The workings of economic cycles can be compared to drinking alcohol at a party: there is a blood alcohol level that can facilitate social interaction, lower our inhibitions and even give us good ideas, as can be seen in David Vinterberg’s film ‘Another Round’. But once that level is exceeded – which, once the party gets going, is bound to happen – almost everything becomes a problem. Among these, getting up the next day.

We can also liken credit to a good drink. The easier it is to grant loans, the higher the blood alcohol level. And, although we are relatively rational creatures, when alcohol starts to take effect, it always creates a certain sense of euphoria. If we equate alcohol with money, we arrive at the concept of financial euphoria: there is always a moment when we are convinced that our investments, our financial gambles, will yield the best results, as if the scenario we construct in our minds were to play out exactly as we imagine in reality. And that is precisely when we are at our most dangerous – to ourselves and to others.

From this feeling of being delighted to meet each other, we move on to the financial bar and get more money (or more drinks). With these financial drinks, we snap up shares, property and foreign currencies that can only go up in value. We win, those who sell win, and the barman wins too – the employee of the ‘alcoholic bank’ who, for the moment, is offering an open bar for everyone. The night stretches from midnight to four in the morning. And the body begins to show signs of exhaustion. And intoxication.

Only those who know how to drink, whether by nature or through experience, will leave the party on time. Those of us who stay will keep partying on. When a lot of people have already left, the disco begins to take on the look of an after-party. The investors least informed, those drinkers who are reckless or naive, continue to drown in alcohol, and the financial assets acquired, those drinks of more, no longer feel the same as good.

There comes a point when the alcohol-fuelled bubble bursts and you’re no longer dancing as you’d initially imagined. You might even wake up next to a stranger who, just a few hours earlier, was the conquest of your life. The sun shines right in your face, filtering through a rickety blind in a shared flat. Everything you did in that state of euphoria now seems like utter nonsense. A sense of shame sets in: many investments were based on overly optimistic decisions and forecasts of financial results that are no longer looking so good.

To continue with the analogy, all those in debt who bought things that were not actually worth that much are now in a great deal of pain. They have become impoverished and cannot offload the houses, assets or currencies they acquired during the boom. They are no longer winners but poor investors. In this case, the side effects will last more than a year or two, often for a lifetime. This is what happened, for example, following the 2008 financial crisis, which made it clear that many of the investments and loans were of very poor quality. The hangover is still being felt today, with a sullen Parliament full of hatred and poor responses. A democratic headache.

Regulating alcohol has led to almost always negative consequences. Prohibition strengthened the mafia and the criminal trade in the United States. So the solution should go in another direction: it would consist of telling people that getting rich quickly is like a street party, an event which only a minority of elected representatives can survive successfully. And that one must tread with great care when night falls, because the shadows cast on the ground deceive us if we are prone to it.

Political courage should consist of this: being able to burst the bubbles, and thereby break the self-destructive tendencies of society, whatever the electoral cost; limiting the banking sector’s lending capacity during periods of euphoria in order to bolster it during periods of depression, when loans are most necessary and urgent; and in not being seduced by periods of easy growth, but rather seeking to encourage investment in the economic fundamentals that are most likely to yield returns in the long term.

To conclude, let’s imagine a night out that allows us to have fun and get home before two in the morning. It might not be what the films show, but it would let us enjoy a good night out without overdoing it to the point of regretting it the next day. It’s not the most exciting option, but perhaps it is the most sustainable. We need political and business leadership that seeks exactly that. And, unfortunately, everyone is currently shouting, glass in hand, gazing at the moon as if it were there 24 hours a day.

*Article written by Andrés Villena, lecturer in Applied Economics at the UCM

La entrada Communicate to prevent drunkenness se publicó primero en Agencia comma.

The media narrative and the social conversation about blockchain and digital assets digital assets have evolved in a substantial way over the course of a period of time relatively short. Which was for years a single narrative halfway between the hype, scepticism and simplification by the media, it has been a while being told with greater accuracy, context and journalistic rigour.

The stories have become more sophisticated. And with them, also the space that occupies the sector in newsrooms. It is increasingly more common to find explanations about models of business, architectural technology, regulatory frameworks or risks associated. Projects are beginning to be characterised by a greater level of depth, which means that there are more and better interactions between founders, coaches and journalists, establishing a channel for conversation that is fluid and constant.

This has led to a shift in the media’s approach to stories about blockchain technology and digital assets, with outlets gradually moving away from marginal coverage focused on sensational headlines and price volatility – or, in some cases, directly linking the technology to illegality or fraud. Instead, a different way of reporting on the sector has emerged: more analytical, more demanding, more connected to the reality of what is being built.Crypto is no longer a marginal issue or one relegated to obscure sections, but is increasingly finding its way onto the pages of business, finance and technology sections. At times, it even makes the front page when the impact is systemic or institutional.

That shift is no small matter and says a great deal about the current situation in which the sector finds itself. But it wasn’t always like that and we should not forget where where we come from.

The transformation of sectoral narratives

For years, the conversation was characterised by an unhealthy mix of overblown promises and speculative narratives from within the ecosystem itself, coupled with constant – and at times self-serving – scepticism from certain traditional quarters. Added to this was a further problem: the genuine difficulty of explaining a complex technology in terms that are easy to understand.

The result was a narrative that was fragmented, polarised and, in many cases, superficial. We saw this clearly in the analysis that we carried out at comma in 2023 on the media coverage of the sector. The discussion was organised into blocks that were practically separate. On one hand, a more technical and sophisticated and constructive, but limited to niche media and audiences specialised. On the other hand, a pillar dominated by the price, trading and speculation, which accounted for a large proportion of the attention.

At the same time, in the mainstream media and also in some financial publications, a significant proportion of the articles linked cryptocurrency with fraud, scams or a crisis of confidence. The technological aspect, meanwhile, was relegated to far more specialised outlets.

Between those worlds there was barely any connection. And when there are no bridges, the story becomes simplified. Or worse: it becomes something else.

That context explains why for, for so a long time, the sector struggled to build a narrative of its own, solid and comprehensible. There was a lack of translators capable of navigate between the technical complexity and the language of the general public. And, without that exercise in mediation, what prevailed was not dialogue, but noise.

In just three years, however, the change has been striking. And, to a large extent, this is down to the fact that both the sector and those covering it have matured at the same time.

There is undeniable credit due to the editorial teams and journalists who have chosen to treat this field for what it is: an intersection of economics, regulation and technology. This has had a direct impact on the quality of the debate. And when the way an issue is covered in the media changes, the questions asked change too.

It is no longer enough simply to know whether an asset is rising or falling. The debate now centres on which parts of this ecosystem constitute infrastructure and which are financial products; what can be integrated into the regulated framework and what cannot; and which risks are technical, which are market-related, and which stem from governance issues.

This transformation of interactions and this greater degree of interest and knowledge on the part of the media is, without any doubt, a clear sign of maturity.

The narratives that are shaping the sector

If one looks at the conversation taking place today in forums, the media and professional circles, several narrative threads that are reshaping the story become quite clear:

• The first is the institutionalisation. The entry of traditional players, whether banks, asset managers or custodians, does not only contribute volume, but also standards, processes and a way different from explaining what is happening.
• The second is regulation and compliance. The sector can no longer operate within the boundaries of the regulatory framework. And this, far from being a limitation, introduces order, rigour and a language that is more precise.
• Keep a close eye on tokenisation and market finance. Here, the focus is shifting towards real-world assets, issuance infrastructure and operational efficiency. Less abstract promise, more concrete application.
• Added to this is a fourth narrative focused on cybersecurity and resilience, which is no longer limited to the headline about ‘hacking’, but now encompasses risk architecture, audits, traceability and accountability.
• The fifth relates to identity, privacy and data: who verifies, how it protect the rights of the user and how are designed systems that are compatible with regulatory frameworks that are becoming increasingly more stringent.
• And, perhaps most significantly in the medium term, is the narrative of real utility: use cases that stand on their own without relying on price, where the value lies in the process, not in the token as a promise.

They all point in the same direction: a growing desire to distinguish between infrastructure and financial products. And that distinction, which for years was blurred, is key to ensuring that the sector is no longer perceived as a homogeneous bloc.

The problem wasn’t the technology

If there’s one thing we’ve learnt on this journey, it’s that the main problem wasn’t technical. It was narrative. For too long, communication was confused with marketing. The promise was prioritised over explanation, the roadmap over risk, and the vision over context. That might have worked during periods of euphoria, but it failed spectacularly when it came to building a reputation.

Because communication in this sector, and in any other sector that aspires to become infrastructure, is a structural component, since without understanding on the part of the general public, adoption is not possible. And without adoption, there is no ecosystem.

Blockchain was created with the aim of reducing the need for intermediaries, but that does not eliminate the need for trust; it simply shifts it. Trust no longer rests solely with a central authority, but lies in the code, in governance, in custody, in regulation… and also in how it communicates.

When that transfer of knowledge is opaque, ambiguous or overly technical, the result is the same as in the traditional system: mistrust.

Professionalisation or noise: the role of intermediaries

In this context, another tension emerges: the one that exists between media and creators of content. It is not a new debate, but in the financial sphere it takes on a dimension different dimension, because here information takes on the dimension of a raw material that directly influences financial decisions.

A reputable specialist media outlet operates according to certain principles: cross-checking sources, providing context, and exercising editorial responsibility. A channel that amplifies trends, on the other hand, is driven by different incentives: clicks, virality, and alignment with a community. And in finance, failing to highlight risk is a form of misinformation.

There is, moreover, a paradox that is hard to ignore: many of those most susceptible to FOMO (Fear of Missing Out), with few tools to understand the complexity of financial markets, tend to mistrust traditional media and rely on voices with no editorial accountability. For this reason, the debate should not be framed in terms of traditional media versus new channels. The underlying issue is quite another: professionalism versus unfiltered amplification. If the sector hopes to mature, it will need more of the former.

The unfinished business: pedagogy

Despite the progress made, there remains a structural shortcoming: a lack of pedagogy. The quality of the debate has certainly improved. But there is still a significant gap between what is constructed and what is understood.

And here it is worth emphasising a point which, although it may seem obvious, remains unresolved: you cannot hope for widespread adoption with language that only a minority understands. The technical discussion will remain technical at its core, but the public narrative must start elsewhere: with the ‘why’ and the ‘who benefits’. When users understand the value in terms of cost, efficiency, access and security, the technology ceases to be exotic. It is that balance that builds trust.

If we project this trend over the medium term, the fundamental shift is quite clear: blockchain will cease to be regarded as a ‘sector’ once it no longer needs to be defined as such. Once it becomes an integral part of the infrastructure that underpins the systems in use. Just as happened with the internet, and as is the case with any layer that supports more complex systems.

This requires better segmentation, moving away from the catch-all category where everything is labelled as crypto, and starting to distinguish precisely what each thing is. It requires prioritising value over technicalities. And, above all, it requires embracing standards: transparency, audits, controls, accountability and clear, understandable language.

But this transition is not automatic. It is a process that requires the sector to maintain a narrative that lives up to its aspirations. For it is in this coherence between what is built, what is explained and how it is perceived that its consolidation truly hinges. And it is precisely there that the role of the media proves decisive: not only in how that reality is projected, but in how it ultimately comes to be understood and accepted by the public.

La entrada Blockchain and digital assets: the evolution of media narratives that are reaching their maturity se publicó primero en Agencia comma.

Last week, in this blog, we reflected on how artificial intelligence is beginning to redefine not only how information is produced, but also who is involved in the process that makes it possible. In the context of 8 March, International Women’s Day, we addressed an increasingly evident issue: if technology is designed in environments that lack diversity, it runs the risk of reproducing—and even amplifying—existing gender inequalities.

In recent days, various studies have shown how some artificial intelligence systems reproduce gender patterns present in society. The latest report published by LLYC, Espejismo de Igualdad (The Illusion of Equality), reveals that certain AI models tend to suggest leadership roles or technical careers for men, while women are more often associated with profiles linked to caregiving or empathy.

This phenomenon brings back to the table a key issue for the field of communication and reputation: data matters, but so does the narrative that is built around it. Precisely along these lines is one of the most interesting conclusions of the study conducted by eToro on women and investment: Study on the profile of female investors in Spain.

When the problem is not trust, but rather the narrative

For years, the gender gap in investment has been explained with a seemingly simple argument: that women “lack confidence” to invest. This diagnosis has been repeated in reports, media analyses and public speeches until it has become almost an accepted explanation.

However, the data tells a different story. The study, based on the opinions of 1,000 women in Spain, directly challenges this narrative. According to the research, 32% of those surveyed say they are confident or very confident in their knowledge of finance and investment. The largest group—40%—falls somewhere in between, while only 8% say they have no confidence at all.

More than a widespread lack of security, which is reflected the data is a prudent and thoughtful attitude towards investment. And that difference in nuance is not insignificant.

The financial responsibility is already there.

One of the most striking findings of the study is that, in fact, women already play a central role in day-to-day financial management.

41% of women say they are solely responsible for daily household expenses. In addition, 32% are primarily responsible for family savings and investments, percentages that are much higher than those attributed to their partners.

This reality contrasts with their lesser presence in financial markets. Data from the CNMV show that only 26% of individual accounts investing in IBEX 35 securities are held by women.

The gap, therefore, does not appear to be due to a lack of ability or financial responsibility, but to more complex factors related to economic culture, public representation and the dominant narrative frameworks.

The impact of public discourse

Beyond the data, the study also analyses how they influence the messages public messages influence perception of women about investment.

The results are revealing. When respondents are presented with the idea that women lack confidence to invest, 14% say that this message directly discourages them from doing so. In addition, 28% say they feel judged, 25% feel frustrated, and 19% feel patronised.

On the contrary, when it is pointed out that female investors achieve better results than men, 51% say that this fact increases their motivation to invest. Among those who do not currently invest, one in four say that this recognition would spark their interest in learning more about investing.

It is clear that the narrative is not neutral. The way in which women’s relationship with investment is described can directly influence their participation.

Diversity and technology: a strategic imperative

However, technology alone does not guarantee more equitable outcomes. As we pointed out in our blog last week, technological systems can also reproduce existing biases if those who design and develop them do not represent the diversity of society.

Something similar is happening in the financial sector. The real imbalance lies in visibility and representation. If the future of investment is increasingly linked to technology and artificial intelligence, it is essential that women participate actively in these areas. Otherwise, there is a risk that the lack of representation will also spread to the most strategic areas of the sector.

From this perspective, diversity is not only a matter of fairness, but also a factor that improves model design, risk assessment and the resilience of financial ecosystems.

Change the narrative to change participation

Ultimately, the debate on the gender gap in investment cannot be reduced solely to technical or economic issues. It also has a cultural and narrative dimension.

While the prevailing discourse has for years emphasised women’s supposed shortcomings in relation to investment, the data suggests that this narrative is not only inaccurate, but may also be contributing to maintaining the gap.

The combination of financial education, greater visibility of role models, and new technological tools can help to redefine this scenario.

La entrada Changing the narrative: investment, artificial intelligence and the power of narratives se publicó primero en Agencia comma.

From comma, we have contributed to promoting one of these meetings with a long-term vocation within the framework of a cause that challenges us as a sector: the ‘Diálogos Activistas de lo Mutuo’, of Mutualidad, a cycle designed to think with vision transformative and that places in the centre the solidarity, the sustainability, collaboration and the creation of more inclusive societies.

In a new chapter of this space, held at the headquarters of Mutualidad in Madrid, we have been instrumental in supporting Mutualidad and bringing together two of our spokespersons, essential figures in the industry of management of capital of our country: Pedro del Pozo, director of Financial Investments at Mutualidad, and María Ángeles León, founder of Global Social Impact Investments (GSI) and Open Value Foundation. The objective: to discuss, with data and experience, about investment in impact. It is the result of a specialised consultancy that identifies areas of authority, aligns agendas and brings together the firms that we represent so that the conversation adds real value to the audiences.

We feel directly challenged in this honest and useful debate between two brands with different approaches that are different, but one common ambition: to combine profitability and purpose.

Key ideas that emerged from the debate

• From ESG to impact: the “peak” is achieved when capital drives tangible social and environmental objectives.
• Measure what matters: metrics useful for management; avoid “paralysis due to compliance” regulations that increase costs and block progress.
• Impact and profitability coexist: the demand for sustainable assets improves their value; it is no less profitable: it is more in demand.
• Inclusive growth: growth, yes, but with inclusion from the outset, combining private initiative and policies that accompany it.
• Governance and the long term: sustainability integrated into risk and investment reinforces the resilience of portfolios and of companies.

That is the type of communication that, since comma, we want to continue promoting: creating the conditions for the best ideas to be found, to be contrasted and are turned into decisions that change economies and societies. Thank you to Mutualidad for opening this space and to Pedro del Pozo and María Ángeles León for a conversation that raises the level of the debate.

‘Diálogos Activistas de lo Mutuo’ is a Mutualidad space where conversations are held with inspiring people who have unique life stories, enriching professional experiences and diverse perspectives. They all share the same goal: to contribute to improving the world we live in. The aim is to generate reflection on current social issues that connect with the values and purpose of our organisation.

It is published periodically since the channel of YouTube of Mutualidad

La entrada Bringing together voices that transform: this is how we connect Mutualidad and GSI in a dialogue about impact investing se publicó primero en Agencia comma.

Despite the personal -or self-interested- determination of those who want to see the professional relationship between journalists and communication agencies as a paranormal phenomenon, an encounter between two species without any defined link between them, the connection between the two not only works, but is also essential for news and quality analysis to flow to public opinion as a well-oiled transmission belt. There are some. I do not know if they are legion. Or if they are only residual. But my impression, almost certainty, is that they are wrong.

Those of us who have had the opportunity to practice journalism on both sides of this border should recognize more often the shared merit of this marriage of convenience. Journalists, those who are in the front line of the news, value the reception of reports, comments and opinions of experts that, on a daily basis, reach their usual news channels. They are not their primary sources of information, but they are surely their healthiest sources of assessment. Obviously, not all of them are of equal quality. Prestige is not achieved at the drop of a hat. It is, as academic and health institutions, for example, are well aware, an arduous and time-consuming task that generally responds to a sophisticated strategy that does not always bring the desired benefits. But to detect this quality there is a journalistic sense of smell.

Of course, in this context, the polluted atmosphere that some people strive to describe in order to discredit the work of agency agents – ironically, the redundancy – is not real. Or, at least, it is not part of the air that is generally breathed in this profession. There are always people for everything, as the Spanish saying goes. But the norm is that cooperation is the usual sign of identity. With the usual exceptions, of course. In other words: the alleged interference of agency journalists to influence or interpose a smokescreen around a preconceived defense of their clients is neither a pattern of behavior nor a common practice, but rather a rara avis, a tumor diagnosed, localized and with surgical treatment for its removal.

The vital constants that predominate in the journalistic relationship between media professionals and communication agencies is cooperation. The frequent supply of data and analysis with which newspapers, radio and television stations and their applications and social networks nourish their readers, listeners and viewers. In a world that is spinning at an unprecedented speed in history. Agencia comma has perfected this transmission belt in one of the most sophisticated areas of news, market valuation and analysis, with a capacity for immediate adaptation to critical moments, in which major transformations have been precipitated in the world order, in geopolitics and in the economic situation, as a result of paradigm shifts in the technological and energy fields and with unavoidable challenges to combat the climate catastrophe.

However, and despite this effervescent era of transformations, we must not lose perspective or abandon the sign of identity that should govern the communion of interests between the two spheres of journalism. The roadmap sets as a final destination the search for symbiosis between these two souls of information treatment based on six driving ideas.

Collaboration between journalists and PR agencies offers benefits for both parties

The former gain access to relevant information that will fill their stories with meaning, expert testimonials and supporting data sets that will drive subscriptions and encourage downloads and clicks. PR agencies, meanwhile, will thus have access to trusted media from which to disseminate client news and promote brands.

A relationship that demands more than meets the eye

PR support for journalists can come in many forms, and one great option is to have a media kit. These media kits provide easily accessible information about a brand, including company background, key executives, product information and visuals that can be used by journalists as well as informed technical opinion on what they are experts in your industry. The distribution of informative and analytical material and the engagement of journalists will be supported by a well-prepared media kit that provides quick access to relevant data and enhances news coverage. This is one of the best ways in which collaboration between professionals can be streamlined.

Establishing linkages through thought leadership interviews

Another form of cooperation that almost always comes to fruition is the offering of thought leadership interviews. Collaborative teams working together will provide valuable expert information, generate credibility and provide brand exposure. These encounters with thought leaders or prestigious personalities in their professional field are an essential tool for laying the groundwork and deepening mutual trust between clients and media contacts. Public relations professionals can use press releases, media outreach, proprietary channels, and primary content to secure the inclusion of thought leaders in the media and create meaningful connections with journalists.

Public relations and journalists

Their interdependence in the collaborative process of crafting compelling stories must be frequent. The journalist counts on receiving accurate information and the public relations professional expects the factual story to be communicated correctly. Building trust and open communication are the cornerstones of these synergies. Through storytelling, teamwork takes shape to create compelling and accurate content that resonates with the audience and enhances the perception of both the media and the brand.

Provide valuable resources and information

This umbilical cord offers agencies a valuable resource in the media to reinforce corporate brands. As representatives of their clients’ image, PR teams can provide the media with data, research, images and expert commentary or quotes. So they are in a constant quest to provide their editorial colleagues with reliable and timely information; in other words, to give them solid media reading and coverage.

Overcoming challenges and maintaining ethical practices

Deontology must also preside over these communicating vessels. Because there are potentially risky challenges in the relationship between media journalists and agencies, such as conflicts of interest, but also ethical considerations. From the agency’s perspective, being a source of information for journalists and a public relations cultivator at the same time can be complicated. Therefore, the links must be transparent and honest, so that these interactions can successfully navigate any potential ethical hurdles.

In short, if this cooperation between these two frontiers of journalism did not exist, it would have to be invented.

La entrada Journalists and communication agencies, a well-matched informational marriage se publicó primero en Agencia comma.

One mouth and two ears

Although it might seem that I have lost my temper by talking about human physiognomy in an article on finance, this statement is so relevant that it should not come as a surprise. There is a phrase going around, by an unknown author, which states that “we have one mouth and two ears, to speak half as much and listen twice as much”. I believe that this is the main key to how financial education has been tackled in Spain. An infinite number of entities – whatever their nature – talking non-stop, spewing out recommendations, concepts, manuals, definitions… This is how we have reached a context of thematic infoxication such as the one we are experiencing -which is especially evident this week of celebration- and with the lowest reading rates (books aside) in history (images win by a landslide). Hundreds of thousands of contents trying to enlighten supposedly financially ignorant people who do not know that they are ignorant or, what is more serious, who do not care to know it. What’s more, they don’t care if they are because they haven’t even stopped to think about it. They just talk, but who listens? What do they say? What do they want? What do they feel? What are they urged to do? What are they afraid of? Contributing content – sometimes good, sometimes surprisingly mediocre – to a lake where nobody is going to go fishing, seems to me to be a kind of self-deception, a way of covering the dossier of “my contribution to the issue” without stopping to think whether it is really worth the effort and the resources devoted to it.

The pupil decides

“When the pupil is ready, the teacher appears”. This obvious but overlooked statement is attributed to Socrates, a master among masters, who reflects very faithfully the consequences of what I said in the previous point. There is no point in teaching if there is no one who wants to learn. It is the closest thing to preaching in the desert or sowing in cement. In order for all this enormous informative effort to have a real and tangible return, we must provoke the student’s thirst for knowledge; create the need to equip him/her with a tool that will allow him/her, above all, to be free. Because… freedom is not to be trifled with.

Healing the relationship with money

In order for the learner to decide that he/she really needs the learning to achieve that freedom, we must first heal the relationship we have with money. Not for nothing , many of the courses on self-knowledge and personal personal growth courses that are gaining more and more followers every day, include this approach as an essential step in the management of our own lives. How is it possible that, on the path of self-knowledge, of full awareness of the self, of meditation, of connection with the energy around us, of connection with the energy around us, of connection with the energy around us, of connection with the energy around us? of connection with the energy that surrounds us? money is positioned as a key element to be taken into account? It is not nonsense. Many people have an unhealthy relationship with money, for different reasons, and it weighs on their daily lives.

Cultural change

But… where does this bad relationship with money come from? In Spain this is a purely cultural issue. You don’t talk about money, it’s bad manners. Full stop. But why? For several reasons. One of them is that it is part of our history. Until 1975, 50% of the Spanish population – women – could not open a bank account without the authorisation of their father, brother or husband. So why do we need to know what this is all about? We are talking about the fact that, less than 50 years ago, women were considered financial minors, so it should come as no surprise that women today possess fewer financial skills than men. Fifty years is too short a time to free ourselves from such a deep-rooted stigma. Another reason comes from the Christian culture that considers possessiveness and attachment to money as a form of slavery and a false security that prevents us from bearing fruit for God. Added to this is the individual and collective belief that everything to do with economic concepts is the sole and exclusive patrimony of the expert, as if it could not be understood – due to its very high complexity – by the rest of mortals. And finally, we must not forget that the control of capital is a form of control over people, especially the most vulnerable, including women. How can we change the mentality of an entire country? How can we break with these beliefs imposed by history and tradition? How can we implement new criteria for approaching money?

Yes, let’s talk about communication

Against this backdrop, there is an urgent need to take an approach that does not undermine all the current efforts to disseminate information, but rather to ensure that these efforts are properly grounded and with the sole objective of winning for everyone. Content may be very useful, but let’s start by creating the need to use it through communication campaigns based on facts, realities and the ways in which different audiences interact. Let us imagine, foresee and design a work aimed at changing culture, beliefs and self-limitations in order to open up a huge field of possibilities hitherto unimaginable. And here, creativity, channels and audiences come into play, since perception, knowledge and casuistry are as diverse as the target audiences we are addressing. Although year after year it is evident that young Spaniards are below the European average in financial concepts, paradoxically, never before have they been so exposed to topics related to finance, mainly due to the enormous number of gurus and influencers who introduce them to this territory from social networks, but without control or educational coherence and more aimed at achieving the big bucks and getting rich quick. However, it is curious that, despite this lack of knowledge, young people are clear about a concept through which it would be very easy to hook them on the need and the possibility: profitability. It is not for nothing that they use it on a daily basis in their language when they declare “it pays” or “it doesn’t pay” any action, initiative, comment, plan, etc. Wouldn’t it be a good entry point?

Getting the right channel

But young people are not in offices, nor in institutional galas, nor in governmental cabinets. We have to go out onto the streets, go to the channels where they talk and talk to each other. Therefore, campaigns cannot therefore be directed at covering the dossier for the institutions that institutions that finance them , but to the objective that provokes them. We must begin to change the approach, understanding what the need is and what the context is in which it develops. We can no longer ignore the needs and circumstances of the audiences we want to of the audiences to whom all these initiatives are intended to address initiatives and continue to speak from the pulpit of the superiority of the superiority that comes from knowledge and the institution we represent.

Change the focus.

This is all about creativity. Right now, and before delving into the content, we need to get down to earth and connect. Breaking taboos, changing heads, provoking this cultural change that is so deeply rooted because it belongs to the past and empowering people – young people, women, the elderly… – so that they understand that part of their freedom is 100% linked to understanding what money is all about, that it is not bad and that it is not difficult. And it is not a question of heroically championing it alone, but of creating an immense force that unites each and every one of the initiatives that exist at the moment in order to achieve – it is time! that all the effort is worthwhile – once and for all. And this is only possible if the current focus on financial education is drastically changed.

La entrada What communication can do for financial education se publicó primero en Agencia comma.

This genius or stroke of luck, however we want to see it, is present in the imagination of many Spaniards, especially the younger ones, as a role model. They are convinced that it is only a matter of time before Finman’s story repeats itself – with them, of course – and that only such investments, capable of multiplying a very small investment and obtaining stratospheric returns, are worthwhile.

In fact, most Spanish influencers only analyse equity products, especially those with very high risk, cryptocurrencies or technology stocks. This can be explained, in the first place, by the way they monetise their content. Financial content disseminators often benefit from paid promotions by investment platforms and financial products. Since high-risk products generally offer higher fees, there may be an economic incentive to promote such products. In addition, high-risk products and securities are often surrounded by an exciting and volatile narrative, which can potentially generate more interactions on social media and thus more revenue. Thirdly, the majority of the audience is young, not very knowledgeable, less experienced in investing and more susceptible to being attracted by aggressive strategies that promise quick and juicy returns.

Although this correlation between disclosure and high risk may be true, Celia Rubio, one of the most prominent investment influencers in the industry – he has more than one million followers on Instagram – he does not believe that this is a general behaviour of financial content disseminators and that many talk about other products and “the importance of creating an investment strategy and a diversified portfolio”. Héctor Chamizo, journalist and economic expert streamer, considers that although “the link between finfluencers and high-risk investment products is notable, it is important to consider that not all focus exclusively on high-risk products” and that some “take a more educational and diversified approach”.

Unfortunately, the culture of the buck, which has metamorphosed from bricks and mortar to cryptocurrencies and technology stocks, is still deeply rooted in Spain, one of the EU countries with the worst financial education along with Romania, Cyprus and Portugal, according to the European Commission. In 2021, the Bank of Spain conducted a survey with three basic questions on inflation, compound interest and risk diversification. The results were devastating: only 19% were able to answer three basic economic questions correctly.

The Internet and social media, the sieve of distorted information

Despite the bad data, Spaniards’ interest in the economy and wealth management increased markedly after the pandemic. The rise in inflation-CPI went from -0.3% in 2020 to 8.4% in 2022– , the historical increase in interest rates, which have so far remained at around 0%, and the loss of purchasing power-according to Addeco, the average Spanish wage has the same purchasing power as in 1996.– have aroused great interest in savings and investment among Spaniards.

This positive fact is diluted by this negative one: novice investors, especially young investors, seek information on these topics on the internet and social media rather than consult a financial advisor. In this context, finfluencers play an increasingly relevant role as sources of information. However, not all of them have the necessary training, knowledge and experience in economics and finance, and many of them suggest that through a few simple steps their followers can achieve what they supposedly already have: the desired financial freedom.

CFA Institute – one of the world’s foremost associations of investment professionals, known for its famous CFA (Chartered Financial Analyst) certification – published a study earlier this year on how financial communicators engage Generation Z investors in the investment decision-making process. According to Rhodri Preece, head of research at the CFA Institute, “our research shows that the content of the finfluencers often lacks the necessary risk disclosure, which may hinder consumers’ ability to assess the objectivity of the information, and some investors may not be aware of when and how the finfluencers to promote financial products.

Pablo Gil, an economist and one of Spain’s leading experts in stock market analysis, believes that “the problem we still have is that the Internet is completely flooded with bad advice, because there are many people who try to make a living by opening the eyes of the rest of the public, when in reality their knowledge leaves a lot to be desired. So there is more interest and more information, but unfortunately a lot of it is not accurate or not really good.

Are finfluencers the solution or part of the problem?

One of the questions being debated is whether finfluencers are helpful in improving financial education or whether, on the contrary, they are part of the problem. Chamizo believes that there is no clear answer: “Within the spectrum there are content creators who are not very well trained and who sell three-quarter-size motorbikes, but there are also profiles with a high added-value proposal”. Furthermore, he believes that there is no direct link between low financial literacy and the increase in finfluencers: “Not at all. The shortcomings come from behind. The creators are not part of the problem, even if some people put sticks in the wheel so that the problem is not solved”.

Celia Rubio is more optimistic and believes that financial communicators have managed to transform this knowledge that was not very accessible and that “used to be covered with a halo of complexity” to make it much simpler, so they play “an important role in this democratisation of financial education”. He also points out that as we move forward in financial education, the number of influencers, as people will be more aware of the need to keep learning and will consume even more of this type of content.

Gil, for his part, is highly critical of teachers and disseminators of financial content: “Unfortunately, there are few good teachers who really do a commendable job, and it would be as simple as looking at their curriculum vitae. If we were to make this filter, we would discover that probably nine out of ten teachers should not really be teaching this type of activity”.

Regulation follows in the footsteps of financial disclosures

On the other hand, one of the big problems is that some finfluencers, whether professional or not, are unaware that their activities are subject to regulation. Although a title is not required, the CNMV reminds that recommendations must be presented “in a clear, accurate and objective manner” and it is necessary to disclose “any conflicts of interest that the person issuing the recommendation has in the financial instruments to which it refers”. The firm conducted a review of these investment recommendations issued by influencers and “contacted those identified as ‘experts’ to request clarification on their activity and require them to comply with established obligations”.

“While the CNMV has issued warnings and some guidance to these content creators, clarity on how they should operate within the legal frameworks could be improved,” said Chamizo. He adds that “current regulation may seem insufficient in the face of the rapid growth in the number of finfluencers. Given that the impact of its recommendations can be substantial, it is essential that the CNMV establishes clear and precise rules. For example, finfluencers obtain a specific certification or adhere to clearly defined ethical standards to increase transparency and accountability,” he adds.

Celia Rubio believes that the CNMV is clear, but that “it is not adapting well to the times and the types of content” currently in existence. He adds the need to “penalise those who don’t do it right, who spread false information and talk about scams”. On the other hand, Gil believes that it is preferable for the CNMV’s stance to be more aggressive and recognises that it is better to “sanction or avoid misinformation in a generic way, even if it is to the detriment of those trainers who really have a curriculum that supports them”. The easiest job,” he says, “is to fine or ban everyone, but the reality is that you would have to do much more detailed work” to discern who really has the knowledge and experience.

Friend or foe of industry?

In the financial industry, some professionals view the role of influencers and publicly acknowledge that there is clear intrusiveness. However, not all industry agrees on this point. Chamizo believes that brokers and trading platforms see them “as a significant opportunity to increase their client base”. Their ability to reach a wide and diverse public, with a language that is close, simple and attractive, has been exploited – without being without risk – by these entities to increase their volume of transactions. Chamizo points out that the investment fund industry and other more traditional and regulated financial institutions tend to reject those who do not provide value-added content and welcome those who offer more analytical and educational work.

Celia Rubio is not so ambivalent and considers that the industry “sees it as an opportunity; an opportunity to convey messages in a simple way and to make financial products and services known in other ways”. In this sense,” he concludes, “there is a good alliance between the financial industry and financial content disseminators.

Social media are part of the debate

The aforementioned CFA Institute study outlines a series of recommendations for regulating the situation of influencers financial. One is for “social media to improve their controls and take additional responsibility to ensure that content creators are transparent and identify what is promotion or advertising”. But is this possible? Should they take responsibility?

The entry into force of the new General Law on Audiovisual Communication seeks to regulate the activity of content creators on social media by determining what they can advertise and how they must do so. However, it is not specified what social media should do with financial content that is sensational or misleading.

Chamizo considers that social media “have a crucial role to play in moderating the content that circulates in their spaces, especially when it comes to financial information. Currently, although these platforms have implemented certain measures to tackle content of dubious financial quality, there is a growing consensus that they should intensify their efforts.

Gil, for his part, doubts that social media “have the capacity to be able to analyse this in detail and know how to qualify which content is really good and which is misleading content”. Celia Rubio agrees on this point, but she does believe that there is something that all social media should do: “control scams, identity theft, pyramid schemes, aspects that are very obvious and that social media should tackle”.

Conclusion;

Finfluencers have emerged strongly in the financial industry. They have helped to democratise information and have identified a great need: the education of a generation increasingly interested in managing and investing their wealth. However, not all of them have the experience and expertise to perform this function and many of them promote products without adequately informing about the risks involved. The financial industry and the CNMV must continue to take steps to ensure that content disseminators comply with regulation and standards of transparency and objectivity, while social media take a more active role in identifying misleading content and protecting users.

La entrada Finfluencers: opportunity or threat for the financial industry? se publicó primero en Agencia comma.

The cryptoasset industry and theblockchain industry is at the center of a social debate that is increasing or decreasing in volume depending on the current state of the industry. The conversation around their technological innovations and the potential economic and social revolution they entail has always taken place in dialectical termswith a high degree of opposition between the perspectives covered and the representation of the sector itself, which has ended up leaving a series of clichés to which society in general has assumed to approach a tremendously complex phenomenon with few options to be understood by the majority and in its entirety.

The media, blogs and social networks have been no exception; moreover, they have contributed to the polarised messages about this industry grow exponentially. They have amplified some positions against others and have magnified certain Manichean clichés inherent to the division between good and bad, which in this case have ended up installing a dichotomous climate around blockchain and cryptos.. It can be summarised in two main aspects: technological revolution (favourable public opinion) versus speculative bubble (unfavourable public opinion);

Industry reputation is holding back the adoption curve

All of the above has had an impact on the adoption curve (or Rogers curve) of these new technologies, and has had an overwhelming influence on the socio-cultural factors that influence the successful implementation of a given innovation. The sector has not succeeded in consolidating the Early Majority, which has prevented the leap into the Late Majority. Moreover, there has been a phenomenon in which skeptics have actively opposed this adoption,backed by institutional voices, monetary authorities and investment gurus such as Warren Buffet, Charlie Munger or Jamie Dimon, etc. who have set the rules of the narrative around cryptos and have established a set of beliefs that the rest have followed: they are a scam, they are worthless, it is the Wild West, etc.

Industry developments in 2022: the ecosystem decline Terra and the crisis in the crypto-lenders – and the bankruptcy of the crypto-asset platform FTX, have served as a justification for these positions and narratives, and have caused a reputational crisis, amplified by the treatment of non-specialist media; The result is a communication gap between one and the other that the sector has perceived and regretted that, with notable exceptions, the kind of media coverage it receives is carried out without knowledge of how it really works. And that the media have not had the tools to reduce;

The report ‘The cryptoasset sector and blockchain. An analysis of media coverage and the digital conversation’

For its mission as a strategic financial communications consultant to many of the firms that have participated in this industry, comma has observed these trends, has perceived the polarisation, increasingly palpableand the sector’s difficulties in addressing a public opinion that has distanced itself from the phenomenon;

For this reason, it has carried out an extensive and comprehensive analysis of the digital conversation generated in 2022 around the news spread about the blockchain industry and digital assets; comma has studied, through an ‘Analysis of news and media content’ and an ‘Analysis of digital narratives and media territories’ what the media say, how they say it, what narratives emerge from media coverage and how these themes of the digital asset industry are related. If that wasn’t enough, it has gone a step further to identify what climate of opinion each of these narratives generates and their impact on the reputation of the sector.

The result is set out in the report ‘The crypto-assets sector and the blockchain; An analysis of media coverage and digital conversation‘ which analyses the above-mentioned gap, its nature and where in the social dialogue it is larger or smaller and therefore has the potential to be closed. More importantly, how this gap with the media establishes a stigma towards the sector and a climate of mistrust in society; In addition, it has a mission to equip the industry with tools to cultivate your relationships with the media, in the interest of driving those narratives about blockchain developments that will generate positive impact and shore up the industry’s reputation.

A two-phase analysis

The first of the analyses (news and media content) examines in a qualitative and expository way the digital conversation that took place throughout 2022 around the cryptoasset and blockchain industry, according to the links that had the most diffusion and impact on social media networks and divided into five categories: crypto ecosystem, generalists, financials, business and technology and on the basis of identified thematic axes. A discursive analysis is also carried out in order to identify the potential impact on the population of the media content disseminated on social networks.

The second analysis (digital narratives and media territories)delves into the narratives or debates that emerge from the dissemination of the news previously analysed; Using graph analysis (SNA), it detects social media posts that include URLs to previously detected crypto sector news; To identify which type of conversation – narrative trends – is associated with which type of content;

News and publications on Social Media in 2022 in figures

Seven keys to media coverage in 2022

On the basis of the two analyses described above, we have found that seven trends in news reporting on crypto-assets and blockchain:

1. Distinguimos three main narrative blocks: ‘BTC’, ‘Investment’ and ‘Industry’.which evolve throughout the year;
2. The news with a negative impact tends to become more viral,but when it comes to the conversation on RRSS about industry news, there tends to be a more positive sentiment.
3. Some issues appear to be oversized in terms of impact – the more generalist ones- They generate greater reach and dissemination, which in turn leads to a feedback loop; Although they fail to establish themselves as trends within the sectoral debate, they do make an impression on the general public: they are a constant trickle of information that contribute to a negative climate..
4. In contrast, the more specialised narratives, from sectoral media, generate more debate and yet, are less viralised and have less impact on the general public.
5. There is a segmentation of media coverage -where each media outlet talks exclusively about certain topics- with little permeability between them. What causes the emergence of opinion bubbles.
6. As a result, there is a polarisation throughout the year in the selection of the news and its treatment. It leads to an over-dimensioning of potentially critical issues for the sector’s reputation and an under-representation of diverse issues around the industry;
7. Also, a number of bridging narratives are identified in 2022with the potential to grow by 2023. Those associated with more cross-cutting coverage, which appear throughout the year in debates of various kinds, and therefore have a lower rate of isolation within the conversation;

Recommendations;

As discussed above, this has led to a polarised situation, which usually has two reactions from the subject group; On the one hand, radicalisation, activism and evangelism; on the other, to distance ourselves from the polarised debate and continue to construct parallel narrativesso as not to be relegated to this dichotomy, albeit at the risk of remaining isolated.

Thus, comma makes a series of recommendations, always taking into account our analysis.

For the sector:

• Transcending the combative and victimising stanceto strengthen the constructive and unified voice of the sector;
• Moving away from generalist and polarised narratives without losing sight of the goal of expanding the audience to connect with the wider public;
• Intensifying industry outreach work, with narratives capable of entering the minds and debates of the general public, using planned and professional communication strategies;
• Fostering bridging narratives, giving more weight to those that present less potential reputational risk to the sector, encouraging moderate and objective voices;
• Diminish the gap between the media and the sector, incorporating expert, academic, professional and independent voices that are able to find ways to convey the multiple contributions to society.

For the media:

• They are required more hinge or bridge media with sufficient relevance to encourage more transversal media coverage, and which make information more accessible to wider audiences, with a language that breaks away from the specialisation of sectoral media.
• A greater effort by the less specialised media to listen to the crypto industry.by expanding its sources;
• Provide journalists with training, professional conferences and meetings with the sector so that they can deepen their information.
• Appreciate the emergence of new worlds around industry and different technological developments, as they present an informative opportunity; The key to this is that journalism must be open to new specialisations, new narratives and new subjects;

From analysis to action

The way to dilute the discursive polarisation of the blockchain and digital asset industry reflected in this in-depth analysis is for all players to become aware of the situation – with objective data and not merely by intuition – and to start acting accordingly;

This exercise will undoubtedly require a change of attitude. It is a matter of abandoning some of the defensive, victimising or arrogant positions detected in the analysis in order to begin to create – under the umbrella of a coherent, planned and unified communication strategy – bridges that facilitate the disappearance of echo chambers and biases; The ecosystem has the challenge and opportunity to find our authentic voiceto, from there, participate in the professional outreach of society, correct misinterpretations and create a unique narrative.

We see a clear opportunity for private and public entities, associations and industry professionals to radically change a proactive, professional and conscious communication model. It is about pooling our knowledge, experience and projects to win because communication is power:

• To be able to share this reality in a clear and non-technical way, with depth and expertise;
• To be able to showcase new developments and applications in the real world;
• Power to put expert, academic and professional voices at the service of the mainstream media;
• Power to collaborate in the development of an active lobbying policy, multi-brand communication and public relations campaigns or the consolidation of an active meeting place for the industry;

In order to start acting and go beyond intentions, we present the NFT ‘comma, blockchain and digital assets’; With this NFT, created in partnership with PriorityGateas a technology partner; we take the first step and materialise our commitment to create a community capable of working in a coordinated and united way to overcome the obstacles that the analysis has shown us and start transforming the narratives of the industry from within; The bearers of this NFT will be members of this community that aims, in the medium and long term, to consolidate this philosophy of co-creation of a new narrative reality around digital assets;

La entrada The communication gap between the blockchain industry and the media: analysis and tools to shore up the crypto sector se publicó primero en Agencia comma.

Fintech communication: regulated markets and competitiveness

A few weeks ago Silvia Albert summarised for us five of the most important communication challenges in 2023, that are highly applicable to the financial and fintech industry; However, in this industry there is a particularity: it is a regulated market. But it is alsohighly competitive and new actors are arriving daily;

Traditional companies – already operating in the market and already quite intensive with their corporate communication (investment banking, private banking, commercial banking, financial advisory firms, fund managers, insurers…) – are joined by new fintech and insurtech players (neobanks, brokers, roboadvisors, financial technology services, open banking, brokers, digital asset companies, data aggregators, savings solutions, etc.), who are eager to present their brands, business models and (supposedly) disruptions..) who are eager to showcase their brands, business models and (supposed) disruptions; The attention cake is getting smaller and smaller , but there are more guests competing to be the most handsome of the party and get the biggest slice.

The need to create content;

We have detected that almost all of them have in common a limiting bias: they place much of their expectations for results on rapid and massive media coverage even though much of their content is not newsworthy. For many of these firms, communication is limited solely and exclusively to appearing in the salmon newspaper of reference because they have the unrealistic belief that this will have a direct impact on increasing their sales; They take the part for the whole and on the way they miss out on the other powers that communication can bring within their reach;

To highlight: the possibility of finding that story (corporate and differentiating and building stable relationshipswith all their audiences, and then provide them with content on all the channels available to them, without forgetting the ability to devise creative campaigns in collaboration with their audiences. Media coverage should be a consequence, not a cause..

Fintech communication: beyond being in the media

We meet numerous actors navigating a challenging environment: volatility, inflation, difficulty in managing and achieving returns, distrust of society, difficulty in reaching new customers and not suffering losses from current ones, securing funding, changing regulation, budget reductions, valuation issues, corporate moves…. However, firms continue to focus their communication efforts on positive media coverage at a time when media has less and less space The new report also highlights the need to devote more time to news generated by these firms (due to reduced investment in advertising, falling readership, etc.) and increasingly tight newsrooms, where journalists can hardly cope with covering all the actions and information that are produced daily in the industry; Moreover, good journalists distinguish, and do so well, between the wheat and the chaff; One thing is news and another is to advertise the benefits of your “pioneering” “disruptive” solution that comes to “democratise” “make accessible” thanks to technology… and blah, blah, blah.

We see the need for a technical stop of management and communication teams in the financial industry to do some self-analysis, to be realistic and to think: Don’t you see how unfocused we are focusing our communication strategies only on “getting in the media”, shouldn’t we, as experts in our fields, contribute to transparency and bring our knowledge and vision to the society?

Here are some tips to take into account when designing corporate communication strategies for financial institutions and fintechs this year;

10 keys to communication for financial institutions and fintechs

1.- Without the organisation’s commitment to communication, there will be no paradise

Communication should be a strategic asset in organisations and have its place in the management committee of companies; If the communication team works closely with the strategy and business team, the foundations of the story can be better established and, from there, adapted to the different channels in which the organisation connects with its audiences: employees, customers, prospectssuppliers, journalists, investment influencers… As we have explained, differentiation is becoming more difficult than ever; therefore, we will have to be creative, but also consistent and rigorous; There are no shortcuts; it all starts with a commitment that we must pass on to the whole organisation, and by having and knowing how to count on the raw material: the organisation’s intelligence; Even if we experts have open relations with the public, make no mistake: it requires a direct involvement of the management team and key designated spokespersons. Yes, yes, it takes time and resources;

2.- Holistic, personalised and beyond media strategy

Companies are advised to take a long-term approach to their strategies, though the action plan changes often based on the results, the needs of the environment and how current events move. Let us not forget that our competitors are also launching their own actions; Getting media coverage will be a consequence of the activity, campaigns and content we are able to generate together, as long as it is newsworthy for the different media audiences; It is not new that it is essential to coordinate with all areas and experts of the company as in an orchestra..

Setting that common goal and harnessing all the organisation’s resources is essential; Again, each company will have different priorities this year and will have to adapt its strategy to them; More traditional financial firms, such as fund managers, have a lot of room for improvement and many opportunities to communicate through other channels such as their websites, newsletters, podcast, digital channels…. Recently a well-known financial journalist claimed that his biggest competitor was not the media but LinkedIn; For fund managers, an appropriate strategy will allow them to segment their messages in order to meet the different requirements of their regulation; Therefore, it should make us think that it is not just about being;

It is curious how many fintechs, even though they dominate digital channels, are not able to access the intelligence of their employees to produce content that truly contributes and, therefore, is newsworthy; Moreover, their spokespersons are often under-prepared and this shows (as well as producing disastrous results). It could certainly be the medium for B2B communication in 2023 but managed in a professional and truly useful way;

3.- It all starts with knowing yourself (and knowing what others think of you)

Who are you? Who would you like to be? Does what you are saying you are match what your audiences – employees, customers, suppliers, competitors – perceive you to be? What are the dynamics of the conversation? What territories do your competitors embrace? Do you know exactly what information your audiences are looking for? My grandmother used to say: to communicate well, you should listen before you speak;

To have a strategic positioning map® communication and sectoral listening are the tools we use in comma to define our content territories and, in this way, correctly adjust the communication strategy to that reality and not to mere intuition or unrealistic expectations;

4.- In communication, the story must be the umbrella of the strategy

The cornerstone of the communication strategy of any company, entity or brand is to extract that corporate story from which everything will start: the background; From there, side stories will emerge and we will descend into the different channels in various formats: the form;

Thus, the story must be the thread that connects organisations with their audiences and it will advance with the business and with the evolution of the ecosystem in which we operate;

But to have a consistent narrative it is necessary to work directly with the management of companies which, in many cases, are being created on the fly; In organisations with a longer track record, you have to be willing to break the script; Having an expert team to look after your multichannel and transmedia storytelling is more essential than ever; In the fintech universe it is very common to start a business model and then have to change mid-game; The challenge is not to lose the thread of the story;

5.- Let’s accept the crisis as the natural environment in which we operate (or live) and anticipate it!

The dot coms, the 2008 financial crisis, bird flu, preferential shares, stamps, the pandemic, wars, crypto-winter… Although the alarm bells are often sounded well in advance, a lack of listening, perspective or self-criticism can catch you off guard and you end up managing the emergency exit in a very unprofessional manner;

Companies operating in the financial system always face a challenging environment; indeed, many of them owe their existence to it (asset managers); Low yields, rising interest rates, inflation, problems of access to finance, mergers, takeovers… So, you have to stop and think: what could happen in scenario A, B, C… with your business? And get ready;

But crises are not only caused by negative issues; Sometimes they are also caused by inordinate and incoherent growth that leads to duplication of tasks, functions and positions at times when, in the case of fintechs, they move from start ups to unicorns or scale up and face the challenge of maintaining the corporate narrative to an internal audience; In such cases, internal communication becomes a priority, as employees will be the first brand ambassadors and potential new spokespersons;

6.- Machines and people, the equation of success

I’m sorry but yes, many of our functions will be replaced by technology (in some of them, by the way, welcome! clippings, reporting bye,bye). In communication they will also come to take (part) of the work away from us; Don’t panic! Marc Vidal has been saying for some time that “people urgently need to be trained to work with machines”. Who will dominate whom? We’ll see; it’ll make for a Netflix series;

What is clear is that those of us who are experts in communication we will have to learn new skills and processes to apply technological innovations to our function, to optimise processes, to scale, to become more efficient and to multiply our innate capabilities. Everything is going very fast: blockchain, web3, AI, etc. We should not be afraid of the machine learning. What should scare us is that we consultants, journalists, writers, creators… in short, humans, abandon continuous learning as a way of life. Creativity, critical thinking, asking questions, telling stories and connecting dots, people, ideas, businesses… is what we need to master. This year we will test hundreds of technologies, some of which we will take on; some of which we will not; Many changes, new spaces, new professions are on the horizon; As with the first, second or third industrial revolution; If it’s really just the eternal return, sit tight and carry on;

7.- Beware of the new regulation

This is nothing new, the financial and fintech sector, as we said, is one of the most regulated sectors in existence; It is true that nowadays innovation is so fast that we are sometimes out of step; And that, by protecting, we sometimes achieve the opposite. In any case, we will take new regulations and requirements into account in our strategies; This is why it is essential to collaborate with our colleagues in the legal departments and compliance.

We also believe that both the asset management and digital asset sectors require a review of their conversation; It is one thing to comply with red lines, but it is quite another to be misunderstood; In this sense, the approach to a clear communication that Prodigioso Volcán has launched and with which we collaborate from comma, is a huge opportunity. Sometimes we will have to approach legislators or society to explain our innovations more and better; Different regulations around digital assets, taxonomy, financial and non-financial reporting, etc. are coming;

In any case, we will be able to innovate on them in both form and substance; There are many medium-sized companies entering secondary markets and they will have to adapt their communication; Here again, a new variable comes into play: communication with your investors; In addition, SMEs will have to produce their non-financial reports and these can become not only a powerful loudspeaker for the brand, but also a sign of identity, innovation and contribution to society;

8.- Communication with ESG criteria

Applyenvironmental, sustainability and governance criteria not only in your organization, but also in your communication. words create realities. Your messages have an impact; Are we aware of this? It is not about strutting around with greenwashing messages but about being an organisation with clear EGS criteria that is also reflected in your communication;

How do you communicate with your employees, with your suppliers? How do you make your corporate presentations and your events? Do you print without any rhyme or reason and produce things that you throw away? Do you give away objects manufactured without sustainable criteria? Are you transparent? Do you have clear criteria for corporate governance? How do you treat your collaborators/consultants/suppliers? How do you interact with journalists when they ask you about something you don’t want to talk about? What impact do your messages have on the conversation in the sector, in society? What are your ethical criteria? Do you know your biases?

How far are you willing to go to achieve the longed-for virality? Recall the Mundo Crypto communication campaign, which by the way is now on the brink of bankruptcy. It is important to be clear that communication does not work miracles; It should simply be consistent with who you are; Don’t be obsessed with telling things you don’t do, things you are not, things you don’t think; Do first; then communicate;

9.- KPIS vs. expectations

A huge obstacle we will continue to encounter this year is obsessing over KPIs without aligning them with what the customer expects to receive; Let’s not forget that communication is about intangibles and, even though these can certainly be assessed, follow other criteria than those of, for example, marketing; To avoid disappointment, it is important to define the firm’s expectations and the criteria for measuring the results of the strategy from the outset; Sometimes it is better not to not work on a project than to force it if the firm expects results that will never be achieved; It burns the firm and burns the team; Moreover, it is not sustainable over time; Intangibles such as reputation and notoriety are difficult to measure; They are certainly not measured by the weight of the cover (which, by the way, can now be bought very easily); We need to be creative and establish different indicators; and even go one step further: could we measure, for example, the impact of our voice on the conversation in the industry in which we operate?

10.- Creativity and collaboration for solutions to common causes

Stop navel-gazing and come up with collaborative creative campaigns that provide solutions to common causes; May this be the year when we understand that there is room for everyone and that there are causes worth embracing together; Since we started working in financial communication, all actors talk about the need to increase trust in their work, improve financial education, democratise investment… Only the union of different companies in the sector in a common objective to create communication campaigns that change realities, shake up and cause a positive impact related to the financial and technological world can be the solution to common causes; Continuing to work on our own territories, each one separately, sounds more like opportunistic initiatives than a clear vocation to change perception, knowledge and improve the performance of all; Can you work for a cause even with your competitors? Creativity is connecting the dots;

As Heraclitus said: “Nothing is permanent except change”; The same goes for our strategies; What works this year may not work the next; If the business objectives or the sector move, so do our action plans; we have to be aligned, anticipate, be coherent, agile and flexible; Hence the importance of surrounding yourself with communication experts who live in continuous learning, who are not afraid to collaborate with machines and even with your competitors for the common good; A multidisciplinary team, with passion and ambition, able to inspire, advise and be proactive in helping you to navigate resiliently and adapt your story to a changing, challenging and very exciting environment; How does it sound?

La entrada Challenges for financial communication and fintech in 2023 se publicó primero en Agencia comma.

Although it may not be the first, it is however the only one to integrate partners who share our work ethic: proactivity, demand based on the close collaboration with our clients, entrepreneurial spirit, and high-quality strategic advice. As leading agencies in each of our countries, we are the benchmark thanks to our specialization and proven experience in corporate communication and public relations within the financial sector (banking, investment, asset management, fintech, venture capital…). All our partners have a solid knowledge of their respective markets and have formed privileged relationships with local media. We also share our essence: independence, which allows us to guarantee a customized and close assessment, as well as top quality service at all times.

All this started after many years working alongside Thomas Egger, our Swiss counterpart, on shared projects for international asset managers, who set challenge: “We work so well together. Why don’t we search for other agencies just like ours, the best in the financial sector?”  The rest was smooth sailing. Energy beckons energy. We joined forces to create this constellation formed by star agencies: ALL Comunicação (Portugal), Liminal (United Kingdom), Fargo (France), Mymediarelation (Italy) and TE Communications (Germany, Switzerland, and Austria) and us, Agencia comma (Spain).

The creation of this network has become even more relevant than ever in our current global context, characterized by the COVID-19 crisis. The rules for corporate communication may require a complete rewrite as a result of the coronavirus.  The financial services sector is becoming increasingly competitive, complex, and challenging. Its digital transformation is picking up speed. Experts in asset management have explained how they expect their way of working to change completely on different media outlets. Unnecessary travel will be cancelled, processes will be automated to improve efficiency and distribution will be transformed. In this new world, the financial industry will need to work alongside with communication and public relations professionals who can help them stay on track. International communication solutions thus become a vital matter.

One of the main goals of this alliance is to break down barriers and multiply our abilities to work alongside our clients in their international expansion with our same strategic assessment in the fields of communication, consolidated knowledge in the financial sector, and a network of local contacts.  Thanks to FINCOM, comma now can offer coverage in Spain, Portugal, United Kingdom, France, Italy, Germany, Austria, and Switzerland.

However, while many other networks of agencies coexist as platforms in which to exchange business, FINCOM has a different focus: we seek to collaborate and co-create. We will share information, ideas, and focus on new trends in the communication sector and the financial industry in our markets to guarantee that our clients make the most of our collective intelligence.

We want to thank the comma family; each and every one of the wonderful professionals who are part of our team and our CEO, Silvia Albert, who guides our team, as well as our international partners, because you have make this dream come true. And the path that still stretches before us! It is a pleasure to create synergies and strategies with great professionals who work for communication.

All the information has been included on the FINCOM website, which has been designed by the creative team at Agencia comma (Global Design) creating the brand image of the network. We are sure you will love it.

It has been a pleasure to tell you all of this from home, with my children interrupting me constantly, thanks to the distribution of work and the wonders of technology. The new world is here already, and it makes us shine even brighter.

La entrada We have created FINCOM, a new European agency network specialising in financial services communications se publicó primero en Agencia comma.