Can embracing creativity help financial services brands earn more trust? 

Financial services has a trust problem.  

Financial services has a trust problem. Not the first time you’ve heard that said? Probably not, no. It doesn’t make it any less urgent an issue for the reputation guardians who work for brands in the sector though.  

An Ipsos study earlier this year found that two in three consumers would consider switching their financial services provider, with growing numbers placing their faith in non-financial institutions like e-commerce sites and retailers. Even more stark, a Financial Services Compensation Scheme survey in 2023 found that just a quarter of consumers trust financial services firms to act in their best interests. 

Some of the reasons behind this distrust are well documented. The fallout from the financial crisis of 2008 still lingers. High-profile scandals around mis-selling, rate rigging or improper use of insider knowledge hardly help. And for many, financial institutions embody ‘big business’ and all the tropes that (fairly or not) come with that embodiment: corporate greed, runaway executive pay, profit over people… the list goes on. 

So for those tasked with building, managing and protecting the reputations of these businesses, what to do?  

This isn’t a new question. But could the dawning of a new era in corporate communications offer a new way to answer it? 

Creative corporate communications

In recent years we’ve seen signs that corporate communications departments are prepared to embrace a more creative approach to reputation management. From igniting important conversations on the issues that matter, through big ideas and bold execution, all the way through to how sensitive issues and crises are managed.  

Taking this more creative approach to corporate affairs could, I believe, help financial services brands win more hearts and minds.  

Why creativity? 

I’d argue lots of it comes down to knowledge and understanding. Unless you’ve worked at one, or you’ve studied finance or economics, most of us have no real idea how these companies operate. At a base level we can probably describe what an insurer, bank or investment firm does – but how? What goes on behind the sky-high towers of glass? What’s making the new generation of apps do what they do? How can I really be sure my money is in good hands?  

The so-called asymmetry of information theory says that financial services firms benefit because there is an imbalance in knowledge levels between those building the products and providing the services, and those using them. What’s more, because they benefit commercially, there’s no incentive for them to do anything about it.  

But to benefit reputationally, perhaps financial services need to address that imbalance. And that is where adopting a new way of thinking – and adopting more creativity that too many in the industry don’t see as applicable to them or their work – can play its part in really lifting the lid on financial services, and removing the hole created by doubt or lack of understanding which distrust is only too happy to fill. 

We believe that creativity in how businesses in financial services communicate, how they explain what they do and demonstrate their value to society, is a core component in making a dent on the current lack of trust that exists around firms in the sector. The traditional way of doing things has failed to make that dent, and it is now time the industry told a more positive, resonant and emotive story that connects with its audiences in a different way. 

Whether or not firms are bold enough to take that leap remains to be seen. 

In our latest report, The Emboldened Corporate, we explore exactly what creativity in corporate affairs can and should entail. From evolving executive profiling to present financial services leaders as people and not just job titles, to bringing the emotive as well as the functional into corporate storytelling, or embracing thought leadership topics that go beyond the products and services on offer and instead address the issues audiences really care about. We’ve sought the opinions of senior and respected corporate affairs leaders from financial services and beyond to inform its insights, and the result is an important read for anyone interested in a new way to earn and build trust.  

Redefining boundaries: creativity as the new competitive edge in corporate affairs 
On Tuesday 17 September, Boldspace is hosting an event discussing the role creativity plays in modern corporate communications. The event will include a short presentation of the findings of our recent report, followed by what promises to be a fascinating discussion with a stellar panel including: 

• Mike Robb, Co-CEO, Boldspace (chair) 

• Tina Coates, Former Director of Corporate Affairs, Metro Bank  

• Lucy Webster, Director of External Affairs, Tideway London  

• Tom Wadsworth, Head of Communications UK&I, Siemens Mobility  

• Jack Storry, Head of Corporate, Boldspace  

Click here for more information and to RSVP.