Switzerland, and particularly Ticino, long known for their solid financial sector, now find themselves at a communicative crossroads. Historically, banking secrecy and discretion have been the cornerstones of customer trust. However, digitalization and the rise of new interaction channels require a deep reflection on how to communicate in 2024.
The tradition of silence
Ticino’s financial success, particularly in its banks and related operators, has historically been fueled by a steady flow of foreign capital, especially from Italy. In many cases, let's not deny it, these funds were hidden in nature and had to be treated as such. Maximum discretion. Secrecy. No comment.
For decades, Switzerland served as Europe’s—and beyond—vault, bolstered by banking secrecy that made it, in effect, a tax haven. In this context, a good communicator was one who did not communicate. The less that was known, the better it was for everyone: clients and institutions alike. It was an operation carried out delicately, in the shadows, careful not to make noise or attract attention.
The new digital era
Today, with the advent of the internet and new digital communication channels, this philosophy must be reassessed. It is not about making clients' activities public but adapting to a world where transparency and online presence have become essential.
In a context where customer touchpoints have changed quickly and radically, managing these activities now requires an active and proactive approach. As Maurizio Costanzo, one of Italy’s most renowned journalists, once said: “in communication, emptiness becomes fullness. If we do not fill that emptiness, someone else will.” It is therefore crucial to move forward with a well-defined strategy, working on your image and reputation, which has become a true strategic asset, and aligning it with the interests of both clients and the company.
Communication as a deontological duty
Maintaining a strong online presence is not just a marketing strategy but an ethical duty to those who place their trust—and in this case, their money—in our hands. Today, clients are more informed and connected than ever and they seek institutions capable of managing their public image with the same care they handle their capital. This does not mean violating their privacy, but ensuring operational transparency that reassures them of the institution’s solidity and reliability.
Communication Strategies for the Future
Below are a few strategies, provided as examples, that financial institutions should consider to remain competitive and relevant in the digital age:
- Online presence: having an up-to-date website and an active presence on social media platforms like LinkedIn is no longer optional. It is necessary to demonstrate competence and authority.
- Transparency: provide clear information about your operations, management policies and financial results. Transparency builds trust.
- Engagement: actively interact with clients and the public through blogs, webinars and valuable content on social media.
- Online reputation: manage and monitor your online reputation to promptly address any potential crises.
From a past of secrecy and discretion, we now find ourselves in a present where transparency and online presence have become essential imperatives for gaining and maintaining customer trust. Communication itself, in its many facets, has transformed into a powerful strategic lever.
Looking to the future, we can imagine this process as a moonlight dance, where light and shadow blend in an elegant ballet. It is a way of operating that does not seek the spotlight but rather that “silent” and steady light capable of conveying security and reliability. It is up to us, then, to exploit the play of light and shadow and reveal only what we intend to show.
Article published on Ticino Management June/July 2024 - Eureka, Digital
