Financial communication through digital channels
Risks for retail investors

A. Canepa, M. Caratelli, D. Colonnello, A. Ottavianelli, P. Soccorso

FinTech No. 18 - June 2026 [PDF] (Italian version)
 

Abstract
The growing use of digital channels is deeply transforming the way in which financial products are presented and distributed and, above all, the methods and means through which savers come into contact with information that may be relevant to their investment decisions. Supervisory authorities and international bodies are highlighting the expansion of social media profiles dealing with finance and investment, the growth in sponsorships and ‘recommendations’ promoted by content creators and well-known figures, as well as the proliferation of websites and apps offering trading ‘ideas’ (including those generated by artificial intelligence) and educational programmes in the form of ‘academies’ or ‘gamified’ courses. In this context, the digital ecosystem can blur the lines between informational, educational and promotional purposes, creating areas of risk for retail investors and posing challenges in terms of regulatory framework and enforcement. Building on these premises, this paper first provides an overview of the phenomenon and its key players (finfluencers, web communities, platforms and Academies), highlighting how language, formats and design choices can influence the understanding of messages, as well as perceptions of their usefulness and reliability, and, ultimately, investment behaviour. Secondly, it contextualises these findings within the regulatory framework and supervisory practices, including a comparison of european and international approaches and an analysis of the implications in terms of risks and possible measures to protect retail investors. Finally, in the empirical section, it presents an exploratory analysis of the characteristics of financial content on social media and the results of an experimental survey of 1,003 university students, who were exposed to simulated screens with different communicative tones (neutral versus persuasive). The findings suggest that the framing (including visual framing) of the message and certain narrative techniques (in particular ‘emotional loading’ aimed at arousing interest and persuading) can increase the visibility and variety of elements noticed by the user, but tends to fragment attention, reducing clarity of focus and increasing the risk of information overload. On this basis, the Report offers insights and recommendations to strengthen investor protection through continuous monitoring of digital channels, careful institutional communication, and financial and digital literacy initiatives aimed at imparting the skills needed to recognise intentions, incentives and risk signals in online content.

Authors
Allegra Canepa - University of Milan (allegra.canepa@unimi.it);
Massimo Caratelli - Department of Business Studies, Roma Tre University (massimo.caratelli@uniroma3.it);
Dario Colonnello - CONSOB, Research and Regulation Department (d.colonnello@consob.it);
Alessia Ottavianelli - Department of Management and Law, University of Rome Tor Vergata (alessia.ottavianelli@uniroma2.it);
Paola Soccorso - CONSOB, Communication Department (p.soccorso@consob.it).

The authors would like to thank Benedetta Bonfanti for her contribution to the analysis of the platforms discussed in the third section of the Working Paper. The authors also thank Francesco Adria, Michele Baccinelli, Valeria Caivano, Paola Deriu, Giuseppe Frega, Lorenza Pagnotto, Federico Picco, Luca Ricciardi and Neomisio Susi for their helpful comments. Further thanks go to all the professors and students from the Universities Roma Tre (prof. M. Caratelli e prof.ssa E. Pierucci), LUISS (prof.ssa M. Pellegrini), UniParthenope (prof. D. Previtali), Federico II (prof. C. Amatucci), Piemonte Orientale (prof.ssa P. Zocchi), Bari (prof.ssa M. T. Paracampo), La Sapienza (prof. M. La Torre) who took part in the research. The collection and processing of data using a digital methodological approach benefited from the support of the Rome Technopole Foundation, PNRR grant M4-C2-Inv. 1.5. It is the responsibility of the authors alone to account for any errors or imprecisions. The opinions expressed herein are those of the authors and do not necessarily represent the views of CONSOB. In citing this work, therefore, it is incorrect to attribute the arguments expressed therein to CONSOB.

JEL Classifications: D18, D83, G18, G41, K22, K24.

Keywords: finfluencers; retail investor protection; Digital Engagement Practices (DEPs); gamification; financial web communities; disclosure.