58% Of Bank Content Is Inaccessible To The Average American

An investigation into the communication of the 50 largest banks in the USA

News provided by

VisibleThread

Nov 27, 2018, 13:30 ET

BALTIMORE, Nov. 27, 2018 /PRNewswire/ -- VisibleThread has just launched their 2018 clarity report on the state of U.S. Banking communications. The report highlights that banks are communicating in ways the average American doesn't understand. In fact, even the best performing banking websites are more difficult to read than the novel Moby Dick.

"The financial services industry is one of the least trusted according to the Edelman Trust Barometer 2018. When asked what most damages trust, the number one response was unclear terms and conditions," says Fergal McGovern, CEO of VisibleThread. "Our report shows that there's vast room for improvement for banks to communicate better with people."

Key findings of the report include:

  • 90% of the banks surveyed used passive voice at excessive levels.
  • The average American's reading age is at 8th grade level. The bottom 10 banking performers are creating content at a 10.8th grade level. This is nearly three times higher than recommended levels.
  • 49 out of 50 banks use longer sentences than the recommended level.

These factors make bank content complex and inaccessible.

How can banks regain trust?

Clear communication is a proven strategy to regain trust from consumers.

Thanks to artificial intelligence (AI) and natural language processing (NLP) technologies, plain language programs are now much more likely to succeed.

"Several banks could improve their rankings by making simple changes. Eliminate passive voice, reduce sentence length and choose less complex words. Your customers will thank you - and reward you with their business," McGovern concludes.

About VisibleThread

VisibleThread helps organizations govern content quality, embed plain language and simplify the user journey for their customers.

SOURCE VisibleThread

Related Links

http://www.visiblethread.com

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