Dynamic and effective communication strategies for financial companies
In an industry under heavy regulation, such as the financial industry, having a robust and well-established IC strategy is one of the keys to the success of the teams and the business.
The Role of IC in the Financial Industry
Banks, Fintech, virtual wallets, and investment funds constitute a powerful sector: the financial industry.
According to the World Bank’s definition and characteristics of this industry,
"sound financial systems underpin economic growth and development. Financial stability, both globally and domestically, generates jobs and improves productivity. It gives people the confidence to invest and save. Sound banking systems and capital markets enable the efficient flow of funds to more productive uses, help governments raise investment capital, maintain financial safety nets, and speed payments safely across borders."
Internal communication is critical in strategic decision-making, risk management, coordination between different departments, and creating a strong corporate culture in this industry. In addition, being so heavily regulated as the financial sector is, all employees must be aware of policies and procedures to comply with regulations.
Trust an inescapable value
This industry must generate trust, and this pillar value must be intrinsic to the IC strategy.
At Oxean, we have extensive experience designing and implementing IC strategies for the financial sector.
"Trust is a key factor in the relationship with this type of client. We believe that bonds are built over time and worked on daily by being present. We are prepared to respond to the needs that arise, both remotely and in person, depending on the case. We have achieved the challenge of maintaining continuity and effectively strengthening different types of virtual dynamics but achieving the same closeness as if we were in person, and that is thanks to the commitment of the entire team,"
Core challenges
On the other hand, it is also essential to consider the specific challenges! One is the complexity of financial issues, making conveying clear and understandable information difficult. In addition, the highly confidential nature of financial information can limit the ability to communicate openly.
And finally, the financial sector is known for having rigid hierarchies and a very traditional corporate culture, which can limit creativity and innovation within internal communication.
"Is to be able to cover the different situations in each country or region where these companies operate, which directly impact the activities of employees. In this sense, the communication strategy must establish pillars or concepts representing the business philosophy beyond the particular realities. It is necessary to anchor all internal communication actions on these pillars".
A Path of Improvement
So how can we overcome these challenges and improve internal communication in the financial industry?
- Simplify communication using clear and straightforward language, avoiding technical and financial jargon.
- Encourage transparency and openness in communication, always respecting the confidentiality of information.
- Use different communication channels adapted to the needs and preferences of the various employee groups.
- Encourage participation and dialogue rather than the imposition of decisions from above.
- Promote creativity and innovation in internal communication while maintaining corporate objectives and standards.
"The keys are interaction and closeness; this is an activity where the importance of technology and technical knowledge are central. Still, in many cases, this means that the people within the teams, who are the ones who drive achievements and overcome challenges, are not given the right visibility,"
"We work a lot on the role of people in communication. We want them to express themselves in the first person, share their experiences, and create an internal community through the different communication actions,"
Strengthening the Employer Brand
Companies are bidding for talent in an industry in constant movement, where innovation appears recurrently with new financial models and products that try to capture the interest of an increasingly informed and financially educated client.
Adding to this reality is the current context.
"Today, we are in the middle of a crisis that directly affects the financial sector. And we can see that attracting and retaining talent has become very complex in a market in constant movement. Employer brand positioning is a central issue in communication for the financial sector. It is essential to look for attractive proposals to generate motivation and show possible paths for professional growth,"
Connection: one of the keywords
Internal communication has to keep people connected within companies, reinforcing their sense of belonging, corporate values, and culture.
"These are fundamental elements in the company's valuation and the employer brand. We must listen to everything that happens, whether in casual conversations or other interactions where people express their feelings. That allows us to have clarity when developing an internal communication plan. We always seek to co-create the plan with the client, considering it should be measurable and evaluable in all cases. Thus, we can make corrections or modifications to achieve the strategic objectives.
At Oxean, we focus on listening to the client, understanding them, and always proposing innovative solutions. In every idea we generate, in every action we implement, and in every piece we deliver, we seek to communicate strategically and, at the same time, surprise the public.
Generating interest in the messages makes communication much more effective. Something fundamental is understanding the company's culture and the visual and expressive language that identifies the organization.
Clients in the financial sector are looking for a high level of creativity when communicating with their internal audiences.
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