Communicating what matters.
Published exclusively by the International Banker magazine, the first edition of Lundquist.trust for the Financial Services and Banking sector examined 16 leading banks and challengers across Europe.
Uncertain times are shifting expectations: the banking sector is adapting
How has the pandemic affected banks’ commitment to stakeholders and the wider society, and who is leading the way forward in terms of credible and innovative approaches? How are banks responding to the explosion in interest in sustainable and ESG investing? Above all, what kind of actions have emerged as key to maintaining trust in the new normal? These are just some of the ambitious questions we set ourselves in our Banking and Financial Services sector edition of .trust
.trust (read: dot trust) is our flagship research programme and seeks to assess the ability of corporate communications to support competitiveness and to inspire trust, today’s business “currency.” The Banking and Financial Services sector edition is the first in a series of industry-specific studies we’re rolling out as we look at the post-pandemic communications landscape in Europe. Coming soon will be a focus on the healthcare sector, followed later in the year by close look at the consumer goods and luxury fashion sectors.
With .trust we have created a communications framework and analysis perfectly suited to interpreting these shifting times, but also a practical tool to guide companies in navigating new communication challenges, a playbook for generating trust with stakeholders that brings together emerging trends, future strategy, and digital communications.
Creating credible communication that not only creates trust but maintains it over time requires commitment, a clear purpose, and a medium-to-long-term strategy.
– Joakim Lundquist
Key Findings: pupose-led organisations lead the way
Purpose, leadership, storytelling, innovation, and Sustainable Development Goals are being used as catch-all terms to talk about the future of a business. But what do they mean in practical terms? How can individual companies translate these elements into a unique vision that strengthens stakeholder relations and elicits greater trust? We created .trust to provide practical answers to these questions and guide companies in harnessing communications to support the business. The .trust communications framework and analysis is built on two axes that intersect to create our communication matrix:
After an unprecedented global emergency and economic dislocation, the sense is that change too has become endemic and we should expect that the new normal should continue to throw up challenges, from disruption to business models, new challengers, and digital transformation.
Our research shows that some companies were well prepared and adapted easily, others simply responded. Having looked at the banking industry in Europe, we can see which strategies were adopted by purpose-driven companies.
The analysis is focussed on two aspects that we consider to be fundamental in the creation of trust and communication of leadership:
The companies that succeed in walking the fine line between substance and distinctiveness constitute the leading pack: BNP Paribas, Credit Suisse, Deutsche Bank, HSBC, Intesa Sanpaolo, Lloyds Banking Group and Nordea.