Telum spoke with Kay Withers who shares insights on thought leadership in the finance industry and if communications has changed because of COVID.

After working on the agency side for more than nine years, what was your biggest adjustment going in-house?
It might sound strange, but the clarity of being able to see the decision-making process. When you’re on the agency side, your client comes to you with their request, you make your recommendations and then you wait for the yes or no. Once you move in-house, you get to see the process play out in much more detail - discussions between your client and the rest of their business, between the Asia business and global businesses and then again with your global communications counterparts. There are lots of voices that need to be in alignment, that you’re not necessarily aware of when you’re at an agency.

Having said that, I’d always been extremely lucky to have a very close relationship with the clients I worked with on the agency side and was often able to have a high degree of visibility. But moving in-house takes that to an entirely different level that’s not always possible to replicate with an agency-client relationship, no matter how good your relationship. And I think being able to understand the nuances behind decisions helps considerably when it comes to developing future communications plans.

What would you have liked to have known before you moved in-house two years ago?
It’s not something that would have changed my decision to move in-house, nor was it why I wanted to move in-house! But there is a misconception that I think needs to be addressed, that in-house means slow-paced and / or predictable work. Obviously, the extent to which that’s true depends on the nature of your role and how broad your scope is, as well as the industry you’re in but my experience has been that in-house life is just as fast-paced and varied as agency life.

How important is thought leadership in the finance industry?
Ultimately, thought leadership is about providing your clients with value-added content that not only demonstrates credibility in your area of expertise, but that sets you apart from your competition. When it’s done right, it’s an incredibly valuable component of any communications campaign, regardless of your industry. When it comes to banking and finance, the ecosystem is only so big and there are many voices competing for recognition. There are lots of organisations that produce great content, but it doesn’t always meet the mark in terms of visibility and being able to drive conversations. Having a clear and powerful voice, shared in a way that is not only compelling but easy to consume, is a distinct advantage.

COVID has shown that work can be done remotely, do you think virtual meetings and WFH will be the new normal?
The past year has definitely shown us that remote working does work (in some cases perhaps better than anticipated) and that it can be just as efficient as working in the office if the infrastructure is there to support. That being said - and I think a lot of people will agree - there is no replacement for face-to-face interaction, whether it’s having a chat over coffee with a colleague, catching up with your team, talking to clients about new activities, or taking a media interview. Yes, all of these things can be done virtually - and sometimes it can be much more efficient to take things online - but it’s always good to have the option of in-person meetings.

Has the way we communicate changed because of COVID?
I wouldn’t necessarily say communications has changed but it has definitely evolved. If we take for example, the way in which information has been shared (by governments and professional bodies around the world) in relation to COVID-19, it’s clear that audiences have much higher expectations. That’s not to say that this shift wasn’t already happening, but COVID-19 was really an impetus for everyone to question more readily the information that’s being shared and it has generally driven expectations towards a higher degree of transparency. I think it’s also made clear the necessity to be an active participant in conversations you are part of and the importance of speed and remaining authentic in the content that we communicate.