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How to communicate in a VUCA environment

How do we categorize VUCA environments? They are spaces dominated by four basic characteristics: volatility, uncertainty, complexity and ambiguity. These four terms, originally from the English expression, mark the business communication activites that we have today to develop professional communication. This communicaction is sometimes surprising due the speed of its changes, especially those related to technology and the digital ecosystem.

It is true that when developing in these environments it is more than necessary to build a strong communication strategy, which empowers organizations through what we call intangible assets, which ultimately translates to a good reputation.

This environment of constant transformation and information saturation requires strategies based on trust and credibility, two assets which communication professionals must work with that are largely achieved by generating knowledge and commitment. But not only that. It is essential that those of us who dedicate ourselves to this profession must manage safe spaces for dialogue with stakeholders and the company’s different groups of interest, putting users at the center of all actions and knowing that digitalisation has empowered them.

The uncertainty that dominates the current ecosystem forces professionals, agencies and companies to develop innovative communication strategies based on a series of aspects and crucial values to achieve their set objectives. Some of those factors are:

A strong, clear approach, which can serve as an attempt to stop the volatility. If we can predict what is coming, organizations and their leaders can anticipate any challenge or unexpected incident. In many occasions, and given the speed of the technological changes to which we are accustomed, it is very complicated to “stop the ball from rolling” and look with a different perspective.

Understanding the world. It may seem a righteous-sounding phrase, but it is the reality. In a changing world full of complexities, the most appropriate attitude is to face anything comes from understanding and knowledge. Understanding always requires observing and listening to others in the search for different solutions. A communication strategy in VUCA environments must be the result of an active listening process, mainly within the organization, and with creative and innovative proposals.

Trust. Today more than ever and, above all, in an ecosystem like the one we live in, it is necessary to have the confidence of your stakeholders or interest groups, from employees to customers, through suppliers and media.

Agility and reaction capacity. How can we combat ambiguity? Obviously, with speed and ability to moving inside and outside of your organization to implement solutions. Faced with unforeseeable environments, the response of companies marks the communication strategy, much more than planning.



Bárbara Yuste
Director of Digital Communication at Proa Comunicación

Interview with Arnaud Dupuis-Castérès, President of Vae Solis Corporate, Proa Comunicación’s Partner Consulting Firm in France

We interviewed Arnaud Dupuis-Castérès, president of Vae Solis Corporate, a French communication consulting firm and partner of Proa Comunicación, to explain how they work from the agency and how they deal with their greatest challenges.

What is Vae Solis Corporate?

Vae Solis Corporate is a consultancy specializing in communication strategy and reputation capital. Our positioning is very clear: support and advise managers independently on issues they have regarding image and reputation.

What are the origins of the company?

The company was founded in 2002 and in 2007 we launched the Vae Solis Corporate brand. My initial desire was to create an independent consultancy with an original positioning: to be multidisciplinary, with a tailor-made approach and a team of senior professionals capable of advising the most senior executives of companies and institutions. Between holistic communication groups and small highly specialized agencies, I wanted to build a medium-sized firm that offered an alternative, a positioning strategically focused and with conviction from the very beginning: reputation is one of the most valuable assets of our clients. Therefore, it must be valued and protected.

What is the current composition of the Vae Solis team?

The Vae Solís Corporate team consists of nearly 35 multidisciplinary consultants, with complementary backgrounds and extensive experience in the public, political and private sectors. The team is led by 10 directors and partners who manage the projects, two of which are based in Brussels.

From which sectors or business areas do your consultants come from?

We are a very diverse team, made up of profiles which complement each other. Diversity is one of our fundamental values. Some of our professionals come with a specific formal educational background in communication, but most have other sorts of qualifying experiences, such as experience working with ministers or parliamentarians and large companies. Others have been officials, bankers, journalists or lawyers. This diversity is very useful and greatly enriches our approach. This is one of the main strengths of the firm.

What value proposition does the consultancy offer that differentiates it from its competitors?

Our approach is not that of a company which operates in tight departments (relations with the press, lobbying, digital communication, financial, etc …). Our vision and challenge is managing the reputation, how to create it, improve it and protect it. At our level and independently, there are very few players that have this vision and such a broad field of intervention. At Vae Solis Corporate, we do not “duplicate” our methods. We always develop a tailored, strategic consulting service, thanks to our team of professionals. Nowadays, all the stakeholders we address are perfectly permeable (public affairs, relations with the press, influential people, opinion leaders, academics, researchers, etc.). Therefore, it is essential to have a global and coherent strategic vision.

What kind of profiles do your clients have and which sectors do they operate in?

We work with CAC 40 clients, as well as startups and support many institutions and associations. We are fortunate to have many loyal customers with whom we have worked with for many years, and together we have built very close and trusting relationships. One of the firm’s strengths is that it works for different sectors of activity (finance, infrastructure, agri-food, construction, telecommunications and health, etc.). This diversity enriches our professionals and our ability to understand the main problems faced by companies and institutions.

What is the service or practice most appreciated by your clients?

Vae Solis forte is precisely in its ability to impart a global strategic vision of reputation. For example, mastering crisis communication and risk prevention is often very useful and relevant in developing a communication strategy. In addition, customers appreciate our ability to respond to, mobilize, and react very quickly. We can support our clients for long periods of time, like in the case of the “yellow vests” social crisis, seven days a week, 24 hours a day for several months. If we know how to do it, it is because we have been doing crisis management for 20 years.

What is the key factor to fostering a lasting relationship with your clients?

Our clients expect us to be always proactive, to inform them about popular trends, and to be able to decipher weak messages. The agency should be a partner that helps the client to take a step back and analyze their problems from a different perspective. Finally, it is undoubtably about obtaining results over time. Without results, customers will look elsewhere.

How relevant is crisis communication as a tool to improve your customer’s income statement?

Risk prevention is more important than crisis communication. Risk prevention not only reduces the risk of a crisis happening, but when it does occur, it reduces the impact of the crisis and, when it has some impact, it allows for better management and turns the crisis into an opportunity. The Chinese word “crisis” (“Weiji”) is composed of two ideograms: “danger” and “opportunity”. If we understand the danger, we have opportunities ahead.

What is the main objective that Vae Solis aims to achieve? Is strategic positioning or brand management more essential in preserving reputation?

In my opinion, working on strategic positioning cannot be fully conceived without brand management. Both enhance each other. Corporate communication, even more so in the current era, is becoming a fundamental element of brand strategy.

How can communication contribute to the creation of synergies between Spanish and French companies?

We are accustomed to working with non-French companies and organizations and we have many international clients in Europe, but also American, Chinese, African, etc. We support French-speaking companies in international matters, but also international clients in their issues in France or in Francophone countries. Our ability to mobilize a solid international network of high quality partner agencies is clearly an asset for our clients, especially in Spain with Proa Comunicación.

From Success to Fallout in Just a Few Hours

A few months ago I personally experienced an episode that perfectly exemplified the importance of fully understanding the power of the media, especially during legal proceedings. A person of public standing wanted to hire me specifically for the market launch of his product. It was a revolutionary service that had enormous chances of success. The road seemed so clear that the businessman could only heard the chimes of glory. Even the investors were on board, determined to finance the project.

There was only one problem. Our entrepreneur was immersed in legal proceedings. I tried to convince him that it was crucial that he this into account when designing his communication strategy. I warned him that not doing so would negatively impact his business. He ignored me. He insisted that one thing had nothing to do with the other, that they were two different issues and that, besides, the legal trouble was in its last final stages.

Quite evidently, the media didn’t understand it in that way. Just a few hours after launching new brand before the public to great acclaim, journalists threw harpoons and dragged our budding entrepreneur down right back in his place, certainly not where he wanted to be. Inevitably, the product suffered and so did the image of its mastermind. But even that wasn’t the most important thing. The investors who, quite logically, follow the media, started to believe that there was some risk in their investment and chose to abandon what they thought was a sinking ship.

A different approach would have saved the project, no doubt, and today things would have fared differently for the entrepreneur. Designing an adequate communication strategy with experts in the legal field, knowing how to adapt it to every circumstance and executing it with flexibility are crucial not only to successfully weather the media storm, but also to take advantage of the wave and improve the reputation of the client. Glory is never assured in this of communication, but putting the right means puts things on track.


 

Rocío Hidalgo

Director of Proa Comunicación in the Valencian Autonomous Community

Innovative Trends in the Field of Communication

Juan de los Ángeles, founder and director of C4E, shared with the Proa Comunicación team current trends in the field of communication. During a session of inspiration, De los Ángeles underlined the importance of innovation and creativity in devising company strategy, as business become increasingly aware of what is currently driving the market and attracting consumers.

De los Ángeles highlighted the relevance for companies in any sector of being aware of the latest trends to be able to anticipate changes and meet the increasingly demanding demands of their customers. Today innovation is the best tool, also in the field of communication, to continue to improve and offer the market products and services with a clear demand for them.

In his presentation, Juan de los Ángeles reviewed the main trends that mark the evolution of advertising campaigns and communication strategies of companies such as “the power of the ‘mini versus the maxi'” and the application of technology to consumption.

Spanish Communication Agencies among the Fastest Growing

Spanish communication consulting firms are the ones that have grown the most in the last five years, dominating the market over the multinationals, according to a publication by the communication news portal Dircomfidencial.

The results are quite substantial, highlighting that domestic communication firms are those that have grown the most in terms of revenue in the last five years shown.  In particular, the main consultancies in our country have increased their revenues by no less than 83 percent on average between 2013 and 2017. Meanwhile, multinational companies in Spain have only done so by 47%.

This data demonstrates the robustness of communication consulting companies, a sector that grows and is becoming ever more consolidated in Spain due to strong performance and the ever growing need that companies have today for professional communication services that respond effectively to their demands.

 

3 Things to Avoid when Organizing Events

Organizing a successful event is a challenge for any company. Getting illustrious speakers who can attract an audience eager to listen attentively is the first step towards success. Filling the selected venue with a suitable number for an audience is also a hard task for which one must compete actively due to the great plethora of events scheduled every day in a city like Madrid.

But what happens once you’ve overcome these first three steps? The day of the event arrives and at the hour you’ve scheduled, only a handful of guests not exceeding two digits in total number have registered. You’re worried, but only relatively, because you’ve already foreseen that in this country everyone is late and you had it written in your agenda. After about 15 minutes of courtesy (or even half an hour in some cases), the program begins and it turns out that only 30 percent of your intended audience has shown up.

Between this point and halfway through the speaker’s presentation, there still is a continuous trickle of arrivals, with the consequent disruption both for the person delivering the program as well as for the audience already sitting in their seats. Because, as another one of those things, the first ones that arrive always occupy the seats closest to the aisles. It’s an event law! Finally, the total of number attendees reaches just over 50% of the people who have confirmed. Did anyone ever stop to think about the wastefulness of not attending something that they’ve signed up for? The number of attendees influences all of the logistics that gets organized: the size of the room, amount of food and drink or merchandising and giveaways, to name a few.

This occurs on a daily basis in Madrid (and I guess also in the rest of the big cities in Spain).  Worst of all,  we actually admit it naturally, as one of those distinguishing characteristics (I do not know why) that we have as a Southern European society.

As for those who specialize in organizing these types of events, I recommend that, if most of the audience will need special devices to listen to translations, that they would have them picked up during check-in registration, even if their particular program isn’t the day’s first . Recently, I missed an interesting conference queuing up to pick up one of these modern gadgets (which didn’t work in the end!). And, if journalists attend, please find them a place where they can work comfortably. Keep in mind that whoever uses a laptop will probably need a plug at some point during the day. Equally important, whoever takes notes on paper (don’t laugh, some of us still do) will need at least some bearable lighting. In the same event that I just talked about, some editors had to write in their notebooks while lighting up with their mobile phones. Some lessons to be learned.



Cristina García Alonso
Consultant at Proa Comunicación

Communication: Undervalued, but with Great Job Opportunities

The Communication department is still undervalued within companies. The Communication Director must acquire management training. Study plans must be more multidisciplinary. But it is a feminized sector and with great job opportunities. Any of the previous sentences could have been the title of an event organized last Thursday, March 14, by the University of Navarra in which six experts discussed the Perspectives of Communication, attended by Proa Comunicación Consultant Cristina Garcia.

The event was moderated by José Luis Orihuela, professor at the School of Communication of the University of Navarra, Luisa Alli, IKEA Spain’s Director of Communication, Txema Valenzuela, founding partner of La Propagadora, Silvia Albert, director of Wellcomm, José Manuel Velasco, president of Global Alliance and Gemma Muñoz, co-founder and CEO of El arte de Medir.

All of them agreed on the very important role Communication has within organizations, even though managers often find it difficult to understand. This is something that, according to José Manuel Velasco, who also advocated for self-introspection within the profession, can be alleviated in part with training in management for the communication director. Silvia Albert supported this position, adding that in her opinion “Communication should not be a study separate from management”.

In her discourse, Txema Valenzuela demanded the academic body present in the session to make changes in the curriculum and proposed integrating the three branches which the Communication major is mostly divided into currently (Journalism, Audiovisual Communication and Advertising), “because today the work is highly integrated”. Before an audience composed mainly of students and teachers, she also made it clear that the faculty is only “the first step in a much longer learning process.”

Despite this panorama, Luisa Alli was “optimistic” about the future of the profession and encouraged the students present saying that “I see many opportunities (in employment).” She based her assertion on the idea that “someone has to have a vision of all the aspects” within the business “and know how to fit these in with everything else that moves around”. However, he regretted that the fact that the Director of Communication is a feminized profession has caused a drop in salaries.

As for the talents that the exercise of this profession requires, a majority of the members of the table emphasized the ability to listen, to feel how others feel, to empathize, to which Gemma Muñoz added the know how to adapt while Txema Valenzuela highlighted courage.

A Checkmate to King Steven Spielberg

Just a week ago, we were thinking of writing a piece about the controversy that arose between Steven Spielberg and Netflix following the alleged statements of the director’s confidant. According to Indiewire, a spokesman for his field said: “Steven has a very strong opinion on the differences between cinema and streaming. He would like others to join his campaign when it arises. We’ll see what happens.” The ‘campaign’ to which he referred to proposed the possibility that films produced by Netflix would not be represented at the Oscars. Automatically, the news was published in countless national and international media. Each and every one of them alluded to the words of the director’s close source to justify headlines like: “Steven Spielberg charges Netflix and reopens the debate about streaming”, “Spielberg’s attack on Netflix movies”, or even “Steven Spielberg is working to make movies like ‘Rome’ never reach the Oscars in the future.”

The incident would have elevated the text that would’ve published in Proa Comunicación towards the debate between the cinema and streaming platforms, fully reaching the plane of a cinematographic praxis that is redefining itself. The article would have reflected different currents of opinion that would have served to provide arguments to those who have yet to form a clear opinion about the issue, but it would’ve done nothing more than stoke some doubts that are nonetheless healthy to formulate. However, we don’t consider it imperative or crucial because of the scarce connection it would have with the field of communication, being a mere article oriented on audiovisual consumption trends.

Apart from a series of timid responses from second and third tier actors (see Charlie Hunnam), Alfonso Cuarón, winner of the Oscar for Best Director for ‘Roma’, published a reflection on distribution models, supposedly in response to Spielberg. The main conclusion was: “We need more diversity in the way we release our films,” a correct and elegant answer. Netflix, on the other hand, replied to Spielberg through Twitter:

Netflix as a standard of freedom, universality and artistic awareness. How ironic.

But then just a week later, The Hollywood Reporter publishes nuances and completely changes the version of Spielberg through another spokesman. A ‘rectification’ that, on the other hand, has not had the same impact – at least in the national press – as the alleged proposition. This detail now already makes it a direct attack on the reputation of the director, and that’s why it attracted our attention.

Producer Jeffrey Katzenberg, who co-founded DreamWorks with Spielberg and David Geffen, told the media: “I talked to Steven about this yesterday, I asked him and he said, ‘I did not say that at all.’ He didn’t really say anything. What happened was that a journalist was looking for something to spread and heard a rumor about Steven.  They called a spokesperson to draw out a comment and honestly they twisted it around. One, Steven did not say that, and two, he will not go to the Academy in April with some type of hidden agenda.  Rather, he hasn’t weighed in at all, nor has he aligned himself with any specific position.”  What does this change? Everything.  But the damage is already done.

Judging from the data from Google Trends over the last three months which measure the influence and interest over time in terms of search figures, the audience peak generated by Spielberg as a result of this news is indisputable. On March 4, the day of the outbreak, interest increased markedly. Another date, the director’s birthday (December 18), is approaching.

It’s undeniable that Spielberg himself has contributed to his own reputational damage by breaking two golden rules of the management of any crisis: time and exposure. Leaving a week in any crisis is irresponsible. Positions must be defined beforehand and time is key. Therefore, a week of feeding all kinds of criticism and debate has played against him. On the other hand, if you do not correct the falsehood, you cannot pretend to completely reverse it through a third spokesperson. That Jeffrey Katzenberg had to ‘show his face’ for Spielberg denotes a certain weakness and even reinforces the belief that it still isn’t Steven’s genuine opinion that we’re being told.

But what if that campaign mentioned by the anonymous source was in fact true, and that organized impact has simply caused the director to stand back? Apart from personal considerations about his filmography, about his person or about his work, it is undeniable that Spielberg is a film deity. Demonizing his character for questioning Netflix is just more evidence of the tyranny of the audience.

In one way or another, whether due to defamation or an incorrect clarification or correction, the reputational damage to Steven Spielberg has already been done, and it cannot be solved unless he himself puts an end to it. In conclusion, it is necessary to point out that it is somewhat ironic to accuse the director of denying Netflix and bring forth propositions to an Academy that has so often denied him recognition and, according to many rumors, never forgave him for eclipsing the most avant-garde cinema of the 70s, supporting in its place a series of more conventional characteristics that, on the other hand, were those that impelled the golden age of the 50. But this is already another story …

To conclude, it should be noted that on occasion, Carlos Boyero is right: “Steven Spielberg is the king, a king with sense, a total and complete man of cinema. I hope that the power will be brought about by people with the talent of Spielberg.”

Álvaro Ramos Izquierdo
Senior Communications Consultant, aficionado of the eminently artistic essence of film and, nonetheless, a mythomaniac of the Oscars.

Communication, key to the repositioning of investment advisors in the face of Mifid II

The entry into force of Mifid II on January 1, 2018 is causing profound changes in the business models of firms that offer investment advisory services. While the process of transposing Spanish legislation over European regulation is still not finalized, a wide range of firms that provide, irrespective of prominence in their value proposition, advisory services for the investments of their clients, need to use communication as key tool to reposition their business models.

Firms involved in Commercial Banking, Private Banking, Investment Services (Stock Market Agencies, Securities Brokerage Houses, Financial Advisory Companies), Insurance companies, Investment Managers and others, need to convey to the market how their business model achieves efficiency in the generation of income and how they optimize their service to their clients, once they have fulfilled all the requirements of Mifid II.

All this, also taking into account that Mifid II forces firms to make numerous structural changes as well as in the support and distribution models. Such changes require heavy investments in technology, compliance, training and other areas.

Mifid II Requirements

In a recent event on this topic held in Madrid, Ernst & Young summarized the areas in which the firms that dedicate themselves to investment advising must amend to comply with the new regulations:

  • Classification of clients and financial instruments: They must meet the new information requirementss to clients to which advising is provided and update the product catalog to include the complex products stipulated by Mifid II.
  • Pre-contractual information: Advisors should provide more personalized and detailed information to clients, focusing on the advisory model. They must also implement a new transparency framework in terms of costs and expenses, which implies an increase in systems costs
  • Suitability analysis: They must amplify the content of the Suitability Assessment that clients fill out, including their ability to withstand losses and their level of risk tolerance. They must also guarantee an efficient use of internal information to profile clients.
  • Advisory models: Advisors should increase the level of detail in the information provieded to the client about their investments, as well as specify the levels of service for each advisory model. Applicable to both independent (the investor has access to an unlimited scope of products and pays a fee for the service, and the distributor does not charge incentives) as well as dependent (the investor has access to a limited scope of products, of which a minimum of 25% belongs to third parties, and distributors receive incentives from producers to sell their products) advisors.
  • Incentives and remuneration: The independent advisories, therefore, must adapt their income model to a scenario without incentives for product sales and must extend service quality standards to retain the large clients for which they can charge the highest fees for the provision of advisory services.
  • Conflicts of interest: They must adopt measures to prevent conflicts of interest in investment recommendations, which entails amplifying analysis tools and information so that clients know in depth the criteria in selecting of products, markets, asset managers, etc.
  • Product Governance: Advisors must implement product approval procedures for commercialization and supervision by the administrative bodies of each entity.
  • Training requirements: Mifid II introduces greater training requirements to investment advisory firms. Therefore, they must determine how to put these requirements into practice internally, developing new training plans and requiring their certified professionals to accredit high levels of knowledge and skills in finance.
  • Record of conversations: Each entity must record all face-to-face meetings with clients, and record them on platforms that facilitate storage and easy access for the supervisor for their subsequent control.
  • Other obligations: Advisors must update the risk and control maps required by the Mifid II directive; they must strengthen the analysis of customer complaints and claims to detect non-compliance risks and review collaboration agreements with third parties.

Keys to communicate positioning

In conclusion, specialized advisory firms need to use financial communication services that help reposition them in a way that further highlights their differential qualities and that takes into account the change processes they have implemented and the subsequent result.

To this end, communication can support them in making known the advantages created by the structure and the chosen service model, selecting those aspects which can contribute greater added value to the brand:

  • Income stream and incentive fees models, depending on the advisor type chosen.
  • En el caso de las Empresas de Servicios de Inversión, formato más óptimo para aportar dicho servicio de asesoramiento: Sociedad de Valores, Agencia de Valores, Empresa de Asesoramiento Financiero.
  • For Investment Services firms, the most optimal format to provide such advisory service: Stock Market Agencies, Securities Brokerage Houses, Financial Advisory Companies
  • Inversiones en tecnología realizadas para adaptar todos los requerimientos en información al cliente, cumplimiento regulatorio, y seguimiento de los niveles de calidad de servicio.
  • Investments in technology made to adapt to all the requirements regarding information provided to clients, regulatory compliance, and monitoring of service quality levels.
  • Continuous training plans for professionals to evaluate their excellence.
  • Expectations of business growth based on the specific service model of each firm.


 Javier Ferrer
Director of Financial Communication at Proa Comunicación, enthusiast of the investment realm and expert in communicating business models supported by financial advising and asset management

Key Steps for the Banking Sector to Improve its Reputation

The latest scandals involving large banks picked up by the press – the illegal eavesdropping ordered by the previous BBVA chairman, the unsuccessful appointment of the Santander´s incoming CEO and the lawsuits filed by investors who have lost their money in Banco Popular shares or mandatory convertible bonds – portray how Spanish banks continue to be affected by serious reputational problems.

 

This is despite the fact that the three largest operators, Santander, BBVA and La Caixa, are among the top 10 ranked in best corporate reputation according to Merco, based on 38,000 interviews with the general population and stakeholders. Or maybe it´s simply that bank customers in Spain are much more loyal to their banks than customers in other countries, something exemplified by the fact that 86% of the distribution volume of investment funds originates from bank branches, according to Inverco.

 

This situation is worrisome, however, because banking is the mainstay of the economy, being the financier of consumption, real estate investments and general business activity both public and private. In Spain´s case, the largest banking operators have expanded widely to other regions such as Latin America, so that the effects of their reputational crises at home are transferred abroad.

 

Change the Business Model

After the financial crisis in 2008 there was a severe economic recession in Spain which lasted until 2013. In the wake of the crisis, the cycle transformed towards a growth phase in which we remain today. The banking system´s role in this improvement was fundamental, as the low interest rates, the abundant liquidity and the household saving rate due to deleveraging in the private sector boosted credit activity and with it the consumption.

 

The crisis had another consequence, namely a profound transformation of the banking business model. Banks had to adapt their revenue generation model to anticipate lower margins because of higher regulatory costs, greater amount required in technology investments and the emergence of competitors with much more efficient cost structures.

 

A report by the Boston Consulting Group noted that between 2009 and 2017, the global banking sector had to pay fines to regulators amounting to 320 billion dollars as a result of bad marketing practices. On the other hand, McKinsey estimated ​​the impact of Fintech competition on conventional banking to be in between 29% and 35% of revenues, due to both the loss of customers and the reduction of margins.

 

Transform Digitally

These factors explain the banking sector´s strong commitment towards digitalization. Such is a key tool with which they can improve customer experience, challenge competition from Fintech and raise the quality of service towards customers while reducing costs.

 

The digital transformation that the banking sector undertakes is also causing other changes to the financial ecosystem, as the importance of front-office processes in customer service models is progressively reduced due to commercial pressure and the high costs they reflect on the income statement.

 

Logically, this lower front-office effort means greater attention to the middle-office and back-office processes, which are the ones that need higher levels of automation and control in aspects such as risk management and cost reduction.

 

Communicate Novelties

The future of the sector is therefore to implement solutions that provide greater agility, flexibility and orientation towards customer satisfaction to create greater value. Accenture translates it as banking´s evolution towards the “commoditization” of some services, the aggregation of data and new models of transaction processing, based on distributed ledgers (blockchain) and databases.

 

In the case of Spanish banks, they have been pioneers and enthusiasts when it comes to implementing new transformative trends in business models. Therefore, banks need to communicate effectively their beneficial role as the engine of the economy and the impact of the major changes they´re implementing to adapt to the new age of digitalization, regulatory changes and increased competition.

 

Banks also needs to effectively communicate the cost-cutting procedures and customer experience enhancements they are carrying out, so that these efforts are positively received by the customer and thus by society as a whole.

 

Only in this way will it be possible to change the negative perception of banks across social groups and classes. Such is the perception that prevails whenever incidents occur related to banking malpractice, solvency problems or deficiencies in the commercialization of products, all of which affect banking recurrently.

 


Javier Ferrer
Proa Comunicación Consultant specializing in the investment realm