Topic fjórir - The impact of the media on the sustainability of the financial services industry Flashcards
Example of a financial press
The financial times
Example of a broadsheet press
The independent
The telegraph
Example of a Middle market press
The daily mail
The daily express
Example of a tabloid
The sun
The daily star
The hierarchy of newspapers
Financial press
Broadsheet press
Middle market press
Tabloids
Negatives of the media
Biassed
unfair criticism
hype of wrong products
positives of the media
Carry out reports about bad banking
Miss sold products
Can act as a watchdog
What does a journalist take into view while writing an article
Sets out the facts they want to use
Keeps it brief (Tabloid/middle market press)
Includes a subjective comment
Will use a quote in their favour to push their view
What does a journalist writing for a tabloid do for media bias
Uses words like us/we to make people think everyone has that view
How are messages for target audiences used for media bias
As it is being written with a certain view, it wont go against the view, e.g. wont go against a party’s policy if they are aligned with the party.
Race and Gender being used for media bias
Office of white’s wont crack down on racial injustice more than a black office would.
How does media bias come from independent experts
Will get an expert only from their point of view to make people think it is the only good one.
How can think-tanks be used for media bias
As hired by a company, they will follow that viewpoint
What ways can the media inflate and exaggerate information
Make the info confusing
Will simplify bank events to make them more shocking
What happened in the media during and after the financial crisis
As the media was reporting about it a lot people started to bash the banks as they thought they were experts in the banking field.
What reasons do customers use social media to relation to banks
Express frustrations
Find information
Use to see how others feel
Recommend their bank
How can providers use social media comments for good
Can use the comments as advice on how to improve
How fast is information on banking spread
Due to things like 24 hour news information can be spread very quickly, especially if it is a big bank.
How is social media used by financial providers
Use the platform to make public statements
Display financial information
What social media is used the most among financial providers
What is a think-tank
A group of people who are hired to make reports and find information on something.
Examples of think-tanks
Resolution foundation - A think tank that tries to improve those on low-middle income. Says millions of people will have perilous debt after interest rate rises
Centre for social justice - Say’s most households have debt of around £54,000, almost twice of the 10 years before
What does a subjective report do
From the POV from journalist, and it aims to persuade people of the validity of this view
What does an objective report do
Points out arguments from both sides and is not biased.
How can language present media bias
Words like “us” or “we” makes people think that what their writing about is everyone’s thoughts
How is race and gender bias made
Reports from an office of people of one gender or race
How can bias be made from media having experts
If the media gets an expert from only one side
can can information being held or pushed more lead to bias
If information isn’t shown people don’t think it’s a big deal, vice versa
How does simplifaction cause problems in media
The media makes people think their experts on a subject and will go against the bank
How was the media involved in the financial crisis
By reporting on it people were alerted and took all their money out, leading to more crashes
What was the libor scandal
Banks interest rate on loaning to each other was being manipulated so banks could make more profit
What are teaser rates
Rates that start of either high or low and then change after a year
How does the media act as a watchdog
Publishes bad practices
Can push new changes through
Acts as the voice of the people
