Spoiler alert: The comprehensive annual report reform of the Bank of Finland proceeded smoothly. This is thanks to the Bank's bold decision-making. First, the content concept, then the rest of the design was based on it.

Everyone knows the Bank of Finland, but few are familiar with its duties. The law requires an annual report, but for whom and how is it implemented?

The idea of a complete overhaul of the annual report began to simmer a couple of years ago: a desire to write for readers instead of the organisation and to support the implementation of the Bank's strategic guidelines.

"Perhaps I knew too little about the central banking world and too much about communications," smiles Mari Hienonen, head of the web communications group, recalling the time at the brink of a major change.

>> Explore the Bank of Finland's online annual report

Internal marketing campaign sold the reform idea

The former Chairman of the Federal Reserve of the United States, Alan Greenspan, once stated: "Ever since I became a central banker, I've learned to mumble with incoherence. If I seem too clear to you, you've probably misunderstood me."

Research confirms Greenspan's words: economic texts are hard to comprehend. The reform-driven working group decided that the murmurs of the Bank of Finland could be silenced.

"We wanted to reach new target groups, be versatile, transparent, discoverable, and comprehensible," Hienonen summarises.

The transformation of the statutory tedious material into a seamless online service was a significant change. The working group wanted to give everyone time to adapt to the new approach and voice their opinions before starting the task.

"We collaborated with Crasman to design marketing material intended for internal use. With it, we sparked discussions among our staff and ultimately sold the idea to the board of directors."

Content concept and writing tools helped forge new paths

The content concept was born in two workshops led by Crasman. It was based on research data and the strategy of the Bank of Finland but only described the desired outcome in a well-digested package.

The content concept, tailored checklists, web writing guidelines, and script template formed the guiding principle for the writing task of a forty-strong team of experts.

Hienonen explains that the toolkit and the coaching session led by Crasman for the writers were significant in achieving success.

"It's easier to think outside the box with the support of external professional help," she reminds.

What is a content concept?

A content concept is a framework that helps content creators focus on the essential and work towards a consistent outcome.

The form may vary according to purpose, but a quality content concept is distinguished by three things. It is based on strategic objectives and aids in their achievement. The synthesis is so clear that it is uniformly understood by its users and easily explained to those outside the working group. A good content concept is not empty talk but sees the task through to the end and makes the content appealing and meaningful to its consumers.

The document is meant to not only assist but also to inspire. The content concept summarised onto one page for the Bank of Finland included the synthesis and its definition, alongside a couple of target images and quotations gathered from workshops.

"It was important for us that the annual report reform felt like a pleasant and unique project for the creators," Hienonen says.

An external editorial round improved search engine visibility

The partnership between the Bank of Finland and Crasman began four years ago with the concept, design, and technical development of the Euro and Economy site. The annual report site expanded the collaboration into Crasman's strategic services.

After the concept phase, the content team continued their work by reviewing the texts of specialists. They particularly commented on the comprehensibility and fluency of the text and made changes related to search engine visibility.

"I'm glad we had Mari and Arttu in our team. They were humble, concise, and persistent in front of the Bank's experts. The editing phase went smoothly," Hienonen shares.

Accessibility directive realised by mirroring reality

After the content work, the site design began – a phase where the user interface, structure, and appearance shaped themselves exceptionally by relying on the final content. Additionally, the completed content helped designers and developers implement the new accessibility directive requirements by mirroring real usage scenarios.

"The nightmare was that we would transfer the previous years' two hundred-page annual reports as they were onto the web, but fortunately, that did not happen. The technical work also proceeded excellently, and we are super satisfied with the outcome," Hienonen compares initial fears with the post-publication feelings.

As the next annual report approaches, it's time to monitor analytics and make content-guiding decisions based on it. And remember the most important lesson from the reform:

"You can never start too early."

By the way, do you know the primary task of the Bank of Finland? It is to build economic stability.

Are you interested? Would you like to hear more about Crasman's content services?

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