In banking, trust is not an attribute, it is the product itself: Piyali Reddy

In the current market scenario, a crisis can unfold in minutes. Misinformation can spread in seconds. And in the banking and finance sector, where public confidence is everything, a single moment of confusion can erode years of trust and have far-reaching consequences on a brand's image. For communicators, that has changed the rules of the game.

In this conversation with exchange4media, Piyali Reddy, Group Head of Corporate Communications at Axis Bank offers a candid perspective on how communication has transformed over the years, the unique challenges in banking communications, her two-decades of journey as a communicator, trust-building in a volatile environment, and the growing influence of AI on the future of corporate communication, drawing from her nearly two decades of experience across industries and leadership roles at some of India's largest financial institutions and across industries.

Excerpts:

With nearly two decades of experience in communications and your current role as Group Head of Corporate Communications, how have you seen the communications industry evolve over the years?

Communications has moved from being largely reactive to becoming a continuous, strategic function. Earlier, communications was often centred around specific announcements, launches or campaigns. Today, it is an always-on responsibility, driven by the realities of a digitally connected world.

In the banking sector, communications has become deeply embedded in business strategy. At Axis Bank, for example, we engage with over 100,000 employees and nearly 60 million customers, in addition to regulators, investors, media and other stakeholders. In that context, communications cannot be viewed as a peripheral function. An organisation may have the right products, services and capabilities, but without effective communication, it becomes difficult to build trust, drive engagement or create impact.

The rise of social media has fundamentally changed the landscape. On one hand, it enables organisations to amplify positive stories and engage audiences at scale. On the other, it demands real-time responsiveness when challenges arise. As a result, reputation management has become a constant priority rather than an occasional exercise.

Another significant change is the breadth of issues that communications now covers. Organisations are no longer communicating about a single product or initiative. Today, communication spans growth, technology, governance, customer protection and a host of other business priorities. The challenge lies in bringing these diverse narratives together under a clear and consistent message that resonates with different stakeholder groups.

Having worked across multiple industries, what makes communications in the banking and financial services sector uniquely challenging compared to other sectors?

Communications, in the banking sector, is fundamentally different because it is built on trust. Customers are entrusting banks with their hard-earned money, so trust is not just an attribute of the brand, it is the product itself. That makes communications in this sector particularly sensitive. Even a small misunderstanding or lack of clarity can have a significant impact on reputation and stakeholder confidence.

Another defining characteristic is the need for speed. Banking operates in real time, and customers expect information, responses and resolutions immediately. In such an environment, clear, timely and accountable communication becomes critical. Stakeholders need confidence that the organisation is transparent and responsive, especially when issues arise.

The sector is also highly regulated, which adds another layer of complexity. Communicators must ensure that every message aligns with regulatory requirements while remaining accessible and relevant to stakeholders. Navigating that balance requires a deep understanding of both the business and the regulatory environment.

At the same time, banks serve an incredibly diverse audience, from senior citizens and rural customers to digitally native Gen Z consumers. The challenge is to communicate with all these segments while maintaining a message that is simple, consistent and credible. Regardless of the audience, the communication must remain clear and trustworthy.

That combination of trust, speed, regulatory responsibility and audience diversity makes communications in banking uniquely demanding. It requires a constant focus on building confidence while ensuring that messaging remains transparent, relevant and easy to understand.

In your journey, you have worked across various industries and with some of India’s largest private sector banks, including HDFC Bank, IDFC FIRST Bank and now Axis Bank. What drew you to the world of communications? 

Communications came naturally to me because I have always been fascinated by brands, how they are built, how they evolve and what it takes to strengthen their reputation over time. I gradually realised that communications sits at the intersection of brand, strategy and reputation, making it one of the most critical functions within any organisation.

My understanding of the profession also evolved significantly over the years. I started with media relations and traditional PR, but soon recognised that communications is far broader in scope. Today, it encompasses leadership communications, employee engagement, stakeholder advocacy and managing relationships across a wide spectrum of internal and external audiences.

What stands out to me is the journey I have had at Axis Bank over the last seven years. It has been an incredibly rewarding experience, largely because of the team I have had the privilege of working with. Whatever we have been able to achieve as a communications function has been a collective effort, and I am fortunate to be part of a highly cohesive and committed team.

One thing that has consistently surprised me is the pace. When I first joined the bank, I assumed there would eventually be periods when things would slow down and allow more time for reflection or other pursuits. Seven years later, that phase still hasn't arrived. The intensity, scale and momentum have remained constant, and there has rarely been a dull moment.

What makes it special is that despite the challenges, the work continues to be engaging, dynamic and enjoyable. Communications in a large organisation like Axis Bank is constantly evolving, which means there is always something new to learn, solve or build. That continuous sense of momentum and growth is something I have genuinely enjoyed throughout my journey.

That expanding canvas of responsibilities is what has kept the function exciting for me. While my industry exposure has changed over time, communications has been the constant thread throughout my career, and my move into banking happened as a natural progression rather than a deliberate sector choice.

When communicating with vastly different audiences—from Gen Z consumers to senior citizens, and from metro cities to Tier-II and Tier-III markets, how do you ensure the message reaches the right people in the right way?

It begins with having a clear and singular message that stems from the bank’s vision and what it seeks to deliver for its stakeholders. That core narrative remains consistent across audiences. However, the way you communicate that message must be adapted to the segment you are engaging with.

You cannot communicate with a Gen Z customer in the same way that you would with a senior citizen. The channels, formats and communication styles have to evolve based on the audience. While there may be specific messages tailored to different cohorts, the overarching narrative and intent must remain aligned.

For me, consistency is critical. Regardless of the audience, people should hear the same core message from the organisation, communicated clearly and repeatedly over time. Consistency builds familiarity, and familiarity helps build trust.

Another aspect that has become increasingly important is purpose-led communication. We live in an environment where people are constantly exposed to information and competing narratives. To stand out, organisations need to communicate with authenticity and purpose. When communication is meaningful, relevant and aligned with a larger purpose, it is far more effective in cutting through the clutter and building long-term trust and confidence among stakeholders.

Today’s communications landscape is increasingly centred around trust, especially with the rise of AI, deepfakes and misinformation. In banking, where trust is the foundation of the business, how do you build and sustain that trust through communications?

We often talk about living in a VUCA world—one that is volatile, uncertain, complex and ambiguous. While the term has been around for decades, I believe it is more relevant today than ever before. We operate in an environment where change is constant, information moves rapidly and predictability is increasingly rare.

In such a world, communicators have traditionally been viewed as storytellers, and that remains important. However, in sectors like banking, our role extends beyond storytelling. We are also confidence builders. At a time when stakeholders are navigating uncertainty and misinformation, communications has a critical role in creating clarity, building confidence and reinforcing trust.

That requires a combination of speed, sound judgment and calmness. In ambiguous situations, stakeholders look to organisations for reassurance and direction. The ability to respond with clarity, consistency and composure becomes extremely important.

Equally important is the recognition that trust is not built during a crisis; it is built long before one occurs. Trust is the outcome of consistent communication over time. Through regular engagement, stakeholders begin to understand an organisation’s values, how it behaves and how it responds to its customers and communities. That sustained track record is what creates long-term credibility.

Ultimately, while communication styles and formats will continue to evolve, substance remains the foundation. Authenticity, consistency and a clear sense of purpose are what help organisations build enduring trust in an increasingly uncertain world.

With the rise of technologies such as AI and data-driven tools, how do you see the future of corporate communications evolving?

AI is already transforming the way communications teams operate, and I believe its impact will only grow stronger. It will make communications faster, sharper and far more data-driven. We are already seeing this shift within organisations, where AI is helping teams streamline workflows and improve efficiency.

A significant portion of routine and repetitive work—from content creation and reporting to creative development—will increasingly be handled by AI. While human oversight will remain essential, many of the tasks that traditionally consumed large amounts of time can now be executed much more efficiently through technology.

In sectors such as banking, AI also has the potential to strengthen reputation management. It can help identify emerging issues, detect misinformation, monitor stakeholder sentiment and flag potential risks much earlier than traditional methods. This ability to anticipate and respond proactively will become increasingly valuable.

Another area where AI will make a meaningful difference is data utilisation. Organisations today have access to vast amounts of information, but deriving actionable insights from that data is often a challenge. AI can help process complex datasets, surface relevant patterns and generate more meaningful insights, enabling communicators to make better-informed decisions.

That said, I do not believe AI will replace the core role of communicators. Technology can handle processes, analyse data and automate tasks, but judgment, accountability and decision-making will continue to remain human responsibilities. Communications often involves nuance, context and an understanding of how people are likely to react in a particular situation—areas where human experience and intuition remain critical.

The future, in my view, is not AI replacing communicators but AI-assisted communications, where technology enhances efficiency and intelligence, while humans continue to provide judgment, trust and strategic direction.

There is growing anxiety among employees that AI could replace jobs, and many organisations are still struggling to communicate its role effectively through internal communications. Do you think this fear is real, and how can companies address it better?

I think the concern is very real. Many people recognise that parts of their jobs can already be performed by AI, and in some cases, that transition has begun. Tasks that are routine, repetitive and process-driven are increasingly being automated, which naturally creates uncertainty about the future of certain roles.

However, every major technological shift has brought both opportunities and challenges. We saw this with the advent of the internet. While it transformed the way we live and work, it also introduced new risks and complexities. AI is no different. The real question is not whether AI exists, but how effectively we choose to use it.

I believe organisations need to help employees view AI as an enabler rather than a threat. AI can take over mundane and time-consuming tasks, allowing people to focus on higher-value work that requires creativity, judgment, problem-solving and strategic thinking. While AI can generate multiple solutions or recommendations, deciding what is most relevant and appropriate for a specific situation remains a human responsibility.

That is why continuous learning has become essential. Learning how to use AI effectively is no longer optional; it is a critical professional skill across industries. Organisations have an important role to play in helping employees build those capabilities through training, education and clear communication about how AI will be integrated into the workplace.

The opportunity for professionals is to move up the value chain. If technology can handle routine work, employees can devote more time to ideation, innovation and strategic contributions that create greater impact for the organisation. Those who embrace AI and learn to work alongside it will be better positioned to thrive in the future workplace.

Strategic silence is a term that often comes up in crisis communications. In a sector like banking, where trust can be impacted within minutes, what does strategic silence mean to you, and what communication approach should organisations adopt during a crisis?

Strategic silence is often interpreted in different ways, but for me, it means not speculating before the facts are clear. In a crisis situation, there can be immense pressure to respond immediately. However, communicating incomplete or inaccurate information can create even greater problems and potentially damage credibility further.

That does not mean remaining silent indefinitely. Speed is important, especially in today's environment where information spreads within minutes through social media and digital channels. But speed must be balanced with accuracy. Before communicating externally, organisations need to ensure they have a clear understanding of the facts and the situation at hand.

In the banking sector, this balance becomes even more critical because of the responsibility that comes with managing public trust. During a crisis, stakeholders need a single, consistent source of truth. If multiple spokespersons are communicating different messages across different channels, it can create confusion and amplify concerns rather than resolve them.

That is why organisations need a clear crisis communication framework. There should be alignment on who speaks, what is communicated and how key messages are conveyed. The objective is to ensure that communication remains factual, consistent and transparent across all stakeholder touchpoints.

In moments of uncertainty, people look for clarity, accountability and a sense of control. Effective crisis communication is not about speaking first; it is about speaking with accuracy, consistency and confidence. That is what ultimately helps preserve trust and credibility.

Looking ahead, what communication strengths or capabilities do you believe will define successful communications professionals over the next decade?

The first and perhaps most important quality will be substance over style. While presentation and storytelling will always matter, substance is what creates real value. If your content, thinking and understanding of the business are strong, everything else becomes easier. Style can be developed over time, but credibility is built on substance.

Clarity, purpose and credibility will continue to be critical differentiators. In an environment flooded with information, communicators who can simplify complexity, articulate a clear purpose and build trust will stand out.

Another capability that will become increasingly important is data literacy. Communications is becoming far more data-driven, and with the rise of AI, professionals need to be comfortable working with data, interpreting insights and translating them into meaningful actions. Understanding analytics and leveraging AI tools will no longer be optional—it will be a core requirement of the profession.

At the same time, communicators must recognise that they are brands in their own right. While people may move across organisations, industries and roles, their personal reputation travels with them. Credibility, integrity and sound judgment are assets that remain valuable regardless of where one works. Building and protecting that reputation will become even more important in the years ahead.

Finally, the ability to work effectively with AI will be a defining skill. The future of communications will belong to professionals who can combine technology, data and automation with human judgment, ethics and strategic thinking. Those who can strike that balance will be best positioned to lead the profession in the next decade.

As you look ahead, both in your own career and in the evolution of the communications function, what excites you most about the future?

Over the last two years, I have taken on a Group Communications role, which has been both exciting and incredibly enriching. The role involves overseeing communications across Axis Bank’s subsidiaries and the Axis Bank Foundation, each of which operates in a distinct business environment with its own priorities, stakeholders and challenges.

What makes the role particularly interesting is that while these businesses are connected under a common group identity, they often function like entirely different worlds. Managing communications across such diverse entities requires a careful balance of strategic alignment and contextual understanding. In many ways, it is both a science and an art.

Our central team works closely across these businesses, and the experience has been a continuous learning journey for all of us. Every day brings new perspectives, new stakeholder expectations and new opportunities to strengthen communication frameworks across the group.

What excites me most is the opportunity to keep learning and evolving alongside the business. Working with multiple leadership teams, engaging with diverse stakeholders and helping shape narratives across different sectors within the group makes the role both challenging and rewarding.

The next few years promise to be an exciting phase, not just because of the scale and complexity of the role, but because communications itself is evolving so rapidly. Being able to navigate that change while continuing to build trust, reputation and meaningful stakeholder engagement is something I am genuinely looking forward to.

If you weren't in communications today, what other profession do you think you would have pursued?

As a child, I wanted to become a doctor, but I quickly realised that medicine was probably not the right path for me. The moment I had to dissect a frog in school, I knew I wasn't cut out for that profession.

If I were to choose a different path today, it would probably be sports. I have always been passionate about athletics and sports in general. Growing up, I participated extensively in sports and represented my school in various competitions, winning a number of medals along the way. Looking back, I sometimes wonder what might have happened had I pursued it more seriously.

So if not communications, I think sports would have been the most likely alternative. It has always been an important part of my life, and perhaps I would have explored that path more seriously.