Executive Summary - Corporate online communications during the global financial crisis
The financial crisis has created an exceptional circumstance in which to evaluate the quality of corporate online communications. As companies have been affected across the board, this has presented an opportunity to make a comparison between their online communication methods. We took the occasion to survey 51 of the world’s largest financial institutions and evaluate their online responses in October 2008 as significant events were unfolding.
This research has highlighted the growing gap between the demand and supply of corporate information. While users are increasingly turning to online resources, companies are failing to use their own websites to tell their stories. This poses a serious problem as the window of opportunity to respond to and generate news is shorter and more immediate, necessitating faster corporate action in the face of breaking news.
An opportunity is presented by the web in that it allows companies to answer immediately and to the widest audience possible. Moreover, unlike third-party sources, the website is an effective tool for complete control over corporate messages. Information posted on the website can be used as a primary basis for reporting picked up by sources without direct access to management.
By using the web as an integrated part of corporate communication strategy companies can meet this demand in a more time-efficient and cost-effective manner. These processes should be happening on a day- to-day basis and the sooner they are addressed the more coordinated the reaction in times of uncertainty.
Our research shows that companies failed to satisfy and anticipate the need for greater transparency through their corporate websites. This poorly managed response demonstrated a worrying lack of concern for the re-establishment of credibility among their internal and external audiences.
About Joakim Lundquist
Joakim Lundquist is the founding partner of Lundquist Srl and country manager for Hallvarsson & Halvarsson in Italy, Switzerland and Austria
Joakim holds an M.Sc. majoring in international economics and European studies from Johns Hopkins University (SAIS) and a B.A. in economic history from the Universities of Stockholm and Liverpool.
Joakim has been collaborating with Hallvarsson & Halvarsson, a Swedish financial communications firm and Financial Dynamics, a UK based financial PR firm since 2002.
In 2007 he founded Lundquist Srl, which offers a complete range of financial and online communications services to companies in Italy, Switzerland and Austria.
Previously he worked for an Italian financial PR firm called Accento where he was responsible for international communications.
Joakim has nine year’s experience in the European Financial PR and online communications industries.
He speaks English, Italian and Swedish and has advised more than 60 listed companies in Europe. “We understand that the Commission may soon propose significant changes to the regulatory requirements applicable to foreign broker-dealers with respect to their contacts with U.S. institutional investors, including the elimination of chaperoning requirements. The Regulation Committee members would welcome this modernization of Rule 15a-6, which we believe will greatly improve the efficiency of wholesale business globally and bring significant benefits to US investors.