Storytelling in the Financial Sector

Does storytelling work in the financial sector? Many people believe that the world of finance is all about numbers. In essence, of course, this is true: the world of finance and economics is all about cold, hard facts, logic and evidence, which are best presented with numbers, statistics, tables and graphs. Marketing and PR have long used storytelling techniques to tell stories about products and companies in an emotional and gripping way. In contrast, their use in the financial sector is still in its infancy. While financial services companies continue to churn out the same dusty lists of platitudes and numbers, innovative brands in the industry are already using proven storytelling tools. This enables them to present their services uniquely and far from the mainstream.

Storytelling in the Financial Sector: Why Stories make Finance so Exciting

Despite the inherent complexity and diversity of the industry, financial service providers are generally seen as a gray mass. The difference is usually so marginal that a credit card would easily fit between the competing companies. The use of stories can make a small but significant difference. Because it humanizes brands from the financial sector and connects them emotionally with their customers. Instead of losing customers’ attention with boring tables and dry invoices, companies can grab their future clientele with exciting stories and retain them in the long term. Storytelling can also be used to make complex information more comprehensible and communicate it more quickly.

Creating Emotions with Numbers and Statistics

Narratives tap into the emotions of listeners in a way that no chart or list of financial products can match. If financial service providers want to make their product more accessible to consumers, the campaign should cover all services. After all, customer service and the like should not be ignored either. The bank that wins the race is the one that inspires potential customers emotionally with touching stories. The brands from the financial sector, which are at the top of the storytelling Olympus, are always finding fresh, innovative ways to position themselves on the market. Here are a few useful tips with great examples of storytelling in the financial sector:

1. Think Beyond the Financial:

Consumers want to have their finances in order. However, the pressure to live on a fixed income, plan for retirement and keep your credit score in balance is almost overwhelming and usually unrelated. If financial service providers now begin to link their range of different products and services with the needs of their clients, this can quickly impress and attract potential new customers. Here, for example, stories that go beyond the pure service come into question.

One example of this is the “finanz-heldinnen” project, an initiative by comdirekt Bank employees. The aim of the founders is to share their knowledge of finance with women and introduce them to the topic with the help of storytelling. In an edition of Praxis-Talk Storytelling, we spoke in detail with co-founder Katharina Bremer about how the financial heroines emotionally charge the topic of finance and how you can empower your target group with storytelling.

2. Money and Emotions always go Together:

Financial service providers often think about money in a very abstract and technical way. For clients, however, wealth is always associated with feelings. A student savings fund is not about euros and cents, but about securing a future for children. A retirement savings plan is about living a happy life, traveling the world and passing something on to your offspring and grandchildren. When financial service providers tell their marketing stories, this should never be ignored. The bottom line is that emotions are the key to success for sustainable customer loyalty. Especially the fulfillment of dreams makes hearts beat faster.

Competent service provider at eye level – this is how the Sparkasse has always presented itself. Trust and professionalism are expected from a financial institution. After all, we want to put our money in safe hands. With its corona campaign, the savings bank not only showed itself to be competent and professional, but also close to the needs of its customers and employees who are currently experiencing financial uncertainty. In addition to the wealth of information on the topic of coronavirus and finance that can be found on the campaign page, the Sparkasse used webcam videos of its employees to convey an important and powerful message: “Getting through this together”. A well-intentioned encouragement that demonstrates the reliability of this service provider.

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3. Goodbye Technical Gobbledygook:

Initially, customers only want to get to know the product or service. If they then visit the branch or contact us via the website, there is still enough time to explain the specific technical aspects. However, during marketing or PR efforts, content that focuses on numbers is likely to put off potential customers rather than pique their interest.

The next video is completely different and off the beaten track: Based on the classic poem “Metamorphosis“ by Ovid was revived by Credit Suisse. The aim was to draw attention to a Titian exhibition at the National Gallery in London.

Within two years, it generated a total of 500,000 views, which is an enormous achievement for such a niche target group (although the video is not for the faint-hearted!). Without any product advertising or boring banking Latin. But with reference to its own values, which also play an important role in the art scene: Expression, emotionality and exclusivity.

Skillfully wrapping Facts

For the financial sector, brand storytelling is definitely one of the best ways to reach a broad target group and describe the story behind the respective brand. Even if the rather dusty image is difficult to break, attempts should be made to captivate customers. Because even in a world dominated by figures, words and stories are just as important for communicating investments and success stories of big profits and business in a sustainable way.

To generate attention, the biggest challenge is probably to combine the entire brand presence with storytelling. Starting with the landing page and the company history through to the common thread that runs through the advertising campaign. Especially in an environment where one product is similar to another, the best chance of telling a captivating story is not to focus exclusively on the product.

You can find out which content works best in content marketing for the financial sector here.

Authors: Jaqueline Herr, Johannes Schmidt, Nora Feist