Archive

Financial Services

  • Savings rates are the latest reputational battleground for banks as the FCA flexes its Consumer Duty muscle

    July 25, 2023

      A reputational battle has been playing out with banks and building societies under fire in the media and from policy makers, about whether they have been increasing mortgage rates faster than savings rates as the Bank of England’s base rate has risen. The FCA’s intervention on this pricing issue shows how the Consumer Duty extends its reach into new areas and poses a new challenge for communications teams. At the end of this month...

  • Communications tips for fintechs expanding into the US or UK

    March 3, 2023

    Gemma Lingham, director, head of fintech UK   Global expansion is undoubtedly a major milestone for any company, particularly for fintechs whereby the industry itself is still relatively new compared to others. The ‘American Dream’ for UK-based businesses is a bold ambition, while the British Isles hold huge new market opportunities for those born in the US. We’ve seen multiple success stories of fintechs making this leap, but it’s no small feat, and there are...

  • What the latest Current Account Switching Service figures tell us

    February 9, 2023

    Whilst cash incentives have been driving switching, digital banks are showing how differentiating through product and service is a successful and more sustainable strategy. The Current Account Switching Service (CASS) is undoubtedly a success story. Almost 9 million current account switches have been completed using the service. And it works beautifully. The process takes just seven days, the comms to tell you what’s happening along the way are good, and salary credits, Direct Debits and...

  • Fintech in 2023: The areas firms should be prioritising

    December 6, 2022

    Gemma Lingham, Director, Head of Fintech UK  As we head into 2023, there is an undoubted air of uncertainty. While the fintech industry has proved a resilient one, and innovation often emerges from testing times, approaching the new year cautiously seems the order of the day. Much like we did last year, we’ve consulted some of the industry’s top experts to gauge what they think fintechs should be considering as we turn yet another new...

  • Why the cost-of-living crisis has been surprisingly bad news for price comparison websites

    November 4, 2022

    The cost-of-living crisis should present a fabulous opportunity for price comparison websites to demonstrate their value to UK consumers. But, in reality, the sites have been hit by several headwinds – and the savings from switching have been dwarfed by the rise of energy bills and other costs. Last month’s announcement that Amazon is to enter the insurance market in an attempt to challenge price comparison websites sent a chill wind through the sector. Whilst...

  • Why now is not the time to abandon financial literacy

    October 25, 2022

    Caitlin Whyte, senior account manager Financial literacy is not a new term. In fact, you can trace financial education programmes at major UK banks back to 2009, while Martin Lewis spearheaded a petition to make financial literacy compulsory in schools over a decade ago (in 2011). It was eventually added to the national curriculum for secondary schools back in 2014. For many, focus on financial literacy has taken a back seat over the past couple...

  • Time to clean up: Greenwashing in asset management

    October 5, 2022

      Caitlin Whyte, senior account manager Earlier this year, an asset management firm made global headlines after its offices were raided in Frankfurt, following accusations of greenwashing. In New York, the US Securities and Exchange Commission fined a different investment manager $1.5m for allegedly misstating and omitting information about their ESG investments. Back in the UK, the tidal wave of activity and awareness around tackling climate change continues to build. For many in asset management...

  • How fintechs can keep their community front and centre in turbulent times

    September 27, 2022

      Alastair Lyon, purpose and issues campaigns specialist–brand marketing  Thanks to younger generations’ collaborative nature today, we are likely to see a world of collaboration and cohesion tomorrow. If brands are to survive, let alone thrive, in this new social order, they will need to embed themselves into the fabric of the very communities expected to prosper as a result of this change. They will need to be, ‘Community Companies. This rather utopian vision of...

  • No place to hide for financial services firms as the FCA’s Consumer Duty shines a spotlight on authenticity

    July 28, 2022

    The FCA’s Consumer Duty will help ensure that retail financial services firms’ promises match their actions. Firms that don’t behave and communicate authentically will face ever-increasing reputational challenges. Financial services firms’ marketing is full of phrases like ‘great customer service’ and ‘competitive interest rates’. But when I phone my car insurer the call wait time is more than 10 minutes. When I do finally speak to them, they promise to call me back but never...

  • How can banks communicate authentically through the cost-of-living crisis?

    July 25, 2022

    Emily Rushgrove, Associate Director Good communication is vital – but in times of crisis, its importance rises still further. That’s true now amid the cost-of-living crisis and many banks have already begun announcing measures to help their customers, be they retail or commercial. Banks must make sure that they communicate with authenticity and demonstrate to consumers that they’re ready to help. Their words must map to their actions. Saying one thing but failing to act...

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