__At our recent AI & Ethics breakfast event (with the Financial Services Forum) we explored how responsible brand guardians can enable AI to revolutionise marketing, without compromising ethical principles.__

With over 100bn users now using ChatGPT weekly, the breakfast event, held at JM Finn, discussed how AI can revolutionise marketing without compromising ethical principles.
Thanks to our expert panel for their invaluable professional perspective:

- David Copping, Partner, Farrer & Co.
- Nuno Godinho, Group CEO, Industrial Thought Ltd.
- Derek Yates, Associate Professor and Head of Creative Lab, Ravensbourne University London.
- Crispin Heath, Head of Digital, Teamspirit.

The UK is keen to take a pro innovation stance[1] and the City of London Corporation’s report, AI Accelerating Innovation, shows that the City is already harnessing this technology in positive and ambitious ways[2]. 90% of banks have already dedicated resources to generative AI initiatives with the goal of providing better customer experiences, improving risk management and creating innovative products[3].

The panel started by talking about the positive possibilities that AI is creating, particularly its ability to create more personalised recommendations and communications. And reducing volumes of repetitive work. Derek Yates, Head of Creative Lab, Ravensbourne University, highlighted its ability to create inclusion with the shift from making by hand, to thinking and visualising.

We then delved into one of the criticisms, the AI data bias which is undetectable to most people. Latest research in Scientific American suggests human users may unconsciously absorb these automated biases[4].

Nuno Godinho, Group CEO, Industrial Thought Ltd explained that the bias will exist and be reinforced if you let AI exclusively use existing and undirected sources, and shared examples of just how quickly bias is revealed when AI is left undirected. ‘Prompt Engineers’, individuals who set the direction for what is being sought by AI, will become a vital future role. Businesses, therefore, need to be vigilant in not creating a new bias by programming AI to only reflect their current business. Nuno went as far as forewarning about the risk of FS businesses using the same AI tools, which could lead to in inadvertent market manipulation in supporting similar stock picks.

Next the issue of how brands can ensure content authenticity and protection was explored. According to Gartner’s CMO Priorities report 2024, 55% of brand reputation leaders are concerned about risks associated with GenAI. Crispin Heath, Head of Digital, Teamspirit talked about the increasing ability to create brand content which is already turbo charging social content. AI output is often more vanilla and risks brand dilution which is why he advocates less output of better quality as the overriding objective.  

The conversation then moved to IP and defining the lines of ownership when using AI for creation. David Copping, Partner, Farrer & Co, outlined the UK’s existing framework around copyright and ownership which the regulator continues to promote. For David, transparency is critical and encourages companies to have an agreed approach to AI and to maintain a record of the prompts employed to direct their AI outputs. Ultimately the panel discussed how, similar to the music industry, the market will mature towards immutable tokenisation that will help to provide clarity around ownership.

The panel concluded by providing their top three tips for successfully integrating AI into future marketing strategies. Becoming familiar with the tool that AI provides is critical as the better the prompts the better the results.  Key is remembering that it is a tool not an end product in its own right. It provides possibilities that have the potential to allow greater inclusion, when used responsibly.

Join us in September where we will be discussing the latest usage cases as AI’s deployment matures.

---

## Sources:

1. UK Gov pro innovation stance March 2023, and interim report [here](https://publications.parliament.uk/pa/cm5803/cmselect/cmsctech/1769/summary.html)
2. [https://www.cityoflondon.gov.uk/supporting-businesses/economic-research/research-publications/ai-accelerating-innovation](https://www.cityoflondon.gov.uk/supporting-businesses/economic-research/research-publications/ai-accelerating-innovation)
3. [https://www.cityoflondon.gov.uk/supporting-businesses/economic-research/research-publications/ai-accelerating-innovation](https://www.cityoflondon.gov.uk/supporting-businesses/economic-research/research-publications/ai-accelerating-innovation)
4. [https://www.scientificamerican.com/article/humans-absorb-bias-from-ai-and-keep-it-after-they-stop-using-the-algorithm/](https://www.scientificamerican.com/article/humans-absorb-bias-from-ai-and-keep-it-after-they-stop-using-the-algorithm/)

While AI is helping rethink the accepted rules of marketing creation and production, it presents an ethical minefield that embraces inclusion, privacy, consent, trust and accountability. 

AI & Ethics: Revolutionising marketing without compromising ethical principles 

On Tuesday 6th December at our fourth fintech event this year, we examined the impact employee benefit fintech solutions can have on brand reputations and in creating a competitive advantage in the war for talent.

With thanks to the panel for their insight:

•	Dipa Mistry-Kandola, CEO, Cloud8, a disruptive SME employee benefits platform focused on simplicity for end-users.

•	Neasa McNulty, Co-Founder Employer Partnerships, Octopus MoneyCoach the UK’s leading money coaching service, working with employers to make 1:1 financial planning accessible to all.

•	Natalie Izzard, Customer Success & Partnerships Manager, OctopusEV, a sector-leading leasing business focused on removing barriers to access for electric vehicles.

The morning began by discussing the impact the shift to a hybrid workforce has had on business as, according to CIPD, three quarters of companies now offer hybrid working through either formal or informal arrangements (although companies are split over whether it will last (1). 

The panel agreed that their businesses had pivoted and grown through the move to a hybrid workforce, with expectations that this mode of working is set to continue. Noted was that hybrid has the benefit of better accommodating the individual holistically, including their home responsibilities. But some things cannot be compromised. For instance, new starters are expected to be present for week-long inductions so that they can better forge relationships with their team, manager and understand systems. 

And while technology provides the rails upon which businesses now run, human interaction (be that through a physical financial coach or working alongside your team) remains critical.  The shift to hybrid has also seen an increased appetite for electric vehicle leasing, as people opt to drive to work on the reduced number of occasions they journey to the office.

We explored the typical brand and cultural challenges that companies are seeking to address when deploying fintech-led benefits platforms. Neasa from Octopus MoneyCoach highlighted the ability to normalise financial well-being, particularly during the current cost of living crisis, with the ability to facilitate conversations that are often tricky to broach. Natalie from OctopusEV highlighted how electric vehicles can meet a company’s ESG ambition, with Scope 3 emission data supporting the net zero target. While Dipa from Cloud8 spoke about the ability to use the platforms and benefits to deliver the corporate vision and milestones and forge cultural cohesion.

The panel also responded to a question about the future of work of work and for employee benefits and platforms, and whether they agreed with Korn Ferry’s future of work trend which highlights a new era of humanity, with more and more power and autonomy devolved to workers (2).  Dipa raised the increased importance on the manager employee relationship and how big data will start to provide insight from other businesses facing similar challenges or of a similar size.

With huge thanks to the panel for their views. Yet again, fintech innovation is at the heart of offering new opportunities for engagement, support and creating a sense of belonging, as well as meeting business’s ESG commitments.

### Sources 

1. https://www.cipd.co.uk/about/media/press/270622-cipd-hybrid-working-splits-employers#gref
2. https://www.kornferry.com/content/dam/kornferry-v2/featured-topics/pdf/FOW_TrendsReport_2022.pdf

Our latest fintech panel event in conjunction with the Financial Services Forum, examined how employee benefit fintech solutions are creating a competitive advantage in the war for talent.  Huge thanks to @Cloud7, @OctopusMoneyCoach and @OctopusEV.

Fintech:  Winning the talent war

In the current context of the cost-of-living crisis, how do you find the correct balance between purpose-led and sales-driven comms? That was the topic for our seminar on how fintech delivers both highly measurable and meaningful marketing.

With thanks to panellists for sharing their vast experience:

•	__Caroline Hurst, CMO, Tumelo__ - an impact-focused fintech with a mission to ensure that every investor will have a shareholder’s vote by 2030.

•	__Tiana Portugal, Head of Marketing, Funding Circle__ – providers of simple, hassle-free business loans to help small businesses thrive.

•	__Jacqueline Dewey, CEO, Smart Money People__ - the UK’s largest financial review website. aka the ‘TripAdvisor’ for finance.  

•	__Jenna Armitage, CMO, Tulipshare__ - the activist investing platform that empowers individuals across the UK to invest to promote ethical change.

With 75% of people believing that it’s everybody’s responsibility to live more consciously and sustainably (1), it is estimated that 19million Brits are unaware, uninformed, unwilling, and unsupported to live a greener life (2) - evidence that Britons will struggle to hit their net zero targets, prioritising the needs of the cost-of-living crisis over their carbon footprint. In the search for both meaningful and measurable communications, the session began by exploring each business’ definition of accountable marketing.

Despite the different business types and models that the panel represented, the reality for all is that a measurable sales funnel has never been more critical. All panellists underlined the need to have business objectives in place against which all marketing activity is measured – with an emphasis on each team member being clear on how their role contributes - with activity targets.

Discussing whether the panel agreed with Gartner’s latest CMO Survey, which found a shift from digital-first to hybrid multichannel strategies, the panel reiterated that a bottom-up funnel still dominated for them. Proof of marketing effectiveness being critical for them in releasing further marketing investment. 

Moving on to considering their critical measures for success, the panel were unanimous in  the centrality of data and metrics to their business, with results being critical to creating a culture of measurability. One particularly effective and valuable strategy to success was pursuing marginal gains – seeking incremental 1% increases across the funnel. Even events should be evaluated for their impact and linked to sales targets.

Campaigning platforms as well as earned media campaigns were recognised as being vital to awareness, particularly during fundraising series. ‘Stand-out creative’ was also highly prized – with an emphasis on campaigns that generated measurable business benefit. 

Considering the ambition to secure loyalty varied by business type and stage in development, but even those with long gaps between repeat purchases recognised the need to offer different products that met shorter-term needs and resulted in more frequent repeat usage.  

One audience member asked how the fintechs’ ensured creativity flourished within such a measured environment. Bringing the creative teams into the conversation on the funnel leakage points was one way to ensure creativity remained strong through the whole funnel and not solely at the top end. The ability to take advantage of ‘micro moments’ that engaged with audiences proved yet again the allure of fintechs’ commercial agility.

(1) Prudential’s ‘Power of You’ Report 2022

(2) Tandem Research March 2022

Thanks again to our panel for sharing the secrets of their success. If you’d like to discuss how to propel your fintech or adopt some of their agile techniques, please email hello@teamspirit.co.uk


FinTech: Lessons in accountable marketing 

After its [global user base increased by 1,157% between 2018 and 2020](https://blog.hootsuite.com/social-media-trends/), TikTok grew from [689m users to surpassing 1bn in September 2021](https://blog.hootsuite.com/social-media-trends/), making it the 7th most popular social network in the world. Whilst you may think it’s an app catering for a younger demographic, with [25% of its users in the U.S being 10-19](https://thesocialshepherd.com/blog/tiktok-statistics), 20.3% of users are 40-49, and 11% are 50 and over. Proving that TikTok is grabbing the attention of audiences of all ages. 

We understand that when it comes to the world of finance, there are often several compliance and risk hurdles to climb when activating any new social platform, which has led to financial firms playing it safe with those that feel suitably ‘tried and tested’ and often being the last to adopt new channels. So, we certainly don’t blame the world of financial services for disregarding TikTok as simply a social media network for teenagers to dance on and perform challenges. Whilst this might be a fun pastime (new office TikTok Thursday challenges?), the app has proven itself to be more than just a social platform for creating entertaining content - it’s an engaging tool that has been shown to inspire and educate audiences.

__The rise of TikTok in Finance__

NatWest and RBS, two of the largest retail banking names in the UK, partnered with TikTok to reach out to their younger demographic. Through in-feed ads they promoted their student account and the incentives alongside them. [The result was 6.8m Impressions, a 5.57% engagement rate and a 1.13% click-through rate](https://www.tiktok.com/business/en-GB/inspiration/natwest-+-royal-bank-of-scotland-166), showing that their TikTok strategy was reaching their intended audience. All that was needed were a few well-positioned ads leveraging a recognisable social trend, such as the ‘Expectation vs Reality’ concept, below.
![TS-Blog-TikTok1](//images.ctfassets.net/sxw14dxmazhg/6I2QLDDqFo2XqtgwZVBDuo/47f1d04c20770b492c80621137edb3ea/TS-Blog-TikTok1.png)
It's clear to see how TikTok presents one of the best opportunities for these brands to appear more accessible and demonstrate their products and services through innovative tactics. But what else can it do?

__Power of the hashtag__

The hashtag has come a long way since its popularisation by Chris Messina on Twitter in 2007. Originally serving as a beacon for users to find topics in which they are interested, they have become a social media strategy essential, helping influencers gain more followers and providing marketers with a way to gain more exposure for their brand. TikTok has taken the hashtag further, not only using it to build marketing campaigns, but also to involve and challenge users.

For example, in 2021, Sage, a business management software platform, launched the #BOSSIT2021 campaign. It invited SMB owners and entrepreneurs to create short videos showing how they had been thriving that year, despite the challenges brought on by the pandemic. Within a month, [1 million people](https://www.sage.com/en-gb/blog/bossit2021-on-tiktok-you-smashed-it/) had shared the #BOSSIT2021 challenge, showing the amazing recognition social media can give a business, but also the respect and consideration a brand can show their clients. 

![tik tok article 3](//images.ctfassets.net/sxw14dxmazhg/35uwPQPuS51h36Ih1hq4X2/74605255510222bea39a9d12027132b3/tik_tok_article_3.png)

__The Creators__

Having seen how they can support a marketing campaign, let’s have a look at the innovative force that makes the Tik, Tok: Creators. 

Since the pandemic, the number of content creators has soared, with more than [50 million people worldwide considering themselves creators](https://influencermarketinghub.com/state-of-the-creator-economy/#toc-0). No longer is influencing reserved for semi-celebrities on yachts. People across all sorts of industries are creating content, from make-up artists to footballers, from dancers to bakers. Video recording device? Check. Social network account? Check. Let's make some content! 

Businesses have caught on to the rise of creators and have begun utilising them in their marketing strategy. According to [Hootsuite](https://blog.hootsuite.com/social-media-trends/#6_You_will_outsource_at_least_some_of_your_engagement_tactics_to_a_Creator), businesses are set to spend $15bn on influencer marketing in 2022, so there is clearly a lot of potential for creators as promotional devices. But, how can a group of people who are known for selling products and aspirational lifestyles be applied to Financial Services? 

There are creators with accounts solely dedicated to financial literacy, aptly named ‘fin-fluencers’. Creators such as [@aashsthapa](https://www.tiktok.com/@aashsthapa?lang=en) on TikTok or [@meaningfulmoney](https://www.youtube.com/c/MeaningfulMoneyUK) on YouTube use their social presence to educate and guide on various financial topics, from how to avoid bad credit to investing. Arguably, this is helping to bridge the Advice gap, resulting in younger audiences (who may not be in a position to seek the help of a financial adviser), being able to improve their financial literacy. They aren’t selling products but are instead educating; an incredibly difficult and much-needed role in the world of finance. This creates an excellent opportunity for people to learn about the types of financial services available to them, and from which firms. 

For example, Investment advisers Wealthfront partnered with 15 fin-fluencers such as [Haley Sacks](https://www.tiktok.com/@mrsdowjones?lang=en), to sponsor them on TikTok by promoting their services, and the benefits. The hashtag for Wealthfront has now amassed 4,449 views on the platform, giving them a wide range of exposure to potential, and otherwise missed clients. And while not all financial content creators are of a high quality, employing or influencing them in turn is a significant new option for the industry.

Kate Wauck, Wealthfront’s chief communications officers, said; 
*“Quite frankly, they’re just better at telling our story than we are”*

![tik tok 4](//images.ctfassets.net/sxw14dxmazhg/1yihFUPVxiTyuZyt8NlTK5/012b529ef8990093a35f2c2d0ab196ee/tik_tok_4.png)

__Signing out__

It’s difficult these days to be awake without being online. In the UK, internet users from 16 to 64 are online for an average of [6 hours and 12 minutes](https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02). Globally, the average is 6 hours and 58 minutes. Social network platforms are becoming increasingly integrated into the everyday online life of users and those platforms, with 4.70 billion social media users around the world, spending an average of 2 and half hours a day logged on. TikTok is increasing in popularity, slowly becoming the platform of choice for audiences of all ages. On average, users spend almost 24 hours in a month on the platform.

As one of the fastest growing platforms, and a place where users spend so much time, TikTok could be the perfect place for financial firms to reach out to new audiences. It is evident that it can be an effective marketing tool, and with fin-fluencers gaining increasing credibility and reach, they can act as the perfect spokespeople that financial firms can lean on to increase brand awareness and build trust.

![tik tok 5](//images.ctfassets.net/sxw14dxmazhg/L3PqGspGwMgeXUjWvE7ia/7eca7018dcc8a45b5ebb4bf329df90ad/tik_tok_5.png)

Source: [Hootsuite and We are Social, Digital 2022 - July Global Statshot report](https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02) 

![tik tok 6](//images.ctfassets.net/sxw14dxmazhg/7G4GGJzLEc2FeKKN9CEA52/fb9285b8b0556c0dfe0a4e94f3aa769a/tik_tok_6.png)

Source: [Hootsuite and We are Social, Digital 2022 - July Global Statshot report](https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02)

__Sources__

[https://tearsheet.co/marketing/why-banks-prefer-twitter-to-other-social-channels/ ](https://tearsheet.co/marketing/why-banks-prefer-twitter-to-other-social-channels/)
[https://sproutsocial.com/insights/social-media-trends/](https://sproutsocial.com/insights/social-media-trends/) 
[https://www.raconteur.net/finance/financial-services/what-are-the-opportunities-in-messenger-based-banking/ ](https://www.raconteur.net/finance/financial-services/what-are-the-opportunities-in-messenger-based-banking/)
[https://www.tiktok.com/business/en-GB/inspiration/postfinance-102 ](https://www.tiktok.com/business/en-GB/inspiration/postfinance-102)
[https://www.tiktok.com/business/en-GB/inspiration/natwest-+-royal-bank-of-scotland-166 ](https://www.tiktok.com/business/en-GB/inspiration/natwest-+-royal-bank-of-scotland-166)
[https://blog.hootsuite.com/social-media-trends/ ](https://blog.hootsuite.com/social-media-trends/)
[https://www.tiktok.com/business/en-GB/blog/how-your-small-business-can-grow-with-tiktok ](https://www.tiktok.com/business/en-GB/blog/how-your-small-business-can-grow-with-tiktok)
[https://influencermarketinghub.com/state-of-the-creator-economy/#toc-0 ](https://influencermarketinghub.com/state-of-the-creator-economy/#toc-0)
[https://www.sage.com/en-gb/blog/bossit2021-on-tiktok-you-smashed-it/ ](https://www.sage.com/en-gb/blog/bossit2021-on-tiktok-you-smashed-it/)
[https://www.tiktok.com/business/en-GB/inspiration/ocbc-nisp-bank-indonesia-163 ](https://www.tiktok.com/business/en-GB/inspiration/ocbc-nisp-bank-indonesia-163)
[https://www.tiktok.com/@aashsthapa?lang=en](https://www.tiktok.com/@aashsthapa?lang=en) 
[https://www.youtube.com/c/MeaningfulMoneyUK ](https://www.youtube.com/c/MeaningfulMoneyUK)
[https://www.gate39media.com/tiktok-invades-finance-how-financial-marketers-can-leverage-the-social-media-platform-to-reach-young-investors/ ](https://www.gate39media.com/tiktok-invades-finance-how-financial-marketers-can-leverage-the-social-media-platform-to-reach-young-investors/)
[https://www.tiktok.com/tag/wealthfront?lang=en](https://www.tiktok.com/tag/wealthfront?lang=en) 
[https://www.bloomberg.com/news/articles/2021-09-17/social-media-influencers-income-advertising-wall-street-products ](https://www.bloomberg.com/news/articles/2021-09-17/social-media-influencers-income-advertising-wall-street-products)
[https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02 ](https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02)

A quick look into the application of TikTok, a rising social media platform, in the world of financial services.

The Potential of TikTok in Financial Services 

This weekend PayPal acquired Swedish [fintech firm iZettle](http://money.cnn.com/2018/05/18/technology/paypal-izettle-deal/index.html) for $2.2 billion, marking a new focus on retail payments.

In recent years the online payments giant has faced increasing competition, as traditional banks improve their digital offering and tech players like Apple make moves into the payments space. 

Faced with a decreasing market share, PayPal has opted to diversify. The California-based firm already owns peer-to-peer payments company Venmo, which has more than 7 million monthly users, and last year acquired business loan company Swift Financial. So the acquisition of iZettle, who make a smartphone-enabled card reader aimed at small businesses, makes sense.

But even for a company the size of PayPal, success in retail is by no means guaranteed. The tech giant will face competition from the likes of [Square](https://squareup.com/gb/en/2018/home), owned by Twitter founder Jack Dorsey and backed by Visa, which currently enjoys dominance in the US and the rest of the English-speaking world. 

Visa has also invested in another [Swedish startup, Klarna](https://techcrunch.com/2017/06/27/1508499/), which provides online payments for merchants and is currently trialling a pay-later payment solution for physical stores.

iZettle has a strong foothold in Europe and Latin America. But with the backing of their wealthy new owners, you wouldn’t bet against them challenging Square’s market supremacy in the wider world.


PayPal, Square and the fight for in-store payments

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