The often-complex world of financial services is embracing the power of storytelling to build trust and simplify intricate concepts.
This was the resounding message from a recent panel discussion at Money 20/20 Europe event in Amsterdam, led by Katie Spreadbury, UK CEO of Vested. Industry leaders across a range of financial services companies dissected how narratives are becoming an indispensable tool in marketing and communications, and how this trend is set to evolve.
Steph Cadman, head of communications, EMEA at World Gold Council, emphasised the dual role of storytelling in financial services: “Storytelling is important for all brands, and in financial services, it plays a particular role in two key areas—simplicity and trust.”
She highlighted that while financial professionals deeply understand their products, consumers often grapple with complex topics like pensions, mortgages, and investments. Storytelling, she argued, helps “simplify these ideas and influence consumer decisions”.
Cadman also pointed to the critical trust deficit in the sector, nothing that storytelling is “an essential tool in financial communications and marketing” for bridging this gap by “tapping into emotion and making a connection”.
Will McSheehy, director of corporate affairs at Starling Bank, spoke about the challenge of differentiation in a crowded market, which he described as a “sea of sameness”.
He observed that many financial products are highly competitive or “so esoteric that even the trade press needs explanations”.
Storytelling, he explained, has an innate ability to connect people, making information engaging and relatable. “It allows us to bring in wit, humour, and emotion—which a white paper can’t do,” he said.
McSheehy also noted the enduring appeal of simple narratives, stating there’s “still strong demand across social media, traditional media and regional publications for stories about financial services providers funding loans for local businesses, creating new jobs.”
Mansi Chopra, CMO of payments platform Finmo, highlighted storytelling’s role in cutting through the relentless “bombardment of messages” consumers face daily.
“Storytelling helps brands cut through the noise and stand out,” she said, noting that while early-stage financial companies often focus on products and features, “storytelling humanises these, making their value clearer to users.”
Chopra offered a key piece of advice: “A compelling narrative comes from making the customer the hero, rather than focusing solely on products and features,” adding that successful storytelling resonates with customer needs, creating an “a-ha” moment.
The panellists also delved into the evolving nature of storytelling.
Steph Cadman said World Gold Council’s initial efforts to highlight the positive socio-economic impact of responsible mining through data-driven storytelling fell flat.
“It didn’t land—because this was a human story, not an investment one,” she said.
So, the organisation pivoted to short documentaries, featuring real, unscripted stories from people living near mines in developing countries, which proved far more compelling than a report.
Will McSheehy also pointed to a significant shift in financial services communication.
Traditionally focused on “logos—the logical reasons why customers should buy a product,” the industry is now increasingly embracing “pathos—emotional storytelling,” he said.
Looking ahead, he predicted an even greater emphasis on “ethos—credibility and culture” and raised points that are likely to be crucial to the future of financial storytelling.
“Who tells the story matters. Is the spokesperson relatable? Trustworthy? Recognisable? These factors will shape audience engagement moving forward,” he concluded.