Insight
Title:
Products are too complex and use too much jargon
Description:
Financial jargon has been compared to the Orwellian "Newspeak" from the novel 1984. (The Telegraph)
In a survey carried out by the Insurance Industry Quality Mark Scheme, found that nine in 10 people agree that financial phrases should be put into clearer English. (Mortgage Strategy)
John Lister, spokesman for the Plain English Campaign, says: "Financial services is the worst sector in terms of how much a consumer can misunderstand what is being said, which can be serious if it influences the financial well-being of the client." (Mortgage Strategy)
Customers are intimidated and confused.
McKinsey 7S:
Style