From my experience as a Product leader in an Agile environment, storytelling is essential due to the dotted-line relationships to so many teams. I feel it’s a critical aspect since it's better to deliver well told stories before product development even starts. By creating a story, we create an image or a scene for all stakeholders involved (i.e. business, compliance, IT, marketing, etc.) strengthening that emotional tie to the product.
When stakeholders can personally relate to the story, people don't necessarily remember what you say; they remember how you make them feel which is akin to a product narrative setting the framework for the entire user experience. Using Scrum as a manageme.