While the summertime is typically considered a quieter period, it hasn’t been the case for our busy PR team who have been powering through the warm days and launching some fantastic work across a number of our clients. 

One of those campaigns has been Scottish Widows' landmark [Retirement Report](https://www.scottishwidows.co.uk/about-us/media-centre/reports/retirement-report.html), which is now in its 20th year. Examining how people think and feel about the future while charting the nation's preparedness for retirement year-on-year. This year, the findings show an alarming number of people aren’t on track for the retirement lifestyle they would like, people are having to work longer to save the money they need later on, and the heavy reliance on the state pension will continue for the foreseeable future. 

Working closely with the team at Scottish Widows and other agency partners, we launched the report at the end of July. Armed with the landmark findings, exclusive data, case studies, expert spokespeople and the support of sporting legend Paula Radcliffe as third-party spokesperson, the findings landed with a bang across broadcast, national, consumer and trade media. Coverage spanned from BBC You & Yours to The Times, The Telegraph and FT with over 100 pieces achieved to date, and more still to come. 

We love working on campaigns like this for a number of reasons. 

Firstly, engaging with a third party spokesperson, like Paula Radcliffe, added a different perspective on the findings. Paula was able to share her own experience of what it was like to retire from her ‘job’ at an early age, and the emotions she encountered. While this isn’t possible with every campaign, adding a third party spokesperson and well-known voice can really amplify the findings into a different space, to a different audience. And for us, the interviews coincided with the day that Andy Murray announced his retirement from tennis after the Olympics - a nice extra news hook. 

Secondly, Scottish Widows is forging a path in the financial services industry and spotlighting the experiences of marginalised communities. The team understands that we don’t all have the same experience and if we are to improve retirement outcomes across the entire population, we need to understand diverse experiences from those living with disabilities, minority groups and the LGBTQ community. And importantly, equip everyone with the tools, conversation starters and small actions they can take to make a positive change to their financial futures. 

Thirdly, with the formation of a new government we’ve been able to work closely with the public affairs team to call for changes needed to get more people in the UK on track for retirement. From lowering auto-enrolment age, widening the scope to bring in self-employed workers, and increasing contribution rates, these calls, if implemented, would have a really significant impact on people’s retirement outcomes - especially for the next generation of retirees. 

We’re incredibly passionate as an agency about transforming the world of finance for the better and these values align closely with Scottish Widows ambitions. And, with Pension Engagement Season around the corner, this certainly won’t be the last you hear from us! 

The warmer summer weather hasn’t seen our PR team down tools. Instead they’ve been busy launching fantastic work across a number of our clients including the Scottish Widows Retirement Report which is now in its 20th year! Read more here:

Marking 20 years of retirement insights with Scottish Widows

Last Monday, the Securities and Exchange Commission (SEC) approved the first ethereum exchange traded funds (ETFs), marking another large win for cryptocurrency enthusiasts following the debut of bitcoin ETFs which were approved by the agency back in January. The mere sound of the word ‘crypto’ still frightens and confuses many investors, instantly conjuring up tales of scams, ponzi schemes, legal battles and get rich quick adverts. Indeed to this day, the majority of mainstream coverage of digital assets typically is focused on the above, in crypto-land,  you are either a hero or a zero, all this despite the fact that the asset class has been popular for quite some time. 

Despite the media coverage and fears associated with it, many of which are well-intentioned, digital assets continue to grow in prominence and popularity. This is illustrated by a recent study of global institutional investors which found that 60% were familiar with the asset class, 51% were invested in it, with one in seven admitting they are likely to increase their allocation towards it in the next two to three years. This demonstrates the tide and attitude towards digital finance is definitely shifting.

The big question for those in the industry who are trying to bridge this gap is how exactly do they do it? Enter the California Roll (stay with me here). Before I explain just how digital assets are like raw fish, I must admit this idea came from the mind of our Strategy Director Dan Perry, who stumbled upon it by reading work by behavioural psychologist Nir Eyal so all credit to both of them for this. 

In the 1970s, Japanese restaurant owners in the states were struggling to entice diners into their restaurants. Raw fish was not part of the established American diet and the cuisine was just altogether alien. But by swapping the unfamiliar raw fish, tofu and seaweed for more familiar ingredients like avocado and crab they provided a gateway to sushi in the form of the California Roll. Making the unfamiliar familiar, and therefore more palatable.

The blending of the familiar with the unfamiliar is a proven method for encouraging the widespread adoption of new products, the key issue at hand here. This therefore, can be applied to the world of finance, in the form of unfamiliar assets in familiar wrappers e.g. Bitcoin ETF or familiar assets in unfamiliar wrappers e.g. Tokenised gold.
The initiative therefore lies with those established traditional finance businesses that are able to market their digital asset capabilities as an evolution of those products we all know and love rather than a revolution. This should encourage wider spread adoption and, in time, more positive media coverage and better public opinion.  

## Sources:

[Fidelity Digital Assets Research: Institutional Investor survey](https://www.fidelitydigitalassets.com/sites/g/files/djuvja3256/files/acquiadam/June%202024%20Institutional%20Investors%20Digital%20Asset%20Survey%20-%20Key%20Findings%20%2805.29%29.pdf) - Survey of institutional investors by Fidelity
[https://www.nirandfar.com/california-role-rule/](https://www.nirandfar.com/california-role-rule/) - Original California Roll story by Nir Eyal 
[https://www.ft.com/content/f36d7eeb-03d6-4dab-909a-d5d4524a4edb](https://www.ft.com/content/f36d7eeb-03d6-4dab-909a-d5d4524a4edb) - FT article on the approval of Ethereum ETFs


What could Digital Assets and Sushi have in common? Perhaps more than you think. PR Senior Account Executive Luke Hall takes a look at how the success of the California Roll might just be the model for bridging the gap on digital assets.

Why Digital Assets are like Sushi

__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

[Ripple](https://ripple.com/) has announced plans to invest in startups that develop uses for its cryptocurrency, XRP.

The payment company’s digital token was intended to become the cryptocurrency of choice for banks and financial institutions, but aside from a few remittance services, that hasn’t happened yet.   

But a lack of take-up hasn’t stopped XRP’s value rising fast. The currency reached a market cap peak of $128 billion before January’s crypto-crash. Today, it sits at [around $30 billion](https://coinmarketcap.com/currencies/ripple/), but remains the third largest digital currency by market cap, behind only Bitcoin and Ethereum.

Yet investors remain concerned about a perceived lack of use for the coin, which explains Ripple’s investment in developing alternative uses.

January saw the first such move, as the payment company led a [$25 million investment](https://techcrunch.com/2018/01/16/ripple-turns-investor-omni/) in San Francisco-based storage service Omni. The startup has agreed to introduce XRP to their service, though it remains unclear to what extent.

Over the next few months, we’ll be watching closely to see how Ripple’s experiment develops. The future of XRP, and of cryptocurrencies generally, may depend on developers taking an active role in growing their creation.

As for Ripple, their choice of partners may determine whether XRP becomes the coin of choice for financial institutions, or remains one of many options for crypto-speculators.

Ripple makes a splash in startups

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Wed 7 Dec 2022

Fintech: Winning the talent war