping things light and playful. This connects with a younger, more tech-savvy crowd who value control and autonomy.
And let’s not forget Vanguard, an investment firm that evokes calm and security. They focus on long-term goals, using simple principles to help people feel confident about their financial future.
The key takeaway here? It’s about knowing your audience and aligning with their values. Whether it’s Monzo’s youthful vibe or Nationwide’s community feel, emotion helps to build stronger, more lasting bonds.
How Can Financial Brands Dial Up The Emotion?
Know your audience’s emotional drivers. What are they worried about? What are their dreams? What values matter most? Surveys, focus groups and social media insights can help you tap into these emotional triggers.
Speak human. Money can be scary and with today’s economy people are feeling the pressure. So drop the technical jargon. Instead of talking about 'asset allocation' talk about ‘building a secure future for your family.’ Use real-life stories to show how your services help people achieve their dreams.
Use visuals to connect. Pictures and videos have a big emotional impact. Show real people in relatable situations to build trust and credibility.
Create a brand with heart. Think about your brand’s personality. Are you reliable, innovative or caring? Make sure that comes through in everything you do, from your website to customer service.
Focus on the ‘Why’. People want to know what a brand stands for, beyond just making money. Why do you do what you do? How does your brand improve people’s lives?
Let’s Build a Lasting Relationship
In financial services, where trust and loyalty are everything, building emotional connection is a must-have, not a nice-to-have. When brands get emotion right, they create deeper, more meaningful relationships that last.
At Eleven Miles, we understand the power of emotion in branding. We help all sorts of brands tap into our emotional insights, translating them into compelling creative strategies that connect with audiences and drive real results. See some our work with HSBC here and our the latest series of Beyond Business Ownership