Like Switzerland itself, companies have historically preferred to stay out of politics or any other divisive public debate. Come to think of it, what legitimacy would a toothpaste brand, for example, have to comment on a geopolitical conflict, a vote or the overly gendered vocabulary of a public figure? Sherif Mamdouh writes in his article for finews.first.


This article has been published on finews.first, a forum for authors specializing in economic and financial topics.


A 2018 study showed that 64 percent of consumers worldwide buy or boycott a product based on values alone, and the trend is rising. So we need to position ourselves, on everything and fast. As columnist Kian Bakghtiari writes in «Forbes», the term «boycott», which until recently was reserved for a radical fringe of the population, is now the prerogative of the average consumer who demands that products and services conform to their opinions.

Like Switzerland, which was recently pressured out of its silence to impose sanctions on Russia, companies are now forced to take a stance on a large number of issues, a kind of ethical and moral examination to which they must constantly submit themselves to remain worthy of their consumers.

«In the age of powerful social networks, the vehemence of criticism can be fatal to a reputation»

The Swiss financial industry is therefore finding itself in quite the conundrum. Known worldwide for its (dare I say boring) discretion, and struggling to renew its value proposition in an increasingly homogenous global financial industry, its actors must now take stands and speak up… As long as they don’t offend any of their potential client base, say anything that could be interpreted as a solicitation or a recommendation, or bruise the ego of a stakeholder.

But, is there any room left for creativity in financial communication? In the age of powerful social networks, the vehemence of criticism can be fatal to a reputation, and a Finma crackdown very costly, so how to stand out and create brand value?

The rise of cancel culture, a kind of social self-justice based on ranting, as described by the reputation intelligence specialist LaFrenchCom, is probably at the center of this puzzle (given the regulatory imperatives are respected). It's a phenomenal tool for social progress, but it comes with its own set of unfortunate side effects. What brand would still dare to create a campaign in the spirit of «United Colors of Benetton», and its human rainbows?

«Why does it all feel too bland?»

The first question that would probably come to an art director's mind is «who did we forget?» for fear of getting into big trouble or being accused of discrimination – even though the underlying message of the campaign is diametrically opposed to this criticism. Yet, thirty years later, everyone still recognizes the Benetton brand and associates it with values of diversity and inclusion. It was daring, sincere, different and claimed as such. Everything you need for a strong and lasting brand identity.

Ok, obviously we can’t expect a Swiss bank or asset manager to go that far. Benetton was selling an experience to a generation of kids who sang «Winds of Change» as the Berlin wall collapsed and cheered on as Nelson Mandela was awarded the Nobel peace prize. Different times, different stakes. So what should be the focus of communication for financial institutions? Why does it all feel too bland?

«ESG itself, it is clearly no longer a brand differentiator»

For the past decade, we have seen a growing interest in ESG-centered communication. Rallying behind a greened future seemed straightforward enough and a sure win with the audiences. However, the rush towards eco-friendliness became so out of control that there was an industry-wide lack of critical thinking. Many focused on the packaging and forgot that the devil is in the detail. And we are now witnessing the backlash of this, having lost a lot of credibility, with greenwashing becoming yet another pitfall. As for ESG itself, it is clearly no longer a brand differentiator.

According to Jennifer Aubrecht, Head of Marketing and Communications at Atlantic Financial Group, «most brands in the financial industry look and feel the same. Because of the regulatory restrictions and the reputational deficit the industry has suffered from, it has become an industry of consensus where most actors would rather be wrong and remain with the herd, than to take a risk and be bold enough to develop and capitalize on a set of differentiators».

«This doesn’t require pharaonic projects»

The financial industry’s selling proposition boils down to two things: trust and knowledge. As such, it goes without saying that one of the most important axes of communication is the production, distribution and promotion of thought leadership. There is no fancy branding in the world that can ever replace the value of a trusted and proven advisor.

Knowing the media landscape, and supporting an environment of high-quality information that allows for critical thinking and knowledge sharing is an absolute must. This doesn’t require grand schemes and pharaonic projects. Only the capacity to become a preferred source of information for the leading media outlets by always being transparent, timely and respectful of their journalistic mandate.
Once your brand is trusted and your knowledge established, make sure to have some fun…

«It is not a question of brand identity, but rather of the corporate culture»

An interesting postulate is to accept the societal change that has given rise to the so-called cancel culture and to try to define oneself in this new context. Because at the end of the day, one’s own opinion of this phenomenon is irrelevant and will not make it disappear.

It is therefore a deeper question than the communication strategy that arises. It is not a question of brand identity, but rather of the corporate culture. Once identified and clearly defined, the latter will give a clear perimeter within which communication can then express itself in all its creativity. The guiding principle becomes conformity to one's own values and beliefs, rather than to the expectations of others.

Finally, defining one's values, establishing a recruitment strategy in accordance with these values and accepting the fact that one will never please everyone, all the time, seems to be the pragmatic starting point for any financial institution that seeks to exist in a confident, sincere and sustainable manner. Our legitimacy is earned by our consistency with our own values, not by our ability to quickly hop on a bandwagon out of fear.


Sherif Mamdouh has been an independent communications consultant since August of this year. Previously, he worked in various management positions in the hotel industry, in particular at the Ecole hôtelière de Lausanne, as well as in the financial sector, namely at HSBC Private Bank, Citigroup and most recently at the Geneva-based private bank Syz.


Previous contributions: Rudi Bogni, Peter Kurer, Rolf Banz, Dieter Ruloff, Werner Vogt, Walter Wittmann, Alfred Mettler, Robert Holzach, Craig Murray, David Zollinger, Arthur Bolliger, Beat Kappeler, Chris Rowe, Stefan Gerlach, Marc Lussy, Nuno Fernandes, Richard Egger, Maurice Pedergnana, Marco Bargel, Steve Hanke, Urs Schoettli, Ursula Finsterwald, Stefan Kreuzkamp, Oliver Bussmann, Michael Benz, Albert Steck, Martin Dahinden, Thomas Fedier, Alfred MettlerBrigitte Strebel, Mirjam Staub-Bisang, Nicolas Roth, Thorsten Polleit, Kim Iskyan, Stephen Dover, Denise Kenyon-Rouvinez, Christian Dreyer, Kinan Khadam-Al-Jame, Robert HemmiAnton AffentrangerYves Mirabaud, Katharina Bart, Frédéric Papp, Hans-Martin Kraus, Gerard Guerdat, Mario Bassi, Stephen Thariyan, Dan Steinbock, Rino BoriniBert Flossbach, Michael Hasenstab, Guido Schilling, Werner E. RutschDorte Bech Vizard, Adriano B. Lucatelli, Katharina Bart, Maya Bhandari, Jean Tirole, Hans Jakob RothMarco Martinelli, Thomas SutterTom KingWerner Peyer, Thomas Kupfer, Peter KurerArturo BrisFrederic PappJames Syme, Dennis Larsen, Bernd Kramer, Armin JansNicolas Roth, Hans Ulrich Jost, Patrick Hunger, Fabrizio QuirighettiClaire Shaw, Peter FanconiAlex Wolf, Dan Steinbock, Patrick Scheurle, Sandro Occhilupo, Will Ballard, Nicholas Yeo, Claude-Alain Margelisch, Jean-François Hirschel, Jens Pongratz, Samuel Gerber, Philipp Weckherlin, Anne Richards, Antoni Trenchev, Benoit Barbereau, Pascal R. Bersier, Shaul Lifshitz, Klaus Breiner, Ana Botín, Martin Gilbert, Jesper Koll, Ingo Rauser, Carlo Capaul, Claude Baumann, Markus Winkler, Konrad Hummler, Thomas Steinemann, Christina Boeck, Guillaume Compeyron, Miro Zivkovic, Alexander F. Wagner, Eric Heymann, Christoph Sax, Felix Brem, Jochen Moebert, Jacques-Aurélien Marcireau, Ursula Finsterwald, Michel Longhini, Stefan Blum, Zsolt Kohalmi, Karin M. Klossek, Nicolas Ramelet, Søren Bjønness, Gilles Prince, Salman Ahmed, Peter van der Welle, Ken Orchard, Christian Gast, Jeffrey Bohn, Juergen Braunstein, Jeff Voegeli, Fiona Frick, Stefan Schneider, Matthias Hunn, Andreas Vetsch, Fabiana Fedeli, Marionna WegensteinKim Fournais, Carole Millet, Swetha Ramachandran, Thomas Stucki, Neil Shearing, Claude Baumann, Tom Naratil, Oliver Berger, Robert Sharps, Tobias Mueller, Florian Wicki, Jean Keller, Niels Lan Doky, Karin M. Klossek, Johnny El Hachem, Judith Basad, Katharina Bart, Thorsten Polleit, Bernardo Brunschwiler, Peter Schmid, Karam Hinduja, Zsolt Kohalmi, Raphaël Surber, Santosh Brivio, Mark Urquhart, Olivier Kessler, Bruno Capone, Peter Hody, Andrew Isbester, Florin Baeriswyl, and Michael Bornhaeusser, Agnieszka Walorska, Thomas Mueller, Ebrahim Attarzadeh, Marcel HostettlerHui Zhang, Michael Bornhaeusser, Reto Jauch, Angela Agostini, Guy de Blonay, Tatjana Greil Castro, Jean-Baptiste Berthon, Marc Saint John Webb, Dietrich Goenemeyer, Mobeen Tahir, Didier Saint-Georges, Serge Tabachnik, Vega Ibanez, David Folkerts-Landau, Andreas Ita, Teodoro Cocca, Michael Welti, Mihkel Vitsur, Fabrizio Pagani, Roman Balzan, Todd Saligman, Christian Kaelin, Stuart Dunbar, Carina Schaurte, Birte Orth-Freese, Gun Woo, Lamara von Albertini, Philip Adler, Ramon Vogt, Andrea Hoffmann, Niccolò Garzelli, Darren Williams, Benjamin Böhner, Mike Judith, Jared Cook, Henk Grootveld, Roman Gaus, Nicolas Faller, Anna Stünzi, Thomas Höhne-Sparborth, Fabrizio Pagani, Taimur Hyat, Ralph Ebert, Guy de Blonay, Jan Boudewijns, Beat Wittmann, Sean Hagerty, Alina Donets, Sébastien Galy, Roman von Ah, Fernando Fernández, Georg von Wyss, Stéphane Monier, Stefan Bannwart, Andreas Britt, Frédéric Leroux, Nick Platjouw, Rolando Grandi, Philipp Kaupke, Gérard Piasko, Brad Slingerlend, Dieter Wermuth, Grégoire Bordier, Thomas Signer, Brigitte Kaps, Gianluca Gerosa, Lars Jaeger, Christine Houston, Manuel Romera Robles, Fabian Käslin, Claudia Kraaz, Marco Huwiler, Lukas Zihlmann, and Nadège Lesueur-Pène.