In financial services, many firms are focused on providing bottom-line value to their clients. What most of them forget is how to properly communicate that value.
A good PR strategy has a greater impact on the bottom line than most firms realise. This book shows how to put in place an effective PR program in the financial services industry, and how great communications can add significant value to a firm.
Between them, Claudia Pritchitt and Leeanne Bland have over 50 years’ experience in public relations, communications, and marketing. Here, they explain the key tools needed in an effective communications strategy as well as why plain English is imperative in the jargon-heavy world of financial services.
The Finsider is our blog series providing insights into the Australian financial services landscape. We interview experts who will share their perspectives on ideas and issues facing the financial industry today and in the future.
Our special guest this month is Pauline Vamos, a non-executive director and chair. Pauline is currently the Chair of Interaction Disability Services Limited, Governance Institute of Australia and Moneytech Group Ltd and K2fly Limited as well as a NED of CEW and Mercer Superannuation (Australia) Limited. She has a long history on boards and has held various senior executive and CEO roles. Pauline is deeply experienced in broad financial services in the listed, commercial and not for profit space.
What do you think are the most important issues facing financial services industry today?
That is a difficult question because there are so many lenses. For example, are we stepping up to the role we should be playing in society? Are our products servicing all parts of the community and business including micro business?
Using a different lens - I don’t think we are talking enough about the potential impact of blockchain, new payment systems, and the emerging rights of consumers in relation to their data. In all its history, the power has been held by the industry – that is changing, and I am not sure we are ready for it.
There is no doubt that the global economy and its potential impact on our economy and on our customers is a real issue. We need to think more deeply about the sustainability of the business and the business models.
Regulatory risk is a key issue facing many – whilst always significant in financial services, it is continuing to increase, particularly with the FAR regimes as the focus will be more on individual accountability.
Of course, I must also include the increasing attention regulators on how we manage cyber and climate change risk and greenwashing.
Finally, I think it is also worth mentioning that one of our issues is the potential failure of regulation to keep up with the emergence of digital products and services. I will also call out the slowness of regulatory change, in particular delays in implementing the Levy report on financial advice. Its delay is negatively impacting the industry and consumers.
What has been your biggest surprise in the way the industry has evolved over the past two decades?
My biggest surprise is in the failure of the industry to evolve its approach in the collection and use of data and the development of digital advice. By now we should be able to assist our customers by providing predictive guidance – there has been a failure to invest across the whole industry.
How has your past experiences at ASIC, ASFA and other financial services roles influenced the views you bring to your board positions?
Those roles have shown me that if there is poor culture and poor governance, you can quickly blow an organisation up.
I think I bring a realism to my Board positions. Having been a CEO, led significant teams and projects, I have strong views on the value of people. So many companies declare that people are their most valuable asset, yet they don’t back that up with where they invest in the business including board expertise.
A great deal of my experience has involved stakeholder management and negotiating workable policy outcomes. I try to look for a solution by seeking views from a broader group – one of my favourite sayings is “strongly held views loosely”! This is what I try and take to a board meeting.
What is one change you would like to see happen in the financial services industry in the next 12 months?
Michelle Levy’s report on financial advice be implemented – this would be a great benefit to the community as well as the industry.
What advice would you give to those starting out their careers in the financial services industry?
The industry is surprisingly small, and people tend to stay in it for a long time. Do not burn bridges – think of every meeting, every presentation as an interview for a future role in another organisation. Your future boss may be in the room. Set a strong ethical compass and always keep to it. If you see something that is not right – be brave and tell someone!
