Financial services PR
Public relations (PR) is an essential part of the marketing mix and sales process for B2B technology brands that sell to financial services institutions. The financial services industry has its own lexicon, and unique requirements. A basic PR message of “low-latency” means nothing in financial services where a million-second delay can cost billions. The financial services industry revolves around the smart use of information technology.
It attracts the world’s best information technology (IT) professionals, drawn by outstanding salaries and the most challenging technology environments. Financial services companies invest more heavily in IT than any other industry. Financial services companies differentiate and compete through technology.
The standard PR promise of ‘innovation’ rarely measures up for financial services companies. The automated teller machine (ATM) network was an IT revolution. The industry is also leading the way with today’s innovative payment systems, where the consumerisation of IT is pushing the mobilisation of retail banking.
Yet there is considerable conservatism. Few industries have to manage the volumes of data that those in financial services handle, nor operate so many mission critical applications. Core banking systems are rarely touched, which means most financial services institutions suffer from their disparate IT systems. Security and discretion are paramount.
While operating in a fiercely competitive marketplace, financial services companies in Europe also have to comply with a raft of regulation such as Basel III, Single European Payment Area (SEPA), anti-money laundering (AML) and many others which makes compliance - and its cost – serious concerns.
Simultaneously, in the face of widespread criticism, the financial services industry also needs to use technology to reduce operational cost through initiatives straight-through processing (STP) and agile working practices. By understanding the financial services industry, Chameleon is able to create pragmatic PR campaigns that increase media coverage, raise brand awareness and help support the sales cycle.
Chameleon has a number of financial services companies as public relations PR clients including Clairmail, a mobile retail banking software company, and the Financial Services Technology practice at industry analyst Ovum.