Communications in finance: the challenge of incremental innovation
By Michael Bayer, Cohn & Wolfe
A few weeks ago, as part of Cohn & Wolfe’s “Dinner & Dialogue” series, I was fortunate enough to host dinner for 20 senior communicators from some of the world’s largest financial service companies. The goal was not to dwell on the Great Recession and the global financial crisis, but to discuss new opportunities in the new financial landscape.
Many of my guests’ firms, from banks to insurers to asset managers, continue to deal with a withered sense of stakeholder trust, particularly those with consumer-facing brands. Some are still wrestling with the branding and communications challenges of market consolidation and merger integration. But, for the most part, these professionals are focused on the future. I sense a renewed confidence, a hunger, and a willingness to try new things, maybe for the first time in years.
That’s not to say that communications in theh financial sector is undergoing a creative Renaissance. Two systemic industry challenges will continue to discourage the best efforts of communicators: regulatory compliance and an embedded culture of PR conservatism. About the author
Michael Bayer is executive vice president and North American corporate practice director for Cohn & Wolfe This article was originally published in PR Week, June 2011. To read the full article, download Communications in Finance
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