Companies in the finance sector are consistently reminded that customers struggle to trust their motives and are scrutinising their every move. For financial businesses, building solid trust with their customers whilst also educating their audience is incredibly important.
A strong PR strategy can help a financial services company cut through the noise of an already crowded market. The sector is always changing too, so it’s important that a financial services company’s PR strategy is continually being updated to match market changes as well as evolutions in the business to stay contemporary and in step or ahead of its peers.
Why does PR matter to financial services? What can PR services do for a financial services business?
Building trust and establishing authentic connections
Ten years after the financial crash of 2008, YouGov undertook a poll that revealed that 66% of adults in Britain do not trust banks to work in the best interests of society. This showed that the banks have a lot to do to gain the trust of their existing and potential customers – whether they are individuals, investors or entrepreneurs.
All consumers want to trust the companies they do business with, especially those that have the responsibility of safekeeping their hard-earned money.
Public relations and digital marketing can act as tools to safeguard relationships with not only customers but also wider stakeholders in the business.
Through tactical PR and digital marketing strategies such as social media, content marketing and media relations, financial services executives can become thought-leaders within the sector, earn positive media exposure and establish authentic connections with individuals and other businesses. Traditional PR and media relations methods can still be extremely effective in generating awareness, communicating messages and bringing in potential leads, however, social media is also very effective for directly communicating with audiences.
For more consumer-facing businesses, Facebook and Twitter can work for building awareness and trust, however, if you’re a financial specialist or executive, LinkedIn is probably the best place to showcase your expertise and integrity whilst kick-starting some important conversations with a potential client.
For many people, money can be a confusing and overwhelming topic. Personal financial management isn’t widely taught in schools, therefore we learn about managing our money during adulthood and on a need-to-know basis. Despite this, most consumers are keen to understand and take control of their finances.
Through the use of PR and digital marketing, financial services companies and their executives can work to educate their consumer clients on the best ways to manage their money, giving them a feeling of reassurance and being supported. With financial education, comes good financial health – something that is invaluable to individuals, investors and businesses.
At Sapience, we are experts in financial services communications, our experience ranges across multiple financial areas including investment, banking, capital markets, M&A, and fund management. We offer a suite of services to financial services companies to navigate the complex challenges it faces such as media relations and training, content marketing, investor relations, social media and lead generation.