Numbers don’t stick, stories do: Manali Pilankar on the rise of communications in BFSI

“Good comms is as much about listening as it is about communicating.”

In financial services, a single bad customer experience can travel across the internet in minutes, and a wrong headline can undo years of credibility. Manali Pilankar has spent more than two decades on the front line of that reality, first in agencies and now in-house. Today she is Director and Head of Corporate Communications at JM Financial Limited, a diversified group with over 53 years of history. Her view is that the fundamentals of PR have not changed. The media landscape, the formats and, above all, the seat communicators hold in the boardroom have.

In this conversation, she explains why trust is an always-on effort rather than an asset you earn once, and why numbers only stick when they are woven into human stories. She also shares how leaders should respond when a crisis hits, what AI is really changing for communicators, and why the function now enters the room at the start of a business decision rather than the end.

Watch the full interview here.

Excerpts:

You have been in the industry for over two decades. What evolution have you observed, and how has your journey been?

Corporate communications is one of the few functions where you are constantly learning about businesses, markets and people. It is a dynamic environment, so you cannot work from a templatized approach, and I find that fascinating.

The fundamentals of corporate communications and PR haven't really changed over the years. What has changed is the media landscape, the way we communicate and the formats. I still believe good comms is as much about listening as it is about communicating. What keeps me going is the unpredictability of the role and the constant learning it offers.

Credibility can take years to build and a day to break. What are the biggest reputation risks for a diversified financial services group today?

We are a diverse group, and most of our businesses are regulated, so we are always dealing with a wide range of stakeholders: employees, customers and clients. Each cohort has its own challenges, but four risks stand out.

1. Trust and customer experience. A single poor experience can travel very fast through digital channels. Whether we serve clients in our B2B businesses or customers in our B2C businesses, there is no tolerance today for poor customer centricity. This sits at the top.
2. Transparency. As a listed company, we must be transparent in investor relations and reporting, and respond promptly when situations arise.
3. Data and technology. In an AI-led world, cybersecurity matters more than ever. Customers associate the safety of their information and money with the credibility of an institution.
4. Speed. Misinformation travels quickly on social media. One piece of wrong news can become a major reputational risk if you don't nip it in the bud in time.

What makes a financial brand story distinctive, and how do you differentiate the storytelling?

The advantage of financial services communication is that numbers substantiate the story. You can show proof, whether it is a number one ranking in league tables or the deals you have undertaken. That lends substance to the storytelling.

At JM Financial, we operate through four major business segments, each serving different stakeholders. What I find exciting is the common thread connecting them: our culture, our people's stories and our thought leadership. That gives us a rich canvas for the corporate brand narrative. Financial media also like to have plenty of numbers in their stories when they engage with a financial brand.

Numbers are one thing. How do you use people and stories to build your communication strategy?

People are at the heart of the conversation. If I quote a hypothetical figure like ₹1,500 crore, nobody will remember it unless it is woven into a story. As humans, we are conditioned to remember stories. The same goes for an event with 670 attendees: you have to weave it into a narrative to create recall and set one brand narrative apart from another.

That is why thought leadership matters. When a face is attached to the name and people communicate through their own experience, the story becomes memorable and relatable. Financial services can be full of jargon and numbers, but a human story lends itself beautifully to that canvas. In our case, being around for over 53 years, five decades, is clearly our USP. We make sure the storytelling approach is carried through our leaders and spokespersons.

Financial services involve people's money, emotions and attachment. How do you manage reputation in such an area?

Trust is paramount. We have been around for five decades and people continue to trust us, and that is the underlying theme. People choose to interact with you only if they trust you as a brand.

But trust isn't something you earn once and then leverage. It is an ongoing process that has to translate into action: in how we conduct business, how we engage with clients and the service we offer customers. You are only as good as your last project. In financial services you try to avert and mitigate a crisis, but if one does happen, you must back your response with authenticity. People make mistakes, and sometimes it simply requires owning up. Culture also plays a very important role in PR and brand narrative building.

There is a constant debate about whether leaders should react quickly or stay silent in a crisis. What is the right approach?

Speed and judgment go together. It isn't only about how promptly you respond. Being honest and truthful in explaining the situation matters most, and then comes agility and speed. Authentic communication always stands out.

Today's business leaders are open, but sometimes you are asked a tough question and you don't have the answer. It is perfectly fine to say, “I'm not sure about the facts, but I'll check and get back to you.” What matters is that you then do get back promptly. A journalist will respect you for admitting you weren't sure, because data is overwhelming and keeps changing, and markets move. I see more and more leaders embracing this approach of speed, judgment and honest answers.

AI is changing almost every industry. What role is it playing in how financial companies communicate?

The bigger change from AI is in the business itself, not just in communication. AI is changing how BFSI companies operate, make decisions and serve customers and clients. For communicators, the focus is shifting from what we do to why this transformation matters. We can no longer give generic, templatized responses, and trust becomes central if we want to position ourselves as future-ready.

For our own work, AI has changed three things:

• Speed. If I have a research report and need an infographic-led story, AI tools let me do it far faster. Earlier, we would spend a lot of time waiting for an analyst to explain it. Now you can do it yourself, even if you aren't the subject matter expert.
• Creativity. We wear many hats, from PR to design to copywriting. With good prompts and efficient tools, you can come up with a couple of options to choose from.
• Customization. I can take a concept note and tailor it to what a digital outlet, a financial daily or a long-format magazine would prefer, at speed.

Ultimately, AI is transforming businesses, and we are the enablers who help communicate that change swiftly.

You have worked on both the agency and corporate sides. Which has challenged you more, and why?

I have thoroughly enjoyed both. Agency work gives you breadth: you service different clients and brands, perhaps a financial services account one day and a manufacturing one the next, so you wear many hats and understand different sectors.

The corporate side gives you depth. You work with one organization but many diverse stakeholders and business heads, and nothing happens overnight. There is also a fundamental difference in time horizon. On the agency side, you live on what you can do best for your client that day or that week. On the corporate side, you think about narrative and brand building from a long-term perspective.

What qualities do future professionals need to succeed in communications?

The fundamentals are the same, and the first is the ability to listen carefully. If you can practise active listening, half the battle is won, because you know exactly where the problem lies. After that it is about packaging the information in a way that is palatable for your audience. Keep your client and your audience at the center of everything you do, stay curious, and everything falls into place. These are the soft skills I rate highest.

The second is domain knowledge. Don't think of communications as a support function. We have earned our seat at the table, but you must understand the business in and out. Without that, there is no way to craft an interesting story around it. Take an interest, get to know the people and do your own research, and that is what empowers you to craft compelling narratives.

What makes a leader genuinely good at communication today?

Today's leaders are very smart, and I see them as comfortable with difficult conversations. The qualities I rate most are:

• Adaptability
• Clarity over complexity
• Authentic communication
• A long-term vision. When leaders are clear on their business priorities and goals, it is much easier for a communications professional to map a strategy that aligns with them.

Has communication finally earned its seat at the table?

Yes, the shift has already happened. Communications professionals no longer enter the meeting room only when it is time to disseminate a story. We are in the room much earlier, and we ask whether the story needs to be told now, why it matters, how it can be packaged differently, or whether we should park it or club two stories together. We come in not just as communications experts but as enablers, working closely with the business, asking tough questions and aligning our goals.

That they seek our advice is proof of trust. I see the change in my own organization, and also at conferences and events when I interact with peers in the industry. The function has evolved, and comms will continue to take center stage. We have the ability to influence people, and we are clearly using that advantage.

How did you enter the communications industry?

I have always liked to spend my time around people and interact with them, and from an early age I knew I would do something in mass communications or media. I wasn't sure which aspect. After a major in psychology, I did my postgraduation in advertising and PR at KC College, followed by further communications training in one of its early batches. That is where I decided I really enjoyed this field. Luckily it all worked out very well, and, as I said in my first answer, it is all about businesses and people.

If not a communications professional, what else would you be?

I wanted to be a news anchor, so that probably comes a close second.

What is next for you personally, and what are your priorities for JM Financial?

Personally, the next phase is about making the brand story sharper, more contemporary and very distinctive, while staying rooted in our values. Another priority is making communications more connected across the diverse stakeholders we serve. The third is making our intellectual capital more heard and more visible, which has been an ongoing exercise for us and will continue. These three things are my key priorities, personally and for JM Financial.