Vanquis Bank has partnered with TV mathematician Bobby Seagull in a social and PR-driven campaign to aid customer understanding of financial products.
The video-led content is the latest activation of the bank’s partnership with charity National Numeracy, designed to highlight the UK’s need for better numeracy skills.
Paul Lloyd, director of marketing at Vanquis Bank, said the bank aims to provide accessible content to equip its current and potential customers with the tools to improve their financial wellbeing.
“The financial jargon often used in our industry can be a barrier to understanding money and ultimately affect people’s confidence,” he said.
The campaign comes as the bank’s research found 22% of customers feel less confident when faced with financial jargon, causing 10% to avoid managing their budgets.
Kate Mallett, head of fintech at Third City, the communications agency responsible for the creative and delivery, said: “This digestible content was pushed out across multiple national and regional media securing significant reach and ultimately giving people a better understanding of money.”
Strategically launched ahead of National Numeracy Day, the campaign has seen Seagull featured on BBC Breakfast and across local and national radio stations.
The research also found 24% of 18–24-year-olds are turning to social media for financial advice, with TikTok being the top choice for 59% of those surveyed.
The most misunderstood financial phrases are individual voluntary agreement, AER, persistent debt, compound interest, APR, and credit score (7%), according to the research.
The video guides have been certified by Plain Numbers, an organisation that partners with organisations to help improve the way they communicate numbers to customers.
Vanquis offers credit cards, loans, and savings to its customers and positions itself as the bank for “customers who are not well served by mainstream lenders.”