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Why advertise banking when we hate banks?

I was just watching this ten minute debate in Australia about bank advertising.

It starts with the line: “I would have thought banks were tough clients for two reasons. One, they’re bastards. Two, we hate them.”

This is interesting stuff, and reminds me of the psychology of money debate.

The psychology of money debate is all about how money is the one thing that controls us.

Money provides the fuel to get a nice home, a good car and to eat, drink and be merry; equally, a lack of money can make you have to deny what you need, avoid what you cannot afford and sacrifice yourself.

Money allows you to enjoy life or make you miserable.

Money allows you to fulfil your desires or to be desperate because you cannot.

Money is the power that keeps us under control.

This is why we hate the banks, because the banks own the power of control.

The bank can say yes to the mortgage we want, the loan we need and the overdraft that must be made.

The bank is our controller.

Like puppets on the strings, this is why we feel such anger at banks if they stop us fulfilling our needs and desires.

It is why there is so much anger over banker's bonuses and the fact that banks recently frittered away the very thing they use to control us.

Basic human psychology, as demonstrated every single day on Deal or no Deal …

The thing is that we may hate the fact that banks control our behaviours, but we all need a bank if we are going to make payments and get loans and mortgages, so how do you choose one?

Many choose on the basis of a branch nearby, even now.

And many choose based upon the bank's adverts if there are many branches nearby.

That's why banks advertise and why it's important to have branches.


On a final note, if you are interested in the psychology of money, read this: Money Illusion, and other psychology of money notes.


HT: Jeffry Pilcher for the Aussie video link



About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • Martin

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  • Doogie