The payments promoter relishing going it alone
SECONDS OUT, ROUND ONE
Retail bank marketers are spoiling for a fight
JP Morgan shows how to build engagement and turn sustainability interest into inflows
GET READY FOR THE FCA’S INFLUENCER PROBE USING EVENTS TO DO MORE WITH LESS
Elizabeth Pfeuti elizabeth.pfeuti@rhoticmedia.com Chief
(Interim) Lee Lam lee.lam@rhoticmedia.com
(0)20 3143 2245
Standard Chartered has enhanced its policies, processes, and controls to ensure risks associated with greenwashing in its marketing materials are managed.
In its interim results for the first half of 2023, the London-listed bank warned that “key stakeholders” are more keenly
scrutinising how banks promote themselves on environmental and social impact issues.
adding that scrutiny around greenwashing had accelerated due to regulatory developments, such as the Financial Conduct Authority’s recent consultation on anti-greenwashing rules.
The update to investors follows a similar warning from KPMG, issued a few weeks earlier, which urged clients to “be proactive in mitigating the risk of allegations of misleading statements or greenwashing to avoid enforcement action and complaints.”
Justine Sacarello, UK Legal ESG Lead at KPMG, said marketers should ensure they are familiar with the Competition and Markets Authority’s Green Claims Code alongside guidance from regulatory bodies.
“Ideally, the voluntary, as well as the anticipated mandatory, corporate disclosure regime should enable asset managers, financial advisers, and investors to access ‘reliable, comparable and verifiable information’,” she said.
“The SEC takes a different approach to greenwashing by enforcing existing rules rather than introducing new ones. Time will tell which is the most effective approach. Unfortunately, from an ESG point of view, time is another resource which is quickly running out.”
Young people aged between 16-24 (Gen Z), claim to be more prone to anxiety than previous generations and their finances are their biggest concern.
The 2023 WARC Consumer Trends Report found 29% of European Gen Z adults now suffer with anxiety issues –more than any other generation.
When asked the source of their concerns, personal finance topped the list, with 36% of respondents saying
The company warned of “an increase in stakeholder expectations around fair and balanced disclosures, including marketing campaigns,” money was the cause, followed by the price of products or services (34%) and then climate change (34%).
In its 2023 recommendations, WARC recommends that marketers “take steps to normalise taboo conversations around mental health by highlighting the topic and providing a safe space for discussion.”
It says: “Brands should provide an outlet for emotional release, explore
Allianz Global Corporate & Specialty (AGCS) and Allianz’s other commercial insurance businesses in Australia, France, Germany and the UK are to unite under the Allianz Commercial brand.
In a statement, the company said AGCS and the commercial insurance businesses of local Allianz Property & Casualty (P&C) entities will now trade under the brand.
Together, the newly unified entity will offer insurance solutions to mid-sized businesses, large enterprises and for specialist risks.
“Our commercial businesses have been united in one global model,” said Chris Townsend, a member of the Allianz SE management board.
“With Allianz Commercial, we can service a fuller, more dynamic range of customers under our new unifying name – this gives us an immense competitive advantage and a
ways in which the product portfolio can help Gen Z express themselves and alleviate their anxieties. Gen Z have come to value authenticity and embrace imperfection.
“Be mindful in communications on the topic and ensure the brand’s message does not conflict with current practices either within or outside of the business.”
WARC researchers worked with market researchers GWI who conducted a poll among 228,862 internet users, across all generations, from 16-64 years of age.
compelling customer value proposition across the commercial insurance market, rooted in simplicity and consistency.”
Allianz Commercial is moving to a new corporate structure with 11 new regions, bringing together the current six regional units of AGCS with Allianz’s national commercial businesses.
Each region will be led by one commercial managing director. The regions have been designed to reflect market characteristics, broker and distribution practices, and geographic proximity.
Allianz Commercial CEO Joachim Mueller added: “The new regional set-up gives us the optimum footprint in all major commercial markets worldwide.
“We will be able to play the full market in one consistent approach with advanced product solutions, which are grounded in global industry and underwriting expertise and delivered with local market knowledge.”
Payment services company, Visa, has been named the most valuable financial name in the annual valuation of the world’s top 100 brands, compiled by Kantar.
But HSBC, Morgan Stanley and China Life all failed to make the top 100 in this year’s Brandz rankings, which assess the most valuable company brands across all industries.
In the 2023 study, Visa was the highest -placed financial services company to make the top 100, ranked 6th, ahead of MasterCard (9th) and American Express (47th).
Royal Bank of Canada was the highest -ranked bank at 51, ahead of Wells Fargo (53rd) and HDFC Bank (56th). Ping An (85th) topped the list of insurers, followed by AIA Group (90th).
The financial services category includes retail and institutional brands,
B2B and B2C insurance businesses including life, property and casualty, and payment brands.
These cross-sector rankings are compiled from 4.2 million consumer interviews in 54 global markets, covering 540 industry categories. The research agency uses financial metrics and market research to calculate the value of each company’s brand.
“In the US, the failure of Silicon Valley Bank highlighted the risks smaller banks faced amid rising interest rates and jittery investor confidence,” a Kantar spokesperson said. “In Europe, the collapse of Credit Suisse further underscored the importance of reputation management.
“In some Asian markets, especially, brands are being challenged on brand equity by new, disruptive, payments platforms and super-apps.”
Global insurance group Axa is launching an international multi-media advertising campaign as part of a body of marketing to support its corporate strategic plan for 2024-2026.
The campaign has a series of instalments focused on the question “why should the future be a risk?”
Each unit of the campaign looks at a different topic. The first instalment of the new campaign looks at empowering and protecting women and will run in video and in print.
The TV advertisement has a soft musical arrangement of Cyndi Lauper’s “Girls just wanna have fun” and documents some of the major challenges faced by women in modern society.
The print element of this first campaign instalment
Visa scored exceptionally well for brand trust and convenience in the 2023 study.
“Habit remains a critical advantage for Visa globally,” researchers concluded. “Visa is perceived as a highly trusted brand, that always works well, and which fits easily into consumers’ everyday shopping habits.”
The research noted that the ongoing macroeconomic headwinds have placed a dampener on the stock prices of publicly traded financial brands. This, they said, negatively affects brand valuations for the purposes of these rankings.
Researchers said a handful of brands were fast climbing up the rankings, despite currently sitting outside of the global top 100. Saudi Arabia’s Alrajhi Bank, Brazil’s Nubank and Japan’s largest online bank, Rakuten Bank were all noted as potential challengers in the years to come.
highlights the fact that only a third of business owners are women, globally, with the anchoring slogan “being a woman shouldn’t be a risk”.
The project will run from July 2023 until 2024 in Belgium, France, Germany, Ireland, Italy, Spain, Switzerland and the UK. It will also run in Indonesia, the Philippines, Hong Kong, Japan, Thailand, and Mexico.
In a statement, Ulrike Decoene, group chief communications, brand and sustainability officer, said: “Women face different risks throughout their lives. It is up to us to tailor our offers in a way that enhances and increases their impact and reach”.
The creative agency behind the campaign was Publicis Conseil with production by Grand Bazar and Prodigious.
Corporate banks are building sector-specific content libraries with anonymised case studies of client work for use by industry-specific relationship management teams.
A McKinsey report entitled “How to bring the best of the bank to corporates” states banks are building these client squads in response to growing demands from customers for bankers with sector-specific knowledge to help them navigate macro-economic and geopolitical headwinds.
“Leading banks are reorganising relationship managers into industry specific clusters,” the report noted. “Beyond that, leading banks are creating global insights competence centres that research macro trends and translate the findings into content, tailored by sector and company.
“These banks have made it easier and convenient for relationship managers to access this research quickly by creating easily searchable digital knowledge platforms, often including case studies of sanitised client work.”
The McKinsey report was based on more than 100 structured interviews with chief financial officers at large companies in Asia, Europe and the United States. The researchers aimed to identify how banks are changing their client facing services to better serve their customers at a lower cost base.
“The solution to these challenges entails a reimagining of how banks serve their customers,” the report authors concluded. “The traditional coverage model – in which relationship managers each serve a small number of clients through high-touch, in-person interactions – doesn’t always offer the speed of execution or level of industry expertise that banks need to stay competitive.”
Marketing departments are more likely to turn to freelancers for social media assistance, ahead of similar needs in public relations, design, or copywriting, according to a new poll.
The 2023 Fiverr Workforce Index looked at the most common areas where freelancers are commissioned, based on surveys conducted with 502 UK decision-makers. The poll was conducted by market research agency Sapio in May 2023.
Demand for freelancers was highest in the field of social media, where 34% of respondents said they were most likely to hire a freelancer for this skillset. Web development was the second most popular area (32%), followed by public relations (32%).
“Freelancers are increasingly engaged to support an understaffed workforce,” a Fiverr spokesperson said.
“Nearly four in ten businesses said that they worked with freelancers to support staff workloads. A similar number said freelancers were used to increase the productivity of the organisation.”
Companies said they were more inclined to use freelancers to fill skills gaps because finding the right people for the available salaries has become more difficult in the current market environment.
For larger companies, researchers found that high competition for skilled candidates and higher salary demands from prospective employees had become the main barrier to making new hires.
Smaller companies said budgetary constraints and inadequately skilled applicants were the most significant obstacles they faced.
The UK government has launched an eight-week consultation on proposals to ban cold calling for any consumer-focussed financial product.
The consultation will run from 2 August 2023 and is designed to ban calls relating to investments, mortgages and insurance products.
“The cold calling consultation is an important step forward in our efforts to block fraud at source,” said Tom Tugendhat, the UK’s security minister. “It will have a major impact once it is in force.”
The government hopes that, once the ban is in place, consumers will automatically know that any call about a financial services product is from a scam provider.
“Cold calling for financial services and products has long been used by fraudsters to manipulate and trick members of the public into scams,” said economic secretary Andrew Griffith. “We want people to feel confident to put the phone down and report these illegitimate calls.
“We will ban cold calling for all consumer financial services and products, so the public can be sure that it’s not a legitimate firm if they get a call about a financial product out of the blue without their consent.”
The consultation follows the publication of the government’s anti-fraud strategy which was outlined on 3 May and the formation of the Online Advertising Taskforce which brings together representatives from the tech industry with the Advertising Standards Authority.
Financial promoters are struggling to provide personalised digital marketing to clients and prospects, despite executives insisting that they need to do so.
Boston Consulting Group’s 2023 report entitled “How bank CMOs can do more with less” found that 70% of financial institutions are now prioritising personalisation and data driven marketing. However, just 15% of respondents rated their capabilities as “above basic”.
The report found that marketing teams within financial institutions typically take 14 weeks to launch new digital marketing campaigns and struggle to experiment with new digital approaches to marketing activation.
When financial institutions, including banks, credit card issuers, payments companies, and fintechs, were asked how often their organisation launches marketing experiments, the majority of respondents (40%) said it was an annual event, while 37% said they did so quarterly.
“Our experience shows that substantial revenue lifts can be gained even from long-standing, mature campaigns. Overall, the critical first step is to embed rapid test-and-learn experimentation at the heart of the new execution process.”
Steve Thogmartin
IAB
Only 7% of those surveyed said experimentation was continuous while 5% said it was a monthly exercise.
When asked what “capabilities” marketing teams had to run experimentation exercises at scale, 47% said they had a campaign activation platform, 45% said they used a decisioning and analytics engine and 44% said they used formal measurement and reporting. Just one in five said they used a dedicated experimentation platform.
Report author, Steve Thogmartin, managing director and senior partner at BCG, said financial institutions need to equip marketers with the right capabilities to automate and measure experiments at scale.
“Our experience shows that substantial revenue lifts can be gained even from long-standing, mature campaigns,” he said. “Overall, the critical first step is to embed rapid test-and-learn experimentation at the heart of the new execution process.”
BCG confirmed that 101 individuals responded to this survey, with participants deliberately targeted to ensure they passed the qualification criteria, based around their level of seniority and size of their organisations.
Digital marketers should accelerate efforts to trial new targeting and measuring strategies after Google said it will phase out third party cookies on its Chrome browser from the second half of 2024.
In a statement, responding to the announcement, the Internet Advertising Bureau for the UK (IAB UK) said Google’s announcement underscores the shift that is taking place to move to a more “privacy conscious” ecosystem in digital advertising.
“This isn’t something that is going to happen, it’s already underway,” said Jon Mew, chief executive officer of IAB UK.
“This timeline change gives more opportunities for stakeholders to trial available alternatives, via (Google’s)
Privacy Sandbox or other solutions, and my message is simple: use this time wisely.”
Google has been urging companies to move from the use of cookies to five application programming interfaces. It is hopeful that the standards set by its Privacy Sandbox will become the accepted norm for ad targeting, fraud prevention and campaign performance measurement in the future.
“By being proactive and adopting alternative ways to effectively target and measure campaigns - regardless of this delay - businesses are not only future-proofing their operations, but making sure they are in line with our increasingly privacy-first present,” Mew said.
Aviva boss to host Marketing Society lecture
The Marketing Society have confirmed that Aviva Group chief executive officer, Amanda Blanc is to deliver this year’s annual lecture.
Blanc was listed in the 2022 Financial Times 25 Most Influential Women list and named The Sunday Times business person of the year in January 2023.
The annual lecture, sponsored by PwC, will take place at BAFTA, 195 Piccadilly, in London, on 5 September 2023. Tickets are £75 + VAT for Marketing Society members and £100 + VAT for non-members.
One in eight UK adults cancelled a general insurance or protection policy or reduced their level of cover in the six-month period ending January 2023, according to the Financial Conduct Authority.
The regulator’s annual Financial Lives survey found that 3.6m people cancelled at least one of their insurance policies during the six- month period while an additional 3.1m reduced their level of cover.
This year's survey found that more than half of UK adults said they had increased levels of anxiety or stress due to the rising cost of living. Some 90% of those surveyed said they had reduced their spending in the six months to the end of January.
Embark – the retirement platform for financial advisers – has adopted the Scottish Widows brand name.
Scottish Widows’ parent company acquired the Embark Group in February 2022 and has now outlined a series of investments in the platform, including improvements to payment functionality and new investment solutions.
The “Advance” platform, which was acquired by Embark in 2020, is set to close later in 2023, with all accounts automatically transferred to the Scottish Widows Platform.
Jackie Leiper, chief executive officer of Embark, said: “The combination of our modern platform and products, with Scottish Widows’ strength, support and experience will allow us to deliver a better range of products and services for advisers and their clients”.
UK mortgage lenders have kickedoff a £5m multi-media advertising campaign to make consumers aware of the help available for those struggling with loan repayments.
It comes after senior figures from the UK’s largest banks met with chancellor Jeremy Hunt on 23 June, asking them to make it easier for
borrowers to make temporary changes to their mortgage terms.
UK Finance – the trade body representing most UK lenders –commissioned M&C Saatchi to design the new Reach Out campaign. The campaign is to run on TV, radio, print, digital, and out-ofhome sites such as billboards.
Financial Promoter’s parent company, Rhotic Media, has made the final five of the 2023 UK Social Mobility Awards (SoMos) in the start-up category.
The awards are open to UK private and public sector organisations, along with universities, schools and colleges that are deemed to be making a meaningful difference in UK social mobility through their business activities.
Rhotic encourages diverse junior talent into financial journalism and marketing specifically through school and college outreach initiatives, paid internships, paid work experience, degree apprenticeships and
returner programmes.
The company is also a signatory of the Social Mobility Foundation and a member of the 10,000 Black Interns and Reboot diversity initiatives. Over the past 12 months, Rhotic has employed degree apprentices in Essex, London, Kent, and Warwickshire.
Other companies nominated across the categories for this year’s awards include Aldermore Bank, Aon, BlackRock, Goldman Sachs, M&G, and Snoop.
The winner will be announced at a black-tie ceremony on 12 October 2023 at the prestigious Royal Lancaster Hotel in London’s West End.
“Lenders have responded to interest rate pressures with real support for customers in need,” said Clare Richardson, business director at M&C Saatchi. “The campaign will deliver this message, at pace and scale, to people who are concerned.”
Giles Mason, director of campaigns at UK Finance, said the campaign is designed to get borrowers to seek assistance at an early stage if they are becoming worried about making repayments.
Media agency Goodstuff is handling the media planning and buying for the campaign.
David Postings, chief executive of UK Finance added: “We have launched this campaign with our members to make sure that anyone struggling with their mortgage payments knows that help is available.
“Lenders are ready to provide support even if a customer’s payments are up to date – if you’re struggling with your mortgage, or think that you will struggle, Reach Out to find out the options available for help.”
ASA states its role for
The Advertising Standards Authority has clarified its role in the shared regulation of financial advertising, along with the Financial Conduct Authority.
In an update in July, the ASA described the regulation of financial advertising as “a little complicated” but emphasised that both the FCA and the ASA continue to have specific roles in the policing of ads.
“If a product or business is regulated by the FCA, then the technical claims in their non-broadcast ads fall under their remit,” a spokesperson said.
However, broadcast advertising and any non-technical claims such as issues relating to causing harm or offence would be supervised by the Advertising Standards Authority, the organisation explained.
“Whether the product advertised is regulated by the FCA or not, we work closely together, sharing expertise to ensure that ads are honest and not misleading consumers,” the ASA spokesperson said.
The number of resolved ASA complaints about financial companies' adverts in July 2023
“When we receive complaints about financial ads where the issue falls outside of our remit, we refer it to the FCA to ensure that it’s being addressed.”
B2B buyers are becoming harder to service as clients seek quicker, more customised, service levels than ever before, new research shows.
A poll of 253 executives by Harvard Business Review, found that 58% of respondents have higher expectations of client service levels than they did in 2021. Four in 10 of those polled said they now expect a more personalised experience from their relationship manager.
“Buyers expect more from the overall sales experience,” the report explained. “They want better post-sales support, contextual information and they want it via the channel of their choice whether face-to-face, videoconference, social media or app.”
The report entitled “A Fresh Approach to B2B Sales and Service” concluded that the increased importance that B2B buyers are now placing on service is a direct result of disruption from economic uncertainties and frustrations with digitally driven business models.
“The narrative from the HBR poll is
somewhat typical of the shift in expectations for both relationship managers and clients when it comes to engagement and interaction,” said Shaun Cremins, customer experience director at Insight6.
“We are seeing an even greater need from clients to directly engage with their relationship manager on a one-to-one level, be this in-person or via the multiple options available to them on digital channels.
“Clients want reassurance that their relationship is important to the other party and that their needs are being prioritised. They also recognise that there are now very few reasons to not communicate effectively and therefore show little patience when it comes to a perceived lack of interaction.”
Cremins said financial marketers have made great strides over the last couple of years to personalise their own strategies, from client mapping reviews, development of personas, and a greater overall understanding of the motivating factors of buyers.
“We are seeing an even greater need from clients to directly engage with their relationship manager on a one-to-one level, be this in-person or via the multiple options available to them on digital channels.”
Shaun Cremins
He added: “The advent of AI gives us an even greater opportunity to interact on a personal basis and B2B companies should consider how they can embrace these new technological advancements.”
Unity Trust Bank has rebranded to establish the bank as the preferred choice for companies that prioritise social purpose.
According to a review of the bank’s current corporate profile, its social impact proposition was not previously understood by its customers, so it decided to strengthen its brand for future growth.
The rebrand includes a new slogan: “For Businesses, For Communities, For Good.”
As part of the project, the bank has adopted a new brand narrative, website, internal and external marketing content to reflect its commitment to sustainability, diversity, and ethical banking practices.
Louise Pursglove head of brand and proposition at Unity Trust Bank, said: “to become a customer of Unity Trust Bank, an organisation must demonstrate that it is trading for good, not just for profit.”
Creative branding agency Think OTB was commissioned to handle the rebrand.
Investment marketers have, so far, failed to convince the UK retail intermediary market that responsible investing improves performance.
That is the conclusion from the latest UK Responsible Investing Study (UKRIS) by Research in Finance, which found that financial intermediaries are more unsure than they have ever been as to whether investing responsibly can improve or hinder performance.
In the research for the latest survey – conducted throughout 2022 – 18% said investing responsibly was more likely to improve performance compared to 32% the previous year and 39% the year before that. The survey was conducted among 100 discretionary fund managers and 127 independent financial advisers.
“It is no secret that the performance of several responsible investment funds has struggled over the past year or so, driven by different macroeconomic factors, most notably higher oil prices,” said Jack Dominy, associate research director at Research in Finance.
“The proportion of intermediaries who state that RI ‘could improve or hinder performance’ is nearly three in five, reflecting current market volatility, and the proportion stating RI is likely to improve performance has decreased year on year.
“While responsible investment and ESG issues are more prevalent than ever, performance is still king, and is shaping attitudes towards RI among retail intermediaries.”
The number who said they were unsure has also grown in each year the survey has been conducted, with 57% of those polled in the most recent survey saying it “could improve or hinder performance”.
In a separate analysis of fund flows by data provider Calastone, outflows from ESG funds in June accelerated after what it described as “a very bearish May”.
“Investors pulled a net £369m from the sector, the worst month on record and only the third to see outflows since the ESG boom began almost four years ago.”
Chief marketing officers are under increasing pressure to cut their spend on marketing technology solutions, according to Gartner.
The organisation’s 2023 study, entitled The State of Marketing Budget and Strategy, found 75% of 408 cross-sector CMOs polled, said they were under growing pressure to cut spend on martech, despite recognising the importance of analytics in the current trading environment.
“In an environment focussed on the promise of the new, it is easy to discard legacy investments but CMOs must face today’s challenges with what they have in their toolbox today, not tools they plan to have tomorrow,” said Ewan McIntyre, chief of research for marketing at Gartner.
“Tech utilisation rates are falling, hitting a low of 42% in 2022, down from 58% in 2020. CMOs indicated
that they were most likely to defund continuous optimisation programmes.”
Lisa-Marie Mallier, founder of strategic marketing agency No Fluff Communications, said it is still possible for marketers to reduce spend by identifying more cost-effective technology and harnessing AI solutions.
“In today’s fiercely competitive world, standing out is an absolute must. For marketers, it’s time to strike the balance between tech magic and simplicity to make it big. As digital channels reshape customer interactions, agility is our superpower,” she said.
“Amid budget pressures, optimising tech for measurable ROI and smart resource allocation keeps us ahead of the game. Never forget, customer experience is the ultimate key to unlocking loyalty and driving profits. Let’s keep our customers at the heart of everything we do, no matter the channel.”
Price comparison group
Moneysupermarket has attributed a 25 percentage point rise in web traffic in the year to June 2023 to an ad campaign featuring Dame Judi Dench.
The TV campaign followed a period where the company had invested its marketing technology, having developed its data analysis capabilities, with new platforms for pay per click advertising and search engine optimisation. It also implemented a new CRM system called Braze.
In an investor update accompanying its six month results to the end of June, the company said it is now “trialling more impactful propositions” as part of its customer retention and crosssell strategy.
“Moneysupermarket is a well-trusted brand for price comparison, ahead of our peer group for customer satisfaction,” a spokesperson said.
“Moneysupermarket had 11.3 million active users in the 12 months to 30 June 2023. We continued to drive brand support and build on the Money Super Seven marketing campaign with the launch of a new and well-received advert starring Dame Judi Dench.
The company has also launched a customer loyalty programme called the Super Save Club. The pilot for the programme was launched in May 2023.
“Super Save Club members receive rewards when they buy selected products and get rewards for referring friends,” the spokesperson added.
“The club includes a Super Save Price Promise which promises to price match and more if the customer finds a better deal elsewhere.”
The club and the related price promise is being trialled across home, car, annual travel insurance and broadband products, the company said.
“In today’s fiercely competitive world, standing out is an absolute must. For marketers, it’s time to strike the balance between tech magic and simplicity to make it big. As digital channels reshape customer interactions, agility is our superpower.”
Lisa-Marie Mallier
Financial Services companies are well represented in the finals for this year’s national awards by the Institute of Internal Communication (IoIC).
Investment managers abrdn and Quilter join the London Stock Exchange Group (LSEG), Nationwide Building Society and Smart Pension in making it through to the final stage of the annual internal communications awards scheme.
The winners will be crowned at a ceremony on Friday 22 September at The Brewery in the City of London with all finalists receiving an award of excellence in recognition of their achievements.
Scottish asset manager abrdn is in the running for best change/ transformation campaign and best leadership communication programme, while Quilter has been shortlisted for best event for the 2023 Quilter Conference.
LSEG has been shortlisted in two categories – best intranet and best new or relaunched channel – while Smart Pension is among the finalists for best employee voice programme. This year’s scheme received more than 300 entries from industry sectors including travel, fashion, FMCG, construction, technology, legal services, and healthcare.
A strong brand can make sales easier. But what is the value of brand investment when it comes to client management and account expansion? More than you might think.
As a consumer, most of us avoid choosing products or services we know to be terrible.
For a restaurant, it could be due to the hygiene rating, delivering poor value for money or awful service the last time you visited.
Any of these would be enough to put me off visiting. That is probably the case for most readers.The principle translates across sectors.
You wouldn’t buy a car from a company or dealership you know to sell unsafe cars. You wouldn’t use a tradesman who had consistently terrible reviews, and you wouldn’t let a drunk taxi driver take you home.
Yet, in the corporate world, this buying logic doesn’t follow. Individuals persistently have bad experiences with companies and return for more.
Bad service? Forgotten. Late delivery? Ignored. Pricey? That’s fine. The reason is fear.
Why accept it?
Sometimes, the buyers might not have noticed the bad service, the extent of the missed deadlines, or the soaring cost of projects. Other times they are happy to turn a blind eye.
A common reason is because the perpetrator works for an entity with an established brand.
In marketing, we talk about brand a lot. Especially in the current macroeconomic climate.
The ROI from brand investment stimulates just as furious a debate.
For the purposes of this article, however, I want to concentrate on the power that a strong brand has for retaining long-term contracts. For business development teams, it is obviously useful to walk into a room and for everyone to have an idea of what you stand for. But the true power of brand is in client retention and account growth.
Building a brand with a reputation, that conjures positive vibes, doesn’t just work to your advantage when you are bidding for new business, it puts down roots deep into an organisation.
In the late 90s when I was studying for my corporate comms degree, I remember a lecturer saying that “nobody ever got fired for hiring IBM”. (I have no idea whether IBM is a good supplier or not, but that was the example that was used.)
Since then, I’ve been lucky enough to work with hundreds of corporate employees and I think I get it.
Building a brand with a reputation, that conjures positive vibes, doesn’t just work to your advantage when you are bidding for new business, it puts down roots deep into an organisation. The biggest and best brands, in fact, put their roots in so deep that they rarely lose those clients.
In financial services, especially now when margins are being squeezed, marketing spend is under scrutiny. While it is increasing in many of our agency’s sub-sectors, marketers are again being asked to measure everything like a transaction. Brand building just doesn’t work that way. It can take multiple exposures before brand power really comes alive. There is a huge difference between performance marketing and brand activation. The latter requires a longer timeframe but the rewards in the long-term are far more significant.
The current macroeconomic and geopolitical environment is the perfect time to spot those brands who put in the investment in the years before. It is equally easy to see those who remained transaction-led.
There are so many instances where senior financial marketers have told me how they want to switch supplier but have been too scared to do so. Usually, it is because the incumbent supplier they are using is a huge brand.
Brand value often only comes into its own when guaranteed quality matters. And, that time has now arrived. ◆
As money marketers use events to support content education programmes, approaches are becoming ever more customised and sophisticated.
Words: Joe McGrath
There are only a handful of financial trade shows on the planet that can attract an exhibitor list as broad as Money 20/20 Europe.
The scale of the exhibition is up there with the major industry gatherings such as SIBOS and the Singapore FinTech Festival. This year’s European edition saw event marketers flock to Amsterdam’s RAI exhibition centre alongside Barclays, Citi, JP Morgan, London Stock Exchange, MasterCard, Societe Generale, Swift, Visa, and hundreds of others.
Many of the exhibitors were using the event as a springboard to activate or amplify brands as they look to grow market share or diversify into new markets.
The team at Rabobank, for example, showcased a new product proposition being marketed by their innovation team. The Dutch bank is looking to snaffle a chunk of the European SME lending market, starting with the Netherlands.
Historically, European fintechs have been moving into this corner of lending, after a void left by traditional banks when the latter deemed it unprofitable business. But, using new technologies, SME lending is once again a commercial banking growth target, according to Rabobank.
As such, it has focussed its marketing on changing the preconceptions that small and medium-sized business owners have about the reasons for borrowing.
Changing perceptions
“We are looking to expand awareness and change the perception of the product,” Danielle Kuiper van Bakel, marketing lead for B2B innovation at Rabobank told Financial Promoter.
“Sometimes SMEs see borrowing as a sign of weakness.”
We have a team of talented, multinational colleagues at Salt Edge who speak various languages, which has helped translate and localise our messages in almost every market.
Evghenia Rimscaia
The new Rabobank campaign has been focussed on using content to educate SME business owners about how corporate borrowing can support companies who are looking to expand. The bank commissioned a piece of research which found that Dutch SMEs with financing grew 2.2 times faster than companies that did not borrow.
“It is about finding people that want to expand but cannot expand fast enough,” van Bakel said.
“We are not a lender of last resort and that is a perception we want to change. It is about using content for us –
changing the perception without having to do big commercials and videos.”
Rabobank’s innovation team are fortunate in that the main bank already enjoys a large database of prospects –with the data of more than half of all Dutch SMEs captured, according to van Bakel.
More recently, they have been using this data combined with the bank’s AI driven marketing system, Pega. The Pega Platform uses data from existing client interactions with the bank across calls, email, banking apps, website visits and more. From this, it is able to identify target groups who are likely to be interested in new Rabobank products.
Once the target groups are identified, the innovation marketing team look at crafting content narratives to convert those prospects into clients.
“We are combining performance marketing with content,” van Bakel added. “There has been a lot of learning.”
Nowhere has there been more learning over the past 12 months than in the cryptocurrency world. The collapse of crypto-friendly Signature Bank, Silicon Valley Bank and Silvergate Capital has prompted marketers in other crypto markets to revise their plans for 2023.
One of those taking a strategic approach is BCB Group’s multiaward-winning head of marketing and communications, Sam Shrager.
“This year, we have been more focussed on specific goals, themes and key events,” she said in an interview. “We have committed to Paris Blockchain Week, Money 2020 Europe, Token 2049 Singapore and a couple of key events in London in Q4.”
As a B2B company, BCB Group is focussed on institutions in the digital
assets space which includes crypto exchanges, market makers and liquidity providers.
In 2022, BCB took a multi-channel approach to marketing, spending time monitoring, evaluating, and understanding the return on investment from various test approaches. In 2023, this has enabled Shrader and the broader team to identify key areas of spend and deliver with a leaner budget. The company has evolved its marketing away from bespoke campaigns towards a brand building approach, Shrader explained.
“Key events are centre to that,” she said. “We are keen to reinforce that we are a robust player that embraces regulation, and we are here to stay. Our marketing efforts have been focussed on event driven marketing and thought leadership. It is about that education piece.”
Expanding horizons
Client education was a theme that recurred at many of the stands at this year’s European event. Salt Edge, an open banking API solutions specialist, is trying to take the potential from open banking to regions less familiar with the concept.
In 2023, the company entered the Gulf Cooperation Council (GCC) region, and it has also been creating educationally driven, home-language content to prospects in European countries including Germany, Italy, Norway, and the Czech Republic.
“Trying to do it in each country’s home language has been challenging, but rewarding,” Evghenia Rimscaia, chief marketing officer at Salt Edge, said. “We have a team of talented, multinational colleagues at Salt Edge who speak various languages, which has helped translate and localise our messages in almost every market.
“Our marketing is all about understanding the clients’ problems and showing how we can help while bringing additional benefits to the buyers.”
Rimscaia says the educational marketing has been content-led, including digital interactives, videos, “long reads”, insight reports, blogs, newsletters as well as press releases to traditional media outlets.
While the company produces a solid volume of content, the marketing has been heavily event-driven in 2023, with a presence at Money 2020 Europe, Seamless Middle East, and SIBOS, among others.
Away from the exhibitor hall, seminars at the Amsterdam event were well-
attended. One of the fringe stages at this year’s event captured the imagination of many marketers on the theme of social responsibility.
Learning lessons
Speakers noted that consumer-facing financial brands need to do more to recognise the lower tolerance that younger generations have for social harm, if they are to succeed in the years ahead.
The warning was led by chief executive of financial education brand, Your Juno.
Citing the recent criticism of some Buy Now, Pay Later (BNPL) brands as an example, CEO Alexia de Broglie, said that younger customers have become savvier to marketing techniques which can saddle people with unmanageable debts.
“Let’s think of the example of Buy Now, Pay Later,” she said. “There has been a backlash because consumers have woken up and realised that these products have not necessarily put them in a better situation.
“There is now a sense of duty that financial institutions need to have towards their consumers,” she added.
de Broglie cited the UK Financial Conduct Authority's recent introduction
of Consumer Duty standards as a reflection of the growing expectations in society, adding that financial institutions need to ensure education is “at the core” of products in today’s competitive environment.
In the same seminar, Ann Marie Juliano, chief executive and founder of Muse Finance, said that, increasingly, companies need to include education as an accompaniment to products and services just to succeed.
“It is finding a balance between education and making [products] accessible,” she said, adding that collaborations between organisations can make this easier to achieve.
de Broglie concluded by praising the work that neobanks and challenger brands had done, to date, in driving change across financial services.
“Challenger banks have competitively changed the industry for traditional banks,” she said. “This is an example of the innovation we need to see. We need to make sure there is enough competition, with innovative solutions. It’s about looking at consumers first.”
Financial Promoter will be attending Money 20/20 USA in Las Vegas on 22-25 October 2023
As
investment managers grapple with a squeeze on margins, fund promoters are looking to new techniques and technologies, to attract clients and protect market share.
Words: Joe McGrath
Fund management marketers who have been kicking around the market for any length of time still lovingly refer to Informa’s flagship investment event as the Fund Forum.
However, the rebadged “IMPower incorporating Fund Forum” has retained the pulling power of old.
The well-attended event at the Grimaldi Forum in Monte Carlo took place at the end of June, with a strong programme and a packed exhibition hall. Delegates included senior marketers, CEOs, journalists, and the usual smattering of business developers.
For investment marketers, discussions in the exhibition hall mirrored the panels in seminars with an acute awareness of the pressure that remains on margins at fund groups of all sizes. There was a large focus on brand investment, defensive marketing and the use of technology to evaluate return on marketing spend.
One session which struck a particular chord was the marketing communications panel on day two, led by Research in Finance CEO, Toby Finden-Crofts. The seminar opened with the release of some exclusive fresh findings from the company’s European Fund Selector Study, where fieldwork was conducted just three months earlier.
The study looked at the most valued types of marketing communication in the Pan European region.
Respondents to the company’s survey found that investment clients valued market insight content most highly, with 89% of respondents citing this as useful. Then came meetings with portfolio managers (86%), webinars (79%), and content on asset manager’s websites (78%).
Wealth managers know that they need to provide for the next generation. At the moment, they say that they can do it, but the cost of manufacturing these portfolios is very high. I am saying we can do that at a much lower cost, using technology.
Carolina Minio Paluello
Other forms of content which also were considered valuable to buyers of investment products included email newsletters (74%), educational content (72%), and whitepapers (71%).
While panellists in the session recognised the value of all of these assets, they underscored the importance of prioritising and using resources wisely.
Florian Uleer, head of EMEA Wholesale at Columbia Threadneedle, said his company’s approach was to focus on the areas where the business has “credibility”.
“It is great if you can serve all of that, but it is very difficult. If you do that stuff, make sure it is edgy, up to date and relevant. It can’t happen only once. It has to be consistent.”
Candriam’s head of global development reminded marketers to remember “why are you relevant,” underscoring the importance of linking marketing approaches back to an organisation’s value proposition and product set.
It was evident at this year’s event that investment marketers are looking closely at ways to protect market share, manage costs, and transform product ranges.
For Schroders’ former global marketing head, Carolina Minio Paluello, these three themes crossed perfectly with her new focus as CEO of Arabesque AI, a tech company that enables investment managers and asset owners to finely customise portfolios.
Arabesque’s technology allows companies to generate customised strategies down to a single stock.
For Minio Paluello, there is an urgency in getting this message out now. With asset managers looking closely at how they can protect market share in an increasingly competitive marketplace and asset owners looking for portfolios that better reflect their objectives, she can see the external environment driving demand.
Interestingly, it is wealth managers where she is starting her marketing focus, due to the swiftly growing demand for bespoke solutions, driven by a new generation of investors who want to customise where they invest to align with their own beliefs.
“Wealth managers know that they need to provide for the next generation. At the moment, they say that they can do it, but the cost of manufacturing these portfolios is very high. I am saying we can do that at a much lower cost, using technology.”
Minio Paluello says she is structuring the marketing focus of the company to focus, initially, on wealth managers, before moving on to asset owners and, finally, asset managers. Her logic is based on emerging attitudes towards technological transformation and her observations of how financial groups
embrace change, informed by her previous roles at Schroders, Lombard Odier, Citi, and Goldman Sachs.
The transformation of distribution was a major theme at this year’s conference. Discussions considered changing European regulation for distributed ledger technology and shifting buying behaviours affecting client acquisition through social media.
One theme repeated throughout the conference was how technology was likely to dramatically condense the chain of intermediaries that are currently involved in investment distribution in the coming years.
Speakers noted that the ongoing search for cost efficiencies at fund management groups, coupled with investor demand for more personalised investment choices, will likely drive change in the medium-term.
It is great if you can serve all of that, but it is very difficult. If you do that stuff, make sure it is edgy, up to date and relevant. It can’t happen only once. It has to be consistent.
Florian Uleer
At the same time, delegates recognised that social media outlets could become a future buyers’ gateway replacing some of the fragmented distribution networks that are more familiar today.
Standing out is a tricky job in sustainable investments. Doing so while protecting a globally revered brand is even harder. Oliver Stracey is taking it all in his stride.
In the increasingly competitive world of investment management, establishing unwavering client trust in marketing communications is becoming difficult. Within the field of sustainability, stakeholder scepticism is off the chart.
Looking specifically at environmental, social, and governance-based (ESG) investment, the fund management industry has done itself few favours in how it has marketed its products in recent years.
The lack of authenticity of some sustainable marketing communications has made investors question claims made by fund firms. Regulators are also now looking at how financial companies are promoting their services.
A 2023 poll by investor services company IQ-EQ, found that two thirds of investment firms say they are reluctant to focus their marketing on environmental credentials in case they are accused of greenwashing.
At the same time, the UK regulator, the Financial Conduct Authority (FCA), has become sufficiently worried that it has started work on a series of new rules and frameworks which will govern product descriptions and the usage of
terms such as “ESG”, “sustainability”, and “green”.
It is certainly a more difficult environment within which to build trust, loyalty, and engagement than it was five years ago. This is particularly the case for anything sustainable investment related. But that doesn’t mean it is impossible.
JP Morgan’s approach to sustainable investing in its asset and wealth management operations are an example of how to build brand credibility and trust in an authoritative, authentic and considered way.
In 2019, Oliver Stracey was working in JP Morgan Asset Management as head of EMEA distribution marketing. He’d been at the business since the start of 2016, having learnt his trade in roles at Schroders, Hermes Fund Managers, and F&C Investments, among others.
At that time, he had a vision for how the wider organisation’s approach to sustainable investment marketing could evolve.
He proposed an ambitious strategy to the JP Morgan management team which would involve building a new set of marketing assets from the ground up, taking a multi-year approach. The management team would require courage, vision and conviction for the plan to work. →
We know, from consulting with our clients, that developing a client experience that goes beyond regulatory requirements is key, providing insights and reporting that can help clients who need, or want the ability to, interpret methodology and frameworks which are not necessarily standardised.
Oliver Stracey
Our educational insight article on understanding SFDR has been viewed by more than 100,000 people in Europe, driven by organic search over the past 12 months.
Oliver Stracey
→ Stracey’s business case was strong and market interest in sustainable investment was rising. Management signed off on the proposal and Stracey became the new global head of sustainable investing marketing for asset and wealth Management in April 2020. Fast forward to 2023 and the impact of this strategy has been remarkable.
In the past three years, JP Morgan AM’s in-house sustainable investment experts have written more than 80 articles. In the year to June 2023, they have also published 16 pieces of sustainable investment thought leadership on a host of complex themes.
Stracey’s focus on targeted, credible, content being at the heart of marketing operations has allowed the business to establish a strong, and growing, client base through its Sustainable Investment Insights hub. The hub continues to attract new fans and JP Morgan has seen engagement grow by 34% year on year, as at the end of June 2023.
JP Morgan’s asset management arm hosts the hub on its main website, where the themes have been determined by trends from the company’s research platform.
The themes explored are broad, ranging from an explainer on the implications of the Task Force on Climate-related Financial Disclosures' (TCFD) recommendations to mining and the energy transition.
The hub is divided into five sections, together with a featured section that showcases the most significant developments in sustainable investing at any one moment in time. The five other sections are “market insights”, “investor views”, “climate”, “diversity, equity and inclusion” and “education”.
“We know, from consulting with our clients, that developing a client experience that goes beyond regulatory requirements is key, providing insights and reporting that can help clients who need or want the ability to interpret methodology and frameworks which are not necessarily standardised,” Stracey says.
“Much like our Market Insights ‘Guide to Markets’ programme, we are seeking to ensure we assist our sustainable investing (SI) focussed clients in a similar way by expanding our client experience platform to support the changing landscape of SI and ESG data insights.”
Secret to success
Stracey attributes the success of the hub to taking a marketing approach that is crafted through regular client engagement. He says it has been essential to identify customer needs and use market research to inform how the team shapes the content programme. He illustrates the success of this approach with a recent case study.
“Financial advisers across Continental Europe told us they wanted to understand regulation in specialist areas such as interpreting the Sustainable Finance Disclosure Regulation (SFDR) in a concise and easy to understand way,” he says.
“Using our internal experts, we presented them with a distilled version of the key takeaways. Our educational insight article on understanding SFDR has been viewed by more than 100,000 people in Europe, driven by organic search over the past 12 months.”
By any standards, six figure engagement for one piece of content is a strong return on investment, but the broader success of JP Morgan AM’s sustainable investment fund proposition is arguably the more notable marker. According to Morningstar data, JP Morgan AM has now penetrated the top 10 for net new sustainable investment fund flows in the EMEA region.
Stracey has also had the success of his broader marketing approach validated by external parties. In 2023, JP Morgan AM was ranked number one for its approach to SFDR by PwC’s SFDR Barometer for management companies.
And, in November last year, JP Morgan secured the much-coveted European Marketing Campaign of the Year gong at the Funds Europe awards, seeing off strong competition from arch rival BlackRock.
“The award recognised the campaign for delivering growth in brand preference, helped drive reach to existing and new prospects and the conversion funnel for business development.”
The campaign for the JPM Climate Change Solutions Fund is another example of the modern approach that the bank-owned asset manager is taking to its sustainability marketing.
“The campaign sought to support client education on climate, and nurture investors with thought leadership, building our reputation for climate expertise and demonstrating the innovation of the investment capability,” Stracey explains.
Where marketing sits
Stracey says marketing’s place within a global institution as large as JP Morgan has changed considerably in the past decade, describing the approach of previous decades as “more rudimentary”. His views reflect those of other senior investment marketers at RBC Global Asset Management and M&G plc in previous interviews for Financial Promoter
“Marketing has evolved considerably. When I started my career in marketing, over 20 years ago, a campaign was often built around an anchor event, direct mail or giveaway. Campaigns are now an integral part of the client journey, not solely a complement to the sales experience.
“Fast forward to today and we’re now at the front line of how we do business, with greater accountability for deepening client relationships. Today, the focus is on how the marketing platform can amplify impact for multiple business growth drivers and help ensure a best-in classclient service.”
The sustainable marketer’s assessment of the changed landscape is also in step with JP Morgan’s broader corporate investment spend in recent times, which has included the development of a highly sophisticated business intelligence function over the past eight years.
The new approach to business intelligence has allowed JP Morgan to analyse client data in asset and wealth management and build a roadmap based on customer needs which also assists with better customisation of client communications.
Stracey says: “The investment JP Morgan made in the digital client experience during Covid has given us a more powerful platform to deliver a regionally – customised experience, capable of evolving by market, to better target marketing to client needs.”
The sustainable investing marketing team at JP Morgan plays an active role in identifying client sentiment around emerging trends which can lead to engagement and conversion opportunities for the company’s sales colleagues.
When planning campaigns, the team also considers how the brand will develop in the future and how the marketing approach fits with the company’s reputation for sustainable investments.
Investment marketers within wealth management operations, particularly, are continuing to pay closer attention to building brand trust, given the ongoing wealth transfer from older to younger generations in key markets.
Like many of his peers in the current market climate, Stracey is acutely aware of the importance of protecting trust in a brand – particularly with a brand as precious as JP Morgan.
Oliver Stracey
JP Morgan
Global Head of Sustainable Investing Marketing, Asset & Wealth Management April 2020 - Present
JP Morgan Asset Management Head of EMEA
Distribution Marketing January 2016 – April 2020
Schroders
Head of UK Intermediary Marketing June 2014 – December 2015
Hermes Fund Managers
Marketing Director August 2010 – December 2013
Independent Marketing Consultant November 2009 – August 2010
F&C Director, Global Marketing June 2008 – October 2009
Sabbatical June 2006 – May 2008
F&C
Associate Director, Marketing October 2003 – May 2006
“Trust is slow to come, but can be quick to go,” he says. “You need patience. A good brand takes time. It can’t be bought. A good brand is not only based on a good product or service, it is embodied by colleagues, the culture of the organisation and the role an organisation plays in the community in which it works.”
He says that his team’s role has been to recognise that in building something, momentum doesn’t mean achieving everything at once. It is about having a solid foundation and building from there, every day.
“Since establishing the sustainable investing marketing strategy team, we have been focussed on demonstrating JP Morgan’s credibility and optimising the client experience ahead of marketing amplification.”
At this point in the interview, Stracey pauses to emphasise the alignment between the marketing approach of the sustainable investing team and the wider business values of JP Morgan as a corporate entity.
“This approach speaks to the wider JP Morgan ethos and a core company value – ‘doing first class business in a first class way’,” he says, noting that this phrase is held “in very high regard” by his senior leadership team. →
This approach speaks to the wider JP Morgan ethos and a core company value – ‘doing first class business in a first class way.
Oliver Stracey
→ “As a culture, there is a reason why people are so proud of the business, and it is one of the things that sold me on joining.”
Culture is certainly an area where businesses are facing considerable scrutiny right now, and not just from employees – investors too. Stracey attributes this to a new post-covid global trend where “people want to see people”.
Another area that continues to drive the JP Morgan marketing agenda relates to the ongoing complexities from climate change.
In March 2023, McKinsey predicted that investor interest in climate related investment themes would continue to grow due to an ongoing short-term reliance on fossil fuels in the current energy crisis, changes in global policy and regulation, and a more challenging macro-economic outlook. The more recent wildfires and extreme temperatures in the Mediterranean in July 2023 have further focussed the minds of European investors.
“That conversation is not going away,” Stracey explains. “Perspectives on climate are broad and developing.
“As a fiduciary, we have built a depth of expertise which is helping to provide insights to empower clients with information, education and potential solutions, as they develop their opinion and assess the investment implications of climate change.”
JP Morgan Asset Management has used multiple content themes arranged in five channels to support clients through research and data-driven features on its insights hub. Here are some of the topics that the business has explored through its library of client support materials:
Market insights
• The changing shape of the energy transition
• The clean tech transition: Implications for global commodities
• Green bonds: Is doing good compatible with doing well in fixed income?
Investor views
• Mining and the energy transition
• ESG assessment with machine learning for China
• Value investing strategies and ESG
Climate
• Understanding carbon exposure metrics
• Adapting to a warmer planet
• Sustainable transport: Opportunities in electric vehicles
Diversity, equity and inclusion
• Social factors – a key differentiator for companies fighting the Great Resignation
• Why social factors matter when investing in emerging markets
• Integrating diversity into investment decisions
Education
• Understanding an ESG fund report
• Sovereigns and ESG
• EU Taxonomy regulation explained
What’s next?
Looking ahead, the sustainable investing thought leadership programme has been earmarked, again, as a key pillar of the company’s business strategy in 2023.
The build out of the knowhow in this area means there are now a team of 40 specialists with sustainable investing expertise and the sustainable investing platform houses around 53 funds, including 20 funds that have more than a three year track record.
With so much growth – and success – already achieved, some individuals would be daunted at eyeing yet another phase of growth, but Stracey believes that the support and knowledge of his colleagues means his team are better placed than ever for success.
“One of the reasons clients choose to work with JP Morgan is because of our scale and talent across the firm. We recognise we have a unique opportunity to help clients due to the scale of our firm. Being client centric is our north star.
“To be part of building something from the ground up, with one of the largest active managers in the world, has been, and continues to be, a privilege for me and the team.” ◆
Elizabeth Pfeuti
The best gardens are planned, nurtured and sustainable. This is an approach content marketers would do well to embrace.
This summer, I took my auntie to a horticultural show, specifically to see the show gardens. There were plants, shrubs, and trees from all over the world, stunningly arranged to convey different themes and ideas. They had all been assembled in a matter of days to great effect. Many of them won prizes and industry accolades.
The vast majority of the flora at these shows is grown for a specific garden and is carefully cultivated to be at its best at a certain date. This means the designers usually sell off the gardens’ contents to punters at the end of the show, rather than create a very expensive compost heap somewhere near the city ring road.
We picked up some beauties, but as they sat on our patio waiting for an available planting space, one of them started to look decidedly peaky. A glorious Helenium, which had been a major focal point of one of the winning show gardens, began to droop, with its leaves and flowers flopping dramatically.
Standing in a bucket of rainwater overnight revived it, but this was a short-term solution. As we removed the Helenium from its pot to plant out in the garden, we realised the problem immediately.
The roots were poorly formed, to the extent that they were not able to sustain the plant. Despite looking fantastic on top, and performing well in the show garden, it was unable to do “its job” outside a controlled environment.
Over the next few days, when it rained, the Helenium looked radiant, but under the sunshine it wilted and faded. It was on the compost heap by mid-July.
What a shame for the plant, what a waste of money for us, and what a missed opportunity for a better overall outcome.
With proper roots, the plant may have become the centrepiece of our garden, from which insects, birds, and all
Although some pieces may have one specific objective, it’s rare that financial services projects don’t all knit together nicely.
manner of other ecological wonder could have benefitted.
The roots would also have helped the rest of the garden’s ecosystem pull together and weather the storms, droughts, and other extreme events visited upon it every year.
Instead, it looked fantastic for a few days, only to be useless beyond that one specific event.
Believe it or not, when we approach content, it helps to have this type of episode in mind. As an agency, with a wide spectrum of clients, we see the huge amount of time, effort, and resource that goes into a report, article series, or survey to deliver one specific objective. This objective has usually been selected through many internal conversations or from the desire to seize on a particular zeitgeist or theme.
However, once published, the content is often then destined for the compost heap of a webpage or one-off client newsletter without considering how it might be developed, expanded upon, or used in future.
In many cases, the hours of interviews, data collection, and analysis, not to mention the cost of compliance, legal and production to get it published, is forgotten, while the “designers” move on to the next crowd-wowing “garden”.
As content is not transactional – something I’ll cover in the next issue of Financial Promoter – the piece or campaign can then sit and wilt, without ever making a real impact other than to the marketing budget.
Usually, we see this happen when the idea for a piece of content is conceived without mapping it across broader campaigns, messaging, or key themes. Although some pieces may have one specific objective, it’s rare that financial services projects don’t all knit together nicely.
With a bit of thought and strategic planning, pretty much all content can be part of a broad and deep marketing and sales push.
From the shortest article through to a vast and varied survey; a two-minute video snippet to a 3,000-word white paper, it all should be designed and created with the aim of being planted and thriving within the broader ecosystem of a campaign or company strategy.
Content must be anchored to your beliefs, mission, overall values, and objectives, along with the one specific cause it is destined to shine a light upon.
Spending a bit of time developing the idea, its connection and place within your wider marketing landscape should equip your content with the proper roots it needs to offer the long-lasting and consistent impact you want. ◆
Elizabeth Pfeuti is the chief client officer of Rhotic Media
In 1968, Cynthia vowed to stay with Raymond in sickness and in health.
In 2017, we vowed to do the same.
Since Raymond was diagnosed with Alzheimer’s disease, we have been supporting him with our community support groups and Dementia Advisers.
In a market alive with innovation, ideas, and competition, Worldpay is preparing for a global push.
While some would be nervous of the size of the task, Rhiannon Etheridge is relishing the challenge.
Words: Joe McGrath
Brad Pitt and Angelina Jolie, Nicole Kidman and Tom Cruise, Chris Martin and Gwyneth Paltrow, Russell Brand and Katy Perry, people are fascinated by wealthy divorces.
The profile of the individuals, the division of assets, the legal submissions, and the potential impact on the wider family make separations tantalising reading. Corporate separations are no different.
But some splits are less acrimonious than others. Achieving a successful “conscious uncoupling” (as Paltrow once styled it) requires extensive forward planning, strong communication between both parties and total agreement on the new boundaries.
This is the project playing out right now between US banking and payments processing giant, FIS and its sister brand Worldpay.
In February, the former announced it would be spinning off Worldpay –its merchant solutions business – four years after it acquired the company in a $43 billion (£33 billion) transaction.
The decision to split the companies was attributed to the quickening of disruptive innovation in the payments
sector and a need for companies to be nimble in capitalising on growth and margin potential.
At the time of writing, no fixed date had been announced for the completion of the split, although FIS has publicly stated that the two entities will retain a close commercial relationship after the official separation.
For Worldpay’s marketing team, there is a new sense of freedom that has come with the news.
“Worldpay is now waking up from a very deep sleep,” says Rhiannon Etheridge, who is relishing the chance to be aggressively growth focussed in the months ahead.
Etheridge joined Worldpay in March 2022, having spent nearly four years prior to that at rival Fiserv. Her colleague, Laurel Wolfe joined as senior vice president of marketing a few months later in the October, bringing additional firepower from her time at Market Finance and banking platform Mambu.
“We are both looking to make the Worldpay brand famous and show that we know what we’re doing. We’re at the pulse of payments and the number one global acquirer.” →
For us, it’s time to go back to basics with our marketing, but make sure that we do the basics really well. We are going into an exciting growth phase with more geoexpansion. We are not done expanding our reach.
Rhiannon Etheridge
→
Sporting a smile for most of the interview, it’s clear that Etheridge is loving her work, especially the chance to build the global reach of a brand she loves. But she also recognises the strategic elements that need to be built before that brand recognition can be possible.
She explains: “In the UK, people know who Worldpay are, and they will see our brand regularly, but my team in other countries in EMEA would go to an event and people would ask ‘what do you do’? There is work to be done on brand equity outside of the UK.”
Etheridge explains that Worldpay has already structured its new value proposition and its visual identity, as on show at the Seamless Middle East conference in May.
“We want to take that corporate brand and make it feel more personal, through distinct brand guidelines and tag lines showing we are ‘payments people’ – the enablers for business through digital commerce.”
Etheridge has been part of the team working on this brand refresh at a pivotal time for Worldpay. Her approach so far has been client-focussed yet traditional in its structuring. Her work on examining brand connotations, in particular, wouldn’t look out of place on a Wolff Olins mood board.
“I ask people ‘what do you see?’,” she says. “I even asked my husband (who is an engineer for Ford electric vehicles) and he says, ‘it’s payments’.” She rolls her eyes at this point in the interview. “But, it is much more than that. Services such as buy now, pay later (BNPL), cross border payments, guaranteed payments, they are all the enablers that allow businesses to expand.
“Especially now, when there are cost of living pressures in several developed consumer markets. There must be more ways to allow the consumer to pay made available, while supporting those businesses.”
In the years leading up to her current role, Etheridge worked across several areas of marketing including events, content, digital, and PR. This rich career experience shines through as she outlines her plans for a Worldpay business that is separated from the current parent organisation.
“For us, it’s time to go back to basics with our marketing, but make sure that we do the basics really well. We are going into an exciting growth phase with more geo-expansion. We are not done expanding our reach,” she explains.
Rhiannon Etheridge Worldpay
International Senior Marketing Manager March 2022 – Present
Fiserv
UK SMB Marketing Lead June 2018 – March 2022
Maternity leave / consulting February 2019 – November 2021
BE Offices
Marketing Executive March 2017 – June 2018
2020 Health Marketing Manager August 2016 – March 2017
Perspective Publishing Senior Event Co-ordinator November 2014 – August 2016
NU Radio
Sports Editor and Presenter December 2011 – May 2013
It is important that we use our marketing to create a feeling among customers that they are not on their own. Then it is down to the business development team, while I maintain that touch point through marketing and brand awareness.
Rhiannon Etheridge
“We are starting to tailor our marketing approach and I am personally trying to look at where education meets product.”
When asked to explain what this looks like with real world case studies, the chartered manager names several
high-end beauty brands with whom Worldpay have partnered in recent months.
“We recently hosted a luxury beauty breakfast,” she says. “The purpose was to educate these brands on emerging payment themes.”
Worldpay see events with partners in specific sectors as core to their marketing strategy. Travel is another market where there has been extensive collaboration. The industry is one of the largest verticals in the UAE, Spain and Italy.
“We have a good relationship with the majority of airlines, globally,” Etheridge explains. “Our business development team may sit down with an airline and say ‘if you want to fly from the UAE to Australia, there are lots of people that can’t afford to do that right now, so what is the best way to solve that?’”
Instances like this allow Worldpay to explore some of its more innovative solutions such as BNPL or other forms of credit.
“We have to consider whether the merchant needs the money sooner…,” Etheridge adds. “…and the impact on smaller airlines.”
These market insights in every operating sector have become core to Worldpay’s content programme. The business’s thought leadership is focussed into core sectors such as retail, government and telco, travel, gaming and financial services. This allows the content marketing team to work closely with the sales team in maintaining customer engagement.
“If a BDM gets a lead and we want to work with that prospect, t hen knowledge is power,” Etheridge says. “It is important that we use our marketing to create a feeling among customers that they are not on their own. Then it is down to the business development team, while I maintain that touch point through marketing and brand awareness.”
One of the largest pieces of content that Worldpay produces is the Global Payments Report. This annual “hero asset” allows the business to showcase the emerging trends, innovations and market changes with relevance to all of the company’s prospects and clients.
“It is a worldwide roundup of what is going on in payments,” Etheridge explains. “We share the insights from merchants with our sales team, which allows them to ask ‘did you know Worldpay could do that?’” ◆
Traditional banks are embracing the empathetic campaign approaches historically used by fintechs and neobanks.
Are we are on the cusp of a golden era for retail bank marketing?
Words: Ella Farmer
Neobanks are thriving. With a global market valuation of $66.82 billion in 2022, according to US market researcher Grand View, these challengers have secured a healthy slice of the banking market.
Separate research from Statista suggests that 2023 will also be stellar year, with the global number of neobank customers set to reach 394 million, up from just 39 million in 2018.
"Neobanks" is an industry umbrella term for newer, smaller challenger banks competing against the preestablished bank brands. While they have banking licenses, they are often branchless and entirely digital. In most cases, they take the form of an organisation specialising in a financial product, such as a current account or credit card.
Traditional retail banks, however, have been waking up to the shifting competitive landscape, having previously been accused of failing to match the digital experience offered by these newer entities.
To compete, they have had to alter their marketing tactics and figure out how to defend their appeal to younger retail consumers and customers with higher service expectations.
For neobanks, meanwhile, the focus has been on establishing how to build their awareness to compete with the enormous marketing budgets of traditional banks.
But make no mistake – traditional banks are working to maintain and attract new customers. A Bain & Company report entitled “Customer behaviour and
loyalty in banking” suggested that banks will need to focus more keenly on personalising offerings and consumer engagement in the years ahead. Those that do not are likely to become victims of the ongoing fragmentation of banking services, the report states.
When examining how prevalent marketing personalisation is in practice, Financial Promoter interviewed a sample of UK retail banking brands to better understand their approach.
Coventry Building Society’s senior marketing manager, Rachel Jones, explained that in a period of increased fragmentation across financial services, the mutual is relying on customer experience to facilitate customer engagement.
However, with touchpoints changing and mass marketing no longer applicable, the branch and phone experience cannot be the sole focus, she said. In her opinion, personalised marketing is “coming into its own”. “We need communications that are timely, relevant, and personalised to customers’ needs,” she explained.
“It’s crucial to really understand customers, to have a strategy that engages, and to adjust content to ensure it is dynamic and tailored in the most efficient way possible.”
According to Bain & Company, traditional banks still hold the majority of primary consumer relationships. But neobanks are beginning to act as a catalyst for change in the marketing approaches and product sets from traditional banks. For customer retention to continue, marketing must become more personalised to the individual.
Campaign credentials
Towards the end of 2022, Yorkshire Building Society released a marketing campaign, named ‘Helping Real Life Happen’. It put real members at the forefront of the campaign with the aim of showcasing changes the mutual had made to assist its members. The relatability of this campaign was a direct attempt to personalise the society’s marketing to members struggling in the cost-of-living crisis.
Tina Hughes, head of digital marketing at the Yorkshire, said personalisation is now “a standard tool” in bank marketing, working to replicate the friendly customer service environment that customers still expect from a traditional high street branch experience.
She said: “Our marketing strategy is an extension of that real help, which creates a sense of familiarity, generates trust and helps customers feel valued.”
“Trust” is cited as a recurring theme by consumer marketers interviewed for this feature. Many traditional banks have also made this a focus point in marketing campaigns during the ongoing cost of living squeeze.
TSB, for example, launched its ‘Elephant in the room’ campaign in April 2023. It explores some of the financial struggles facing the country. The campaign encouraged people to discuss their money worries with their families and, crucially, with their banks.
In an interview with Financial Promoter, Keith Gulliver, head of brand, content and social media at TSB, said the bank had tried to reflect its “purpose” in the new campaign.
“It’s playing into that real consumer insight need that exists in the current
cost of living crisis. We often see in our research that people don’t necessarily see the difference between banks. They blend in, particularly around advertising, so we think we’ve got that cut through.”
Unlike TSB, which has enjoyed a long -time presence on the high street (albeit with periods of absence), neobanks operate as “challengers” without the legacy and name-recognition strengths of traditional banks.
As a result, they more commonly exploit digital approaches, using targeted and below-the-line marketing (eg. direct mail, events, email, socials, etc) to differentiate themselves from traditional banks, who lean more heavily on above-the-line channels, according to Karen Quinn, director of Untamed Marketing.
“Neobanks are built with strong technology that means they're able to take advantage of more cost-effective digital marketing to deliver targeted, below-the-line, marketing,” she says. “Neobanks approach marketing differently; they're building communities and creating conversations through different channels.”
Lisa-Marie Mallier, founder of No Fluff Communications – an agency for professional services companies – said neobanks have still been able to be disruptive by “challenging the norms and pushing boundaries” due to their “nimble nature” and digital prowess.
“In the race to capture the hearts and minds of consumers, it is the experience that ultimately reigns supreme,” she explains. “To win, traditional and neobanks must not only secure new business but seek to build unwavering loyalty and drive sustainable profitable growth
through delivering exceptional customer experiences.”
Technological implications:
As of 2020, some two billion people, globally, banked online. For this to work, users must trust their bank with their data. According to a 2022 Capgemini report The Customer Engagement Imperative - What banks can learn from the fintech playbook, traditional banks still hold the advantage, although fintech challengers are focussed more keenly on building long-term consumer trust.
“Awareness and consumer confidence is always a barrier to entering a new market, but the success of neobanks to date proves that it is possible to gain market share as a disrupter,” says Untamed Marketing’s Quinn.
Our marketing strategy is an extension of that real help, which creates a sense of familiarity, generates trust, and helps customers feel valued.
Tina Hughes
Asked whether neobanks will ever be perceived in the same way as traditional banks, Quinn says: “Yes… As they serve their customers over time, build communities, and develop more propositions.”
Instead of viewing them as a threat, traditional banks have recognised challenger banks as a catalyst for the →
→ digital transformation that will be necessary for their own survival. But, despite this recognition, TSB’s Gulliver says the human touch will remain important, particularly for relationship marketing.
He says: “We’re constantly shifting our distribution around what the needs of our customers are, and if you take the concept of the branch out of the mix, what people are looking for is human-to-human contact.
“Rather than thinking about the needs of what a branch might serve, it’s better to think about how we simplify the access to human-tohuman and that’s why we’re investing in scaling our video banking; it is the quickest and most efficient way to get yourself in front of a human being.”
A challenger bank that is already recognising the significance of humanto-human contact is Metro Bank, which has marketed specifically to create a person-to-person led customer experience.
Danielle Lee, head of marketing at the bank, explains: “As a challenger bank on the high street we occupy a unique space. Our brand and marketing are positioned around ‘people-people banking’, which reflects our excellent customer service and a store network that’s active in its local communities.
“While neobanks can be faster to move on product development, people want more than this from their bank, such as personal service and the ability to come into store when it suits and speak to an expert without an appointment.”
While this may be true, there is also a neobank customer profile that puts significant value on facilitating ease of operations, such as opening an account, anytime, anywhere. According to the aforementioned Bain & Company report, Revolut, Monzo, and Starling all managed to keep their account opening failure rates below 1% or 2%, while also achieving the highest relationship net promoter scores. These results have not gone unnoticed by marketers at traditional banks, and are now acting as a driver for competitive innovation in the traditional space too.
Consumer marketing on ESG
While the concept of sustainability and ESG marketing in the B2B space is now so established that it could be considered ingrained, marketing on sustainability themes in the consumer space is still finding its way.
Within retail banking, however, it should be a priority for consumer
marketers, according to the Bain & Company research. Roughly half of the consumers surveyed had a ‘favorable view’ of their bank’s ESG goals, while a quarter were completely unaware of what these goals are.
While these statistics may not make for good reading, banks are beginning to recognise ESG as key to consumer engagement, and have begun implementing it into marketing campaigns.
In 2021, the Co-operative Bank launched its “We Won’t Stop” marketing campaign after it received the highest ESG rating of all the UK high street banks by Sustainalytics, an investor-facing ESG analytics firm. The campaign used this new rating to promote its services and “customer-led ethical policy”.
While digital neobanks often boast the lowest carbon footprint due to their branchless form, traditional banks recognise the vitality of implementing ESG into their processes for the sake of the environment and the consumer. It is, they say, not just a marketing ploy. And yet, these ESG considerations have the potential to market the bank in the way consumers like.
“From a customer perspective, people know ESG considerations are important, but they rely on brands to do the heavy lifting and to make it easy to make choices that support this,” says Tesco Bank’s head of brand and customer communications, Louise Mason.
“Following the pandemic and the increased cost of living there’s also much better recognition of purpose-led communication and the important role it can play for customers, particularly
helping those in vulnerable groups.”
For neobanks, who historically have tailored marketing campaigns to a more environmentally or socially conscious, younger, consumer base, the investment in ESG initiatives and development of more environmentally or socially aware products allow further growth opportunities for these brands.
“Our market rates and service remain the key driver, we know this from listening to member feedback…” says Coventry Building Society’s Rachel Jones. “….but green credentials and making a real difference - not just green washing - is moving up the ranks, particularly with a younger audience. Banking decisions are starting to be made on more than just interest rate alone.”
A threat or a challenge?
Jones warns that both traditional and neobanks cannot afford to become complacent in their pursuit (and retention) of customers.
“There’s a place for different models to meet varying customer demandsit’s knowing where we all sit and meeting those demands that’s the marketing challenge,” she says.
“These are changes we need to make but we need to remain true to our audiences and keep our member needs at the heart of our activity, proactively meeting their demands through our market leading products and service. Savers and borrowers are very receptive to organisations that are listening to their demands and now is the time to make our ambitions clear.”
TSB’s Keith Gulliver says he recognises the strengths and weaknesses across the retail banking industry, and the position of traditional banks responding to the surge of digital challenger banks.
“We've got our eyes on the neobanks, but all banks have their challenges,” he concludes.
“The neobanks, from a profitability point of view and from a limited engagement point of view, are challenged with having non-primary accounts, which is tough for them to deepen their relationships with customers.”
It’s an accurate observation, according to the statistics, but that could all change in the years ahead. With the current economic landscape pushing consumers to examine every financial relationship, there is certainly an abundance of opportunity for bank marketers in the coming months. ◆
Shared goals, common interests, and continuous learning are the key ingredients to a successful business community. M&A tech provider, Datasite, explains how it has harnessed these attributes to the benefit of all stakeholders.
Words: Joe McGrath
Networking is a key component in the world of M&A. Lawyers, corporate financiers, financial sponsors and company stakeholders are the leading actors in the production of a deal.
By successfully refining a recipe that brings these people together, Datasite is winning.
The company boasts some 50 years of heritage, has turned to event marketing in a big way and it is pulling in the crowds, globally.
As a software-as-a-service (Saas) platform operator with a presence in 180 countries, the company had been exploring how best to build brand awareness and visibility at scale. As part of its growth and expansion strategy, the company recognised its brand strength in key financial hubs like the US and the UK, Germany, France, Singapore, and Hong Kong but wanted to expand into newer markets across Europe and in the APAC region –notably Middle East, Eastern Europe, Africa, Australia, and Japan.
To achieve this, it turned to event marketing focussed on local markets and the investment is paying off.
Omar Janabi, vice present of marketing for the EMEA and APAC regions has been responsible for crafting the marketing strategy for this build-out since he joined the company in 2018. Five years on, and the company runs between 60 and 80 proprietary events per year, focussed on bringing dealmakers, and related stakeholders, together.
Event exploration
The company started its event marketing journey by sponsoring a clutch of industry events. From there, the team started to explore the potential of building their own event platform.
“We originally only sponsored events, but wanted to bring more value and
In terms of delegates, it was important to focus on quality, not quantity, and on engagement, and importantly, the relevant local topics and trends.
Omar Janabi
insight to our clients and prospects with local thought leadership and relevant, tailored events for each market. We also wanted to increase local engagement and return on investment. We decided to change strategy so that people attended these events for the local, relevant topics and trends being discussed, the highprofile speakers that we have, and the exclusive venue.
“We found that we could tick all of these boxes if we built our own events platform and series to attract the relevant people. In terms of delegates, it was important to focus on quality, not quantity, and on engagement.”
Under Janabi’s stewardship, the company has developed three successful event “platforms” or “events series”: Dealmaker Dialogues, focussed on thought leadership with local market insights and trends; an M&A networking platform for enabling networking and local community building; and the prestigious Datasite Gala for rewarding key clients and celebrating successful partnerships.
Concepts and creations
The marketing genius here is not limited to developing the concept, rather the work that goes into the data-driven approach to the events and linking event discussion with content marketing for subsequent digital amplification and distribution.
“For every event, we have a strategy and detailed targets to achieve with an entire marketing funnel outlined,” Janabi explains.
Janabi’s colleague, Nav Dhillon is the senior marketing manager responsible for delivering the EMEA events. Much of his work has been dedicated to ensuring delegates get good value from attending the events. While the events are free to attend, the Datasite team is aware that delegates are committing time to be there.
“We think it’s important that the speakers who are local in a market can bring their insight into the topics that we cover,” he said. “Networking also facilitates an environment that allows people to share ideas and expand their professional network.”
In the current climate, that is key. Mergers and acquisition activity over the past 18 months has been slower than the record-breaking performance witnessed in 2021, but the signs for the coming 12 months appear much brighter. For those keen to learn more about Datasite’s seminars, check out the events and webinars page in the resources section of its website. ◆
Building an integrated client community is key for all B2B businesses. One global payment processor is showing what is possible when you combine event marketing with content strategy.
Words: Joe McGrath
Marketing to multiple jurisdictions, simultaneously, is always a challenge. Doing so across four, separate business lines is even harder.
For Global Payment Services (GPS), live events coupled with the deployment of educational content have become the core ingredients of a successful growth marketing strategy that has driven the business’s growing footprint across the Middle East and Africa.
If you’ve yet to encounter the brand, prepare for that to change. Regulated by the Central Bank of Bahrain, GPS is authorised by payment networks such as Visa, MasterCard, Amex, JCB, UPI and PCI-DSS. It is a rapidly up-andcoming brand establishing a solid reputation on the payments circuit.
The company already holds the largest market share of any processing service provider in its home country of Bahrain, accounting for 80% of all services provided in the Kingdom. But it is now setting its sights on accelerating its expansion in Jordan, Djibouti, Cape Verde, Bahamas, Sudan and beyond.
The company operates in four core areas – acquiring, issuing, security and fintech services. In 2023, it has been using trade shows to explain its customised services to issuers and acquirers, alike.
Speaking to Financial Promoter in Dubai, Hadi AlSamerraie, senior manager of business development for GPS, explained how the company was using events as part of a broader marketing strategy.
“Our target market spans the globe and participating in Seamless Dubai was to reach out to industry leaders, banks, financial institutions, payment service providers, and acquirers from the MENA region, as well as participants and attendees from across the world,” he said.
clients and allows them a specific platform to showcase their recent achievements. At Seamless Dubai, for example, the company showcased some of its recent tech innovations.
“Under our issuing services, we introduced ‘wearables’ such as bracelets and rings – offering an innovative way to pay.”
The introduction of wearables certainly captured the attention of the UAE audience at the event, but the innovation was much more than just a marketing gimmick, AlSamerraie said.
“We recently solved a case that had a positive impact on the education sector through ‘wearables’, customised for children to use in school as a means of payment.”
Under our issuing services, we introduced ‘wearables’ such as bracelets and rings – offering an innovative way to pay.
Hadi AlSamerraie
“We also participate in other industry events such as Seamless Riyadh and Seamless South Africa to ensure we are present wherever our target audience is.”
The company has used the Seamless group of conferences as a platform to educate potential clients and engage with other potential partners in their ecosystem. It has also embraced events across the Middle East and Africa including the Arab International Cybersecurity Summit (AICS) and the HPS event in Morocco.
AlSamerraie explained that these events afford the business the opportunity to discuss the company’s solutions with
The new wearable technology – such as a ring or a bracelet – means children can make payments while parents keep control over the spending limit and have full visibility of their child’s transactions.
GPS has been keen to emphasise the speed at which it can implement new innovative technologies at recent events including Seamless, highlighting its work during the Covid-19 pandemic as an example.
AlSamerraie said: “During the pandemic, the Central Bank of Bahrain mandated that all banks should migrate to contactless cards. Our team successfully achieved bulk personalisation of a large number of cards for all our clients within a short time frame, enabling our clients to meet the CBB’s requirements.”
As GPS looks to bring its growth story to more companies in the region, it is now turning its attention to the forthcoming Seamless Africa conference in September. When asked for the driver for this particular event, AlSamerraie quips: “we are present wherever our target audience is.” ◆
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■
■
MOD001 Content basics
MOD002 Building narratives
MOD003 Format and structure
MOD004 Features and articles
MOD006 Whitepapers and policy documents
MOD007 Brochures and sales aids
MOD008 Audience segmentation
MOD009 Great award entries
MOD010 Editing, proofing and sign-off
MOD011 Sourcing and referencing
MOD012 Persuasion and influence
MOD013 Content strategy
MOD014 Working with data
MOD015 Interviews and profiles
MOD016 Investment writing
MOD017 Organisational communication
MOD018 Identity, style and tone
MOD019 Sustainability
MOD020 Briefing for success
MOD021 Ethics and integrity
MOD022 Content for events
MOD023 SEO and influencer content
MOD024 How newsrooms work
MOD025 Scripting and speechwriting
As consumer-facing finance firms navigate new influencer marketing rules, will B2B marketers be freer to create successful strategies?
Words: Joe McGrath
Social media promotion in financial services is one of the hottest topics for marketing teams right now, not least because of the Financial Conduct Authority’s ongoing work in this area.
Influencer marketing, in particular, is more commonly associated with the world of fashion and luxury goods than it is with financial promotions, but that is starting to change, and banks, insurers and investment companies want in on the action.
The runaway success of fashion brand partnerships linked to TV shows such as ITV’s Love Island have established certain connotations with influencer marketing in the minds of some. And many are unsure of how to harness social media influence.
But this hasn’t stopped companies testing out new methods. Unfortunately, this hasn’t always gone well and social media promotion has become the latest area of significant scrutiny by the UK’s financial watchdog.
In its consultation guidance released in July 2023, the Financial Conduct Authority underscored the scale of its concern with how regulated financial businesses are using social media to market their products.
“In Q4 of 2022, 69% of financial promotions…. which were amended or withdrawn following our intervention, involved website or social media promotions,” the FCA said. “This data tells us that consumers using social media to inform their financial decision-making will likely have seen promotions that are unfair, unclear or misleading in some way.”
An explicit concern listed by the regulator was where financial services businesses use influencers to promote their products or services, without the
individual in question being guided on the FCA’s rules on financial promotions.
Rosie Hooper, a spokesperson at Quilter, says the FCA's increased scrutiny of influencers is much needed, although it is making it harder for promotions to be approved.
“This is long overdue given the spate of social media posts over a number of years that have lured people into high-risk schemes.
“This crackdown is particularly needed during the cost-of-living crisis as people are more likely to turn to alternative sources with the promise of high returns without keeping their eyes open to risks involved.”
It is not the first time that the regulator has flagged concerns about the use of influencers, but the depth of detail in this latest consultation should act as a flashing red warning for marketers that haven’t heeded previous announcements.
In February, the FCA strengthen its rules for investment-related financial promotions on social media with an ongoing monitoring requirement, which means that companies now need to ensure that promotions remain compliant “for their lifetime”. This includes keeping a record of all promotions and logging that they require “no material change” every three months.
While much of the focus of the regulator will be on consumer-facing promotions, the B2B world are also waking up to the potential that exists from endorsement marketing.
Sophia Bhaumick is the outgoing marketing manager at Charles Taylor InsureTech who will soon take up a new role at WTW. →
Within B2B, we call it ‘influential marketing’. The term ‘influencer marketing’ coined a bad reputation in B2B due to the association with celebrity endorsements. Influencer marketing from a B2B perspective is much more about reporting experiences and finding testimonials that businesses can leverage.
Sophia Bhaumick
→ She explains that financial institutions are often keen to embrace influencer-led marketing, but are still unsure on the approach. That, she hopes, is something that will change.
“Within B2B, we call it ‘influential marketing’. The term ‘influencer marketing’ coined a bad reputation in B2B due to the association with celebrity endorsements. Influencer marketing from a B2B perspective is much more about reporting experiences and finding testimonials that businesses can leverage.”
While B2B marketers in financial services are curious about how influential marketing can broaden marketing campaigns, knowledge levels at a strategic level vary considerably, both by company and sector. But for companies that get it right, the rewards are significant.
The most successful strategies within financial services are integrated with the broader sales and marketing strategies and are structured with rules, measures and a clear distinction between experienced-based and endorsement-based approaches.
“There is an assumption that you allow people to say what they want and forget the rules,” Bhaumick says.
“But the messaging you put out has to be specific and there has to be guidelines. You must tailor the language to each stakeholder, which can mean rewriting the guidance three or four times over for different audiences,”
These approaches, she says are equally applicable to marketers in B2B as they are in consumer-facing businesses. She adds that it is important for marketers to distinguish between influential marketing (which relates to experienced-based promotions) and endorsement-based content.
“Experienced-based relates to the messaging that comes from clients or customers. Endorsement-based is where you go with recognised authorities, such as leaders within your industry,” she says.
Bhaumick’s recent year-long stay at Charles Taylor has underscored the potential that exists within influential marketing. Her work has allowed her to work alongside technical specialists to create employee advocacy-led campaigns, but also to observe industry professionals who are already showing what is possible.
She cites Clare Knight, CEO of the Delegated Authority Exchange, as an inspiration.
Like Bhaumick, Knight used her time
working in the London insurance market as a springboard to produce informed, influential marketing on social media platforms.
“The way she writes on LinkedIn is disruptive and controversial,” Bhaumick notes, “but it has created this incredible network of opportunities for her.
“Charles Taylor and the Managing General Agents' Association (MGAA) ran an event on imposter syndrome for young professionals and Clare, with [Charles Taylor employee] Arandip Sahota, drew an audience of 70 from their presence on LinkedIn alone.”
Bhaumick says it is entirely logical that B2B companies are interested in the potential from experienced-based influential marketing, at a time when so many marketing strategies are based on transformation themes.
“From my time working in insurance, I’ve noticed there are numerous companies in the Lloyds market trying to break bureaucracy, which is incredible. But there is an easy way of doing this and that is through influential marketing.
“It is about telling your people that ‘I want your voice’. It tells them that
DATES:
17 July 2023
Guidance consultation released
11 September 2023
Deadline for consultation responses
Q4 2023 (TBC)
Final guidance released
you value them. Empowering internal stakeholders is massive right now and people buy from experience.”
Harnessing employee knowledge and experience in marketing is tried and tested, but in influential marketing, many B2B companies are only just at the beginning of their journey. The increasing regulatory scrutiny of the consumer sector by the Financial Conduct Authority has heightened risk awareness.
While the probing of social media promotions has, so far, been focussed on campaigns to consumers, having a structured approach is key to protecting against all risk in campaigns – B2B or consumer-focussed.
In the case of employee-led influential campaigns, this can be a particularly tricky challenge, Bhaumick explains.
“From an employee perspective, you must be so careful what an employee shares about the company. In some cases, employees may share information that's off-brand or inaccurate and companies need guidelines and policies to educate employees and protect their brand reputation.
“If an employee breaches the guidelines, it is the marketing team's responsibility to manage that. Controlling through a crisis communications strategy is something that should be a part of every single business and not just through the PR channel.”
Bhaumick adds that when things do go wrong it is essential to have a clear procedure in place to manage alterations quickly and effectively. But rules are not purely there for internal stakeholders. External endorsement partners, also need to understand the guidelines, she says.
“It is important to have an explicit agreement from those parties that they will agree to the rules. If they haven’t agreed, no agreement is in place. A lot of companies don’t think about this.”
With both the Financial Conduct Authority and the Advertising Standards Authority continuing to probe the financial services industry and a consultation open until September so that the industry can make representations, external agency support in this growing area will be increasingly sought after.
What remains to be seen is whether industry innovation will be stifled by the regulatory response to a handful of bad actors this far. One thing that is for certain, however, is that the landscape for digital promotions – whether B2B or B2C – is set to continue shifting for a long while yet. ◆
Financial Promoter rounds up the forthcoming industry events for the months ahead. If you have an event that you’d like listed, please contact Alice Greaves on alice.greaves@rhoticmedia.com
FT Corporate Venturing Networking Drinks 4 September corporateventurenetworking.live.ft.com London
Reuters ESG Europe 6-7 September events.reutersevents.com/finance/esg-investment-europe London
IPE Real Assets Conference + Awards 14-15 September ipe.swoogo.com/real-assets-awards2023/3124056 Amsterdam
Moneyfacts Investment, Life + Pensions Awards 20 September moneyfactsgroup.co.uk/awards-and-events/ilp/shortlist London
International Investment Middle East Forum 2023 21 September event.internationalinvestment.net/ iimiddleeastforum2023/en/page/home Dubai
IW Women in Investment Awards 22 September event.investmentweek.co.uk/womenininvestment awards2023/en/page/homeorth-america London
FT Adviser Financial Advice Forum 28 September financialadviceforum.ftadviser.com/ London
Reuters ESG Summit North America 2-3 October events.reutersevents.com/finance/esg-investment-usa New York
Mines + Money 28-30 November minesandmoney.com/london/ London
TSAM New York 31 October tsam.foxonmedia.com/newyork New York
FIMA Europe 27-29 November fimaeurope.wbresearch.com London
UK Invoice Finance and Asset Based Lending Dinner 14 September ukfinance.org.uk/events-training/invoice-finance-andasset-based-lending-annual-dinner
London
SIBOS 18-21 September sibos.com
Edinburgh
Chartered Banker Ethical Finance Global 20 September charteredbanker.com/events/ethicalfinance-global-2023.html
London
Global Capital Sustainable Capital Markets Forum 28 September events.euromoney.com/event/4803ca63 -eafb-4ecb-ace4-5213c10ca2b6/summary London
London School of Economics Banking Careers Fair 3-5 October employers.careers.lse.ac.uk/content/events
London
UK Finance Scotland Dinner 5 October ukfinance.org.uk/events-training/scotland-dinner-2023
Edinburgh
Sustainable Finance Live 10 October sustainablefinance.live
London
Open Banking Expo UK 18-19 October openbankingexpo.com/uk
London
UK Finance Annual Dinner 24 October
ukfinance.org.uk/events-training/uk-financeannual-dinner-2023
London
The Banker Global Banking Summit 27-29 November thebanker.com/Banker-Events London
Seamless Saudi Arabia
4 September
terrapinn.com/template/live/go/10736/0? Riyadh
Payment Leaders’
Summit Europe 12-13 September payexpo.com/payments-leaders-summit/europe Rotterdam
Women in Credit Conference
20 September
creditstrategy.co.uk/cs-women-in-credit-conference London
Manchester Digital Fintech Day
21 September manchesterdigital.com/event/manchester-digital/ fintech-week-2023-conference-day
Manchester
Payment Leaders’ Summit UK 10-11 October
payexpo.com/payments-leaders-summit/uk
London
Mortgage Business Expo 12 October mortgagebusinessexpo.com/ London
FinTech Surge 15-18 October fintechsurge.com
Dubai
AltFi Lending Summit 2023 18 October altfi.com/events/altfi-lending-summit-2023 London
Money 20/20 USA 23-26 October us.money2020.com/attend Las Vegas
UK Finance Digital Innovation Summit 31 October
ukfinance.org.uk/events-training/ digital-innovation-summit-2023 London
Credit Strategy Lending Summit 14 November creditstrategy.co.uk/lendingsummit/ lendingsummit/l-summit
London
FinTech North Conference 30 November fintechnorth.uk/event/fintech-north-manchesterconference-2023
Manchester
FinTech World Forum 22-23 November fintechconferences.com
London
The Insurer Pre-Monte Carlo Forum 6 September theinsurer.com/pre-mc-forum-2023 London
Rendez-Vous de Septembre 9-13 September
Rvs-monte-carlo.com Monaco
InsureTech Connect Vegas 31 October - 2 November vegas.insuretechconnect.com/ Las Vegas
Baden-Baden Reinsurance Meeting 22-26 October baden-baden-reinsurance.com Baden Baden
Pensions Bridge Sustainability 24-25 October events.withintelligence.com/pensionbridgesustainability
San Diego
Pensions Bridge Private Markets Europe 8-9 November events.withintelligence.com/pensionbridgeprivatemarkets Egham
Pensions for Purpose Annual Awards 21 November pensionsforpurpose.com London
Institute and Faculty of Actuaries Conference 25-26 September actuaries.org.uk/ifoa-asia-conference-2023 Kuala Lumpur
Professional Pensions Fiduciary 360 5 September event.professionalpensions.com/fiduciary360/en/page/home Digital Only
Institute and Faculty of Actuaries AGM 6 September actuaries.org.uk/annual-general-meeting-2023 London
PLSA Master Trust Forum 19 September
plsa.co.uk/Events/Forums/Master-Trust-Forum London
Institute and Faculty of Actuaries Conference 25-26 September actuaries.org.uk/ifoa-asia-conference-2023 Kuala Lumpur
PLSA Annual Conference 17-19 October
plsa.co.uk/Events/Conferences/Annual-conference Manchester
TradeTech FX 12-14 September tradetechfx.wbresearch.com Paris
SIBOS 18-21 September sibos.com Toronto
RegTech Summit 5 October a-teaminsight.com/events/regtech-summit-london London
InvestOps London 16-18 October clearingsettlement.wbresearch.com London
ALFI London Conference 19 October alfi.lu/events/alfi-london-conference-2023 London
Each issue, Financial Promoter publishes a round up of industry award schemes where the closing dates are approaching. To have your scheme listed, please contact Alice Greaves on alice.greaves@rhoticmedia.com.
The PRI Awards
Entry deadline: September (TBC) unpri.org/showcasing-leadership/the-pri-awards/4189.article
BVCA Responsible Investment Awards
Entry deadline: 12 September bvca.co.uk/Our-Industry/ESG-and-ResponsibleInvestment/Excellence-in-ESG
Private Equity Exchange Awards
Entry deadline: 22 September private-equity-exchange.com/awards.html
IBSI NeoChallenger Bank Awards
Entry deadline: 8 September ibsintelligence.com/ibsi-neochallenger-bank-awards
Celent Model Sell Side Awards
Entry deadline: 13 October celent.com/awards/model-sellside
Euromoney Global Private Banking Awards 2023
Entry deadline: 17 November euromoney.com/private-banking-awards
CICM British Credit Awards 2024
Entry deadline: September (TBC) cicmbritishcreditawards.com/live/en/page/home
Financial Reporter Mortgage Industry Marketing Awards
Entry deadline: 4 October frmima.co.uk
Moneyfacts Awards
Entry deadline: 23 February moneyfactsgroup.co.uk/awards-and-events/ moneyfacts/important-dates
Card + Payments Awards 2024
Entry deadline: 6 October cardandpaymentsawards.com/thecardand paymentsawards2024/en/page/categories
Financial News Rising Stars in Crypto Awards
Entry deadline: 2 October fnlondon.com/forms/2023/FN_lists_awards_diary.pdf
FS Tech Awards 2024
Entry deadline: 17 November fstech.co.uk/awards
Smart Money Insurance Choice Awards
Entry deadline: 16 October smartmoneypeople.com/insurance-choice-awards/review
Insurance CX Awards 2024
Entry deadline: 27 October insurancecxawards.com
PLSA Retirement Living Standards Awards
Entry deadline: 31 August plsa.co.uk/Policy-and-Research/Topics/ Retirement-Living-Standards
IPE European Pension Awards
Entry deadline: 8 September ipe.swoogo.com/awards2023/awards
Pensions Age Awards 2024
Entry deadline: 1 November pensionsage.com/awards/
FN Rising Stars of Professional Services
Entry deadline: 26 September fnlondon.com/forms/2023/FN_lists_awards_diary.pdf
Emma Evans
A career in communications spanning 22 years, Teamspirit’s group board director, Emma Evans, examines the push and pull factors influencing financial marketing spend.
PMI Pensions Aspects Live 21 June 2023 pensions-pmi.org.uk/events/pensions-aspects-live-2023 London
Financial Promoter: What’s the biggest challenge facing marketing managers in financial services at the moment?
Professional PensionsDefined Contribution Conference 2023 28 June 2023
event.professionalpensions.com/ dcconference/en/page/home London
Accountex
Credit Strategy Car Finance Conference
Professional Pensions Fiduciary 360 19 September 2023
event.professionalpensions.com/ fiduciary360/en/page/home Venue TBC Trading
Emma Evans: Beyond budget and resulting resourcing pressures, it is walking the line between purposeled and cost-of-living supportive messaging. I think finding that optimal balance will, rightly, continue to shape and inform marketing communication approaches for the foreseeable.
FP: How is the external environment impacting organisational communications?
Fixed Income Leaders USA 21 – 23 June 2023
fixedincomeus.wbresearch.com Nashville, Tennessee
Tradetech FX 12 - 14 September 2023
accountex.co.uk/london London
EE: The economic environment continues to challenge how organisations behave and communicate especially how they engage with their employees from both a recruitment and a retention perspective. The value and significance of internal communications continues to grow, post pandemic, as people’s expectations of their employer shift. Motivating teams and overcoming issues like ‘quietly quitting’ illustrates why investing in a strong positive corporate culture is so important.
FP: What role can a collaborative approach between agencies serve to overcome the current market challenges?
EE: Having an agency partner that acts as an extension to your team can be hugely beneficial. Despite the budget pressure, there doesn’t seem to be any let up in demand for work! A partner that understands not just the communications ambition but also the strategic objectives of the business can be invaluable.
creditstrategy.co.uk/carfinanceconference/ carfinanceconference/cf-conference
Financial Times - Future of Finance
https://futurefinance.live.ft.com/
Reuters Transform Payments USA 2023 13 - 14 June 2023 events.reutersevents.com/finance/payments-usa Austin, Texas
The Credit Summit 27 April 2023
The value and significance of internal communications continues to grow, post pandemic, as people’s expectations of their employer shift.
FP: Where does content sit within the modern marketing approach?
EE: Content continues to sit at the
Measurement too has, thankfully, a bigger seat at the corporate communications table. Being able to track and share the value of large campaigns has shifted recently with comms professionals now able to start addressing the return-on-investment question with some certainty. We have seen a growing trend towards a multi-channel communication approach, fusing PR with digital and social campaigning capabilities, to provide on-message campaigns with a broader reach and that can drive tangible results.
FP: What areas are clients most heavily focussed on (campaign wise)?
creditstrategy.co.uk/credit-summit/credit-summit London
Women in Credit Conference 20 September 2023
creditstrategy.co.uk/cs-women-in-credit-conference London
heart of today’s marketing approach. As people become more discerning – and much savvier – about where and how they consume their content, there is a huge opportunity for marketing communications professionals to think creatively about how and where best to reach their audiences. Tailored content, especially, has a huge role to play in enabling brands to build closer relationships with their customers.
FP: What does great corporate communication integration look like right now?
EE: Integrated communications has really come into its own. The ability to devise and design impact-led campaigns that can be amplified across channels is extremely powerful.
EE: I think there will continue to be a focus on purpose-led campaigns with clients demonstrating the ways in which they, as supportive financial brands, are showing up for their customers. In the world of advised products, a lot of our clients are focusing on how they evidence their customer-led approach through the lens of consumer duty.
FP: Where have clients stepped back from promotions, compared to 2022?
EE: Clients have reduced their brandled and media spend campaigns. The usual media cycles don’t seem to be leading the communications thinking and creation. This is largely driven by a need for communications activity to work harder and be more accountable at every stage, so the emerging trend has been for a more micro, targeted approach that’s always on, and results focused. Strategically led work still holds value however. So, a renewed focus on investing in customer insight, understanding their wants and needs and developing a strategy that builds in customer value over time is paramount. ◆
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Adult participant on a GLT Earth Wellbeing course
We can work with you to achieve your ESG and CSR goals and offer tailored team building and wellbeing activities for your staff. To find out more about partnering with the Green Light Trust: visit: greenlighttrust.org email: partnerships@greenlighttrust.org call: 01284 830829
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