financial services pr

Digital trends in financial Public Relations

The financial services industry is undergoing massive disruption.

Emerging fintechs are fuelling demand for innovation. Customers are expecting improved experiences and personalised services. Legacy banking systems are being pushed aside in favour of new solutions.

Consumers are driving these changes, and banking can use its disruption responses as leverage.

Digital innovation

With three in four banks and credit unions undergoing a digital transformation, legacy banking systems are seen as outdated and ineffective, which is why financial companies are increasing their tech spending.

The financial industry is traditional. However, younger consumers are expecting banks to act more like cutting edge tech brands. Banks are now expected to embrace technologies and offer services such as mobile banking apps and even digital currency. In the early days of the pandemic, for example, there was an increase in digital payments by as much as 50%.

Banks that already have mobile banking apps are expected to find better ways to leverage consumer data. Data can be used to create optimised processes and improved services.

Machine learning and automation

One of the ways that brands are building better communications services is by adopting innovations like machine learning.

Consumers now expect on-demand customer service that provides answers quickly. Chatbots are increasingly being used to answer customer service queries and provide assistance. 24/7 chat services can be integrated into social media, apps and websites, to meet customers wherever they are.

Personalisation

Personalisation is becoming an increasingly popular way for brands to provide the best experience for their customers.

Providing personalised experiences can help you gain insights into customer preferences and intent through data. It can also help you build stronger connections and craft long-standing relationships with your customers. Organisations are offering personalised customer experiences across multiple touch points.

Personalisation allows them to offer convenience and value to key audiences through predictive, real-time financial experiences. While these personalisation tactics are very much rooted in sales, more banks are using personalisation to deliver better consumer experiences.

Better branding

Fintech has changed consumer expectations drastically and there is a growing need for banks to behave more like brands.

Swedish fintech company, Klarna, for example, uses an alternative and very specific colour palette to stand out. They also utilise the power of influencer marketing to build brand awareness and appeal to a new generation of consumers.

Fintech companies are embracing creativity to break away from templatised approaches to the consumer experience. Revolut, for example, gives people the option to add drawings, emojis and text to their debit cards. Branding isn’t just about fun and creativity, however, it’s also a strategic way to build consumer trust and unify communications.

How can banking generate leverage to create better experiences?

Public relations is critical for every business, especially during times of world turmoil or disruption.

The finance sector is becoming more digitised and consumers are beginning to demand more from their banks. Strong PR and comms can give finance firms a significant advantage by offering them the ability to their own stories.

Build trust and credibility

Trust is incredibly important in finance, perhaps more so now than ever before. Between the credit crunch and inflated banker bonuses, our faith in the industry is hanging on by a thread.

Robust PR can offer reputation management and enhance consumer opinion. Through positive coverage and stakeholder engagement, it can preserve a favourable image, manage relationships and develop your reputation.

Offer opportunities with digital marketing

Navigate the specific challenges related to financial services and develop strategic communications for your financial brand. Create consistent messaging with the publication of consistent and fully optimised content. Consistent messaging can create trust, while optimised content can offer opportunities in advanced search, through Alexa and Siri, for example.

Content marketing can offer new opportunities to connect with target audiences and establish credibility through social media. This provides a new way for financial services companies to reach consumers, investors and other stakeholders. Content marketing can also provide a way for banks to stand out from the competition and push back against the disruption of fintech.

Crisis communications

The financial services sector has fallen out of favour with the general public on numerous occasions.

Any good public relations company will tell you that crisis communications are a vital part of any meaningful public relations strategy. Because at some point, and this is in any industry, something can and will go wrong.

How you choose to communicate during one of these crises can make or break your reputation.

A crisis communications plan can help you identify specific actions you can take to keep your reputation intact. It can also help you protect those who may be at risk. It can also ensure that key stakeholders are kept up to date, and ensure the survival of the organisation. With a little strategic planning, you can help you build trust by maintaining transparency at all times.

Your next steps

This isn’t just important for the banking industry, it’s critical. As one of the UK’s best PR agencies, we can help you build credibility, trust, and authority, and create better experiences for your customers. Get in touch