Savings: the risk landscape is changing with influencers and digital technology
The focus on the impact of social media content on individuals’ decisions is one of the key aspects of Consob’s work
The countdown has begun to Consob’s annual meeting with the financial market, which is to be held on Monday 13 July in Milan.
It is almost certain that among the key topics at the event will be digital channels, which have been the subject of numerous initiatives by the Commission (which, since 2019, has blocked 1,763 websites belonging to unauthorised financial intermediaries), both in terms of guidelines and research. The most recent of these is the Fintech Report published in June, entitled ‘Financial Communication via Digital Channels’, which aims to identify the risk profiles faced by retail investors in the face of a phenomenon involving four main players: web communities (such as Reddit forums or Telegram groups), platforms, academies (which offer training courses often promising easy profits) and finfluencers, namely influencers who specialise in financial topics in Italia.
In this regard, the results of a survey conducted as part of the Quaderno suggest that ‘the framing (including visual framing) of the message and narrative techniques tend to fragment attention, reducing the clarity of focus and increasing information overload’. A situation made even more critical by gamification: game-like mechanics in app design that could ‘exploit the investor’s emotional vulnerabilities and maximise their engagement, often on a subconscious level’, obscuring the perception of the risk involved in the transaction. Even the integration of artificial intelligence, the study states, introduces risks, due to the technical unreliability of models prone to so-called ‘hallucinations’ (incorrect responses presented with absolute certainty) and the potential for herd behaviour to become more widespread.
The most important section of Consob’s various measures is, however, the one devoted to finfluencers, for whom two potential risks have been identified: the lack of certified technical expertise and conflicts of interest.
Risks, rights and limitations
“Like all influencers, financial influencers must first and foremost be registered in the dedicated register maintained by Agcom if they reach 500,000 followers or one million monthly views,” emphasises Augusto Vecchi, president of Creafi, an association founded in 2026 and dedicated to creators and influencers in finance, technology and innovation.
