On a mission to transform the world of finance for the better

DE&I Report; a communications conundrum

AI & Ethics: Revolutionising marketing without compromising ethical principles 

Launching a new sector leader

Grabbing attention for the nation’s pensions

Teamspirit hits the Big Apple!

The New Adviser

Sustainability in action

Helping our audience get an AER full

How marketers can profit from slowing down the ‘cycle of more’

Is generative AI creating a race & ethnicity representation crisis in comms? 

Making a racket… literally

For those of us that work in the financial services world, government budgets are arguably the biggest annual event in the calendar and yesterday was certainly no different. The first budget delivered by a Labour Chancellor after 14-years of Conservative-rule was always going to garner a huge amount of media speculation, and the decision by the government to delay the first fiscal statement for nearly four months left ample time for rumours to run wild. 

This decision, coupled with Reeves’ announcement ahead of time that there was a £22bn sized hole in the nation’s pockets only added to the media speculation, with articles galore on what taxes were set to be increased and who was set to bear the brunt of the hole plugging. 

All of this meant lots of work for us, journalists were especially hungry for stories, analysis and opinions ahead of this year's budget and considerable work was done by the team in the lead up, ensuring our clients were featured prominently in these discussions and those covering the budget were lined up to receive commentary on the day. 

Our morning started like any other, with the whole PR team huddled around the high table absorbing the last of the headlines. Come 12:30, Reeves was standing at the dispatch box and poised to put months of speculation to bed. She spoke for just over an hour, and in doing so became the first female Chancellor to ever deliver a budget statement. A historic moment that should be celebrated by all regardless of broader political persuasions.  

In the end, we got pretty much what was anticipated, a variety of tax rises worth a whopping £40bn, aimed primarily at the nation's businesses, alongside greater levels of investment into public services with the NHS coming out as a main beneficiary.

Consumers were largely spared of the ‘scarier’ rumours being toted such as changes to the tax-free pensions lump sum or the annual ISA allowance. 

Whilst the frenzied activity of PRs and journalists during the statement itself is over, so begins the post-budget era where the media begins to dissect the budget in a surgical fashion, working out what it all means for their readers with insightful views, and number crunching, from across the financial services industry. 

And how did the PR team stack up?  

- In total the PR team __distributed 43 comments__ from our clients during the budget, generating over a thousand pieces of coverage across national, consumer, regional and trade publications.

- For those of you who read our [pre-budget blog](https://www.teamspirit.co.uk/news-insights/marking-the-autumn-budget-bingo-card), I am also pleased to report our own Ellie, went 3 / 5 on budget day bingo. Had the Chancellor spoken for 21 minutes less and opted for a cup of tea over water then the full house would have been secured! An admirable effort, better luck next time, Ellie.

Catch you all for the craziness next time.


- Pieces of coverage: 1,000+
- Number of comments distributed from clients: 43
- Cups of tea: Infinite

Big shout out to our fabulous PR team for working tirelessly on another BUMPER Autumn Budget. Click here to read our reflections from the day

Reflections on a Bumper Autumn Budget

I love my everyday job at Teamspirit. It’s varied, the people are lovely, and I get to really
push myself. And being surrounded by highly creative people motivates me to give it my
all. But unlike the creative team, my role doesn’t focus around the arts (unless it’s the art
of negotiation!) so I look to other areas to unleash my creativity. And for me? That’s
dance.

I started dancing at 10 years old and I’ve experimented with a few different styles and
types. There’s a lot I like, but after doing competitions and shows in other styles I’ve found
one that really speaks to me: bachata.

A mix of a few different styles, it lets me express myself in new ways. And it’s not a solo
dance, it requires a partner, which is something new and exciting. Some people look at
me like I’m crazy for saying I dance for six hours at the weekend, but for me it’s such a
great way to stay in shape, meet new people, and scratch that creative itch.

<iframe width="100%" height="166" scrolling="no" frameborder="no" allow="autoplay" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1941995663&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true"></iframe>

<br /> 
<br /> 
Take a listen to my Teamspiriters podcast episode for more and remember to check out the other episodes too, like [Sophie Klein’s](https://www.teamspirit.co.uk/news-insights/new-york-new-opportunities) or [Richard Germain’s](https://www.teamspirit.co.uk/news-insights/cache-me-if-you-can).

From budgets to building relationships to… bachata?! Account Manager Nikhita Alex talks to us about her passion for dance and how it supports her day-to-day role.

Cha-cha-channelling creativity

Last week the BritishAmerican Business AGM included an illuminating view on the US election and what it means for business and investment.  The fireside chat was with Lew Lukens, Senior Partner at [Signum Global Advisors](https://www.signumglobal.com/) who work with financial institutions and multinational businesses to anticipate and assess policy agendas that will have a material impact upon markets, sectors, and asset classes.

With depth and candour the key outtakes for me are summarised below, including the implications for trade and tax.

Spoiler alert:
- His prediction is that Kamala Harris will win (due to high voter enthusiasm within the Democrats and her appeal with the young, African Americans and educated women.
- Republicans will take control of the Senate.
- Democrats will take control of the House.

The almost even split along party lines forces the United States to keep a middle road where anything too challenging is virtually impossible to get passed - no matter which Presidential candidate wins.

Much was discussed about the undecided voters who want to know more about both candidate’s policies.  Kamala is perceived to be running a good campaign despite the perception during September of having avoided national media.  In contrast, Trump’s campaign managers have a more difficult challenge in trying to get Trump talking about the economy and immigration as he prefers to be driving turnout of his base.

In terms of Trade, if Kamala wins then no further liberalisation of trade is expected as she will be continuing the already in place Biden policy.  Keeping China out of US tech, protecting US workers and backing US business will be top of her agenda.   If Trump wins then global markets can expect 10-20% tariffs on goods into the US with the EU coming in for a particularly difficult time.  The UK could do well though as Trump is much warmer towards the UK, having a Scottish mother plus a love of golf.

On Tax, Kamala will likely raise Corporate rate tax and personal tax on the more affluent.  The current tax cuts set by Trump in 2017 are due to expire at the end of 2025 with Trump expected to push for further cuts from 21% down to 15%.

Overall, with only 24 seats out of the 435 seats in the House in question, radical change or tax cuts are unlikely. 

Business likes stability and that will continue to be offered no matter who becomes the next President of the United States.  The special relationship with the UK looks set to continue with more than 30% of the recent £60bn international investment - announced by Keir Starmer at the International Investment Summit at the Guild Hall on 14th October - coming from the US.

The US perception of the new UK Labour Government and Keir Starmer is of a sober, serious leadership that is not 'anti-business', who have been seen to have brought business and the city along with them.  Strong conditions for trade relationships and inward investment to the UK.

Top tip: For those not wishing to stay up for the three nights involved before the election is declared, if on the night of Thursday 5th, Kamala manages to win the swing stage of North Carolina, then she’s won.  Watch this space!


An illuminating view on the US election and what it means for transatlantic business and investment.

Why the US election is good for UK business

From over there to over here, the typically US based The Gramercy Institute held their bi annual London event at Morningstar on Thursday 24th October to discuss 2025: Trends & Directions in Financial Marketing.

The packed half day agenda was a mix of panels and presentations, covering best practice and new directions across from content, brand, media and AI and the future of financial marketing (the latter of which I had the delight to be on the panel).

Content. Great content delivers insight that helps address audiences’ challenges. While the concept of the ‘9 lives’ of content ensures a constant drumbeat from the cascade of the content across the channels that meet people where they are.  Building on the perhaps more expected call for engagement, was the need ‘to move the conversation along’ - which provides a great reality check to avoid content spew.

Brand. The brand remains the differentiation and the competitive advantage, as well as the bedrock to customer and talent retention, plus cross selling.  Standing for something for the long term was a panel lightning rod. The perennial debate around purpose within asset management saw both sides reflected, from being the golden thread that unites (particularly during times of acquisition) to keeping purpose within community led marketing to ensure authenticity. 

Media. Sophistication in tools that measure audience engagement habits now allows far greater understanding of relevance, with the advice being not to ‘settle’ for good enough in terms of targeting. The co-ordination of earned, owned and paid was also highlighted as the starting point to better content optimisation, with smart data able to identify content multipliers.

AI & future of financial marketing. With AI now omnipresent and growing (spend levels currently £4.5bn in 2024 and set to grow to £64.3bn in 2030, and 46% of fs providers using AI to improve the customer experience), the panel shared how AI was helping in terms of communication creation as well as on the more futuristic developments including using avatars and tailored nudges. AI has become a useful tool that helps to save time and leading to new types of jobs from authenticators to predictive analysts to ‘Emily in Paris’s’.

Bill Wreaks, CEO & Chief Analyst, Gramercy Institute then shared the findings of some qualitative research within the US based Gramercy membership around what financial services brands are seeking from their agencies. Listen up:

-	Beyond the brief – understanding of the market.
-	Audience insight – outside in perspective.
-	360-degree ideas.
-	Innovation – the latest developments be that in media, content creation, partnerships etc
-	Key design principles – making sure every touchpoint is adding value to the brand through strong visual identity.

Striking is the similarity in challenges and needs that the financial service marketer faces whether they be US or UK based, particularly as the majority of the brands are global.

The Gramercy Institute held their bi annual London event at Morningstar on Thursday 24th October to explore best practice and new directions across from content, brand, media and AI and the future of financial marketing.  

The Gramercy  2025: Trends & Directions in Financial Marketing

The Autumn Budget has been hard to miss if you keep up with the news. Rumours have been emblazoned across every weekend and weekday paper, and plastered across every online news site for weeks, and it’s even creeping its way onto my social channels. 

The spotlight on Rachel Reeves, and Labour’s, first Budget is intense and it will come to a head when she takes the stand next Wednesday lunchtime. There are expected to be some punchy policy announcements as the Chancellor looks to plug that scary black hole Labour inherited.  

Here are the things that we’ll be looking out for in our Budget bingo. From big policy announcements through to what Rachel Reeves might be drinking. I’ve got my money on an Earl Grey with perhaps a splash of something stronger on the side. 

1. Personal tax shake ups. 

Changes to Inheritance and Capital Gains Tax are the biggies. Some experts say Labour will tinker around the edges of gifting rules, while others have their money on more significant changes. It’s likely that any large scale changes would come as part of a consultation rather than an overnight overhaul (I might be eating my hat on Wednesday afternoon). 

2. The rabbit out the hat moment 

Rachel Reeves’ predecessors have become known for rabbit out the hat moments. That thing tucked up their sleeve that no one was expecting, or that wasn’t picked up in any of the rumours. Remember pension freedoms? Or the conservatives stealing the show on non-doms? Take your guess!

3. Alcohol Duty 

It wouldn’t be a Budget without a mention of alcohol duty, so mark that on your cards and keep an eye on whether your glass of rosé, or pint of beer will be going up or down. 

4. On the theme of drinks  

Tradition states that the Chancellor is allowed to drink whatever they wish while making the annual budget speech. Whisky, gin and brandy have all gone down the hatch in past statements - a little ‘refresh’. Rachel Reeves is reported to be a lover of an Earl Grey so perhaps we’ll see a bergamot inspired cocktail in her hand! 

5. On the clock 

In 1853 William Gladstone delivered the longest ever continuous Budget statement at FOUR hours and 45 minutes, fuelled by a sherry and a beaten egg. Here’s hoping that Rachel Reeves keeps it shorter than that. I’m going for 56 minutes.

And if you haven’t got enough for your bingo card yet there are some phrases that are likely to crop up a few times; economic stability, growth, conservative inheritance, black hole, difficult decisions, broadest shoulders, working people, cracking down, closing loopholes. 

See you all at lunchtime on Wednesday!

Our own Ellie Pocock shares what we'll be looking out for in the upcoming Autumn Budget. Read what to mark on your bingo card from big tax changes to what drink Rachel Reeves might be sipping on...

Marking the Autumn Budget Bingo card

Let’s get real about AI was the subject of our second event this year, in conjunction with the Financial Services Forum.  While our earlier event in March discussed the ethics and challenges involved in the use of genAI for marketing and product dev, this second event was focused on actual use cases.  

With thanks to our amazing panel who provided a range of perspectives:
- Ben Lee, Head of Data & AI, Bidwells
- Michael Jung, CFO and Head of Global Business, DeepBrain AI
- Danielle Moore, Digital Marketing Manager, Lifesearch
- James Maxwell, Executive Creative Director, Teamspirit

Setting up the conversation, Chair Fiona Couper, CMO, Teamspirit, outlined the transformation expectations that generativeAI will have on financial services brands and their communication remain high.

According to Gartner[1] by 2025, 30% of marketing messages will be AI generated, up from less than 2% in 2022. While over 70% of consumers expect AI to negatively impact social channels, so much so that by 2025 50% of consumers are expected to significantly limit their use of major platforms due to a decay in the quality of social media sites - which for marketers, means creating new search and channel strategies for lead gen.

In financial services specifically, use of genAI is widening across operations, with banks’ spending on genAI, as estimated by Juniper Research, set to rise from the current estimate of £4.5bn in 2024 to hit £64.3bn globally in 2030[2].   

Chipmaker NVIDIA’s State of AI in Financial Services report found that 46% of respondents reported an improved customer experience as a result of using AI[3].  The same report found:
- 26% of fs companie are using Natural language processing (NLP) or large language models (LLMs) 
- 23% are utilising recommender systems / next-best action 
- 12% are using AI for their environmental, social, and governance (ESG)
- 12% use it for fraud detection across anti-money laundering and know your customer.

Headline makers in the past few months include:
- NatWest’s AI chatbot, Cora, handled 10.8m queries in 2023 and the bank is rolling out Cora+ with IBM which promises to deliver a more seamless ‘human’ experience’ using the latest AI innovations[4].
- In May this year JPMorgan Chase launched IndexGPT, a ChatGPT-like A.I. that builds thematic indexes currently for institutional clients[5], which they believe will result in an increase in client engagement and broader adoption of quantitative techniques applied to thematic indexes.
- Bunq, the EUS 2nd largest neobank, is expecting to automate 90% of operations with the help of AI and leading to new hires in areas such as AI management and compliance and predictive analytics. 

The panel began by sharing a topline on how AI is being used in their respective businesses, with both Bidwells and Lifesearch building on use that began either during or coming out of Covid.  Repetitive tasks have been sped up, such as note taking, outlining case studies, content brainstorming, creative concept ideation and business development.  

For all, despite early concerns around usage in the businesses, the benefits have outweighed concerns and the challenge is more around ensuring its use and implementation is used well.  Human direction and judgement remains vital.

Conversation then turned to discussing how to create better tailored communications and ensure consumer confidence/trust.  Counteracting the risk of AI homogenisation the panel agreed on the need to use AI as a helpful tool rather than the finished product.

For DeepbrainAI who specialise in creating AI Avatars the business is wholly focused on helping to scale businesses and at a reduced cost.  Michael Jung shared a couple of examples from retail banks in Asia where avatars deliver an improved and more personalised experience.  

Ben Lee, Bidwells talked about how AI is helping across multiple areas of the business especially internally and could see how the use of avatars would be hugely beneficial in onboarding inductions for new employees, and in bringing key policies to life.  How much more engaging to watch an avatar of the Chief People Officer than wade through the dry text manual.  He also talked about the ability to start to interact within the text which will make life even easier.

Danielle Moore, Lifesearch, shared how she is focusing on the impact of Google’s Search Generative Experience (SGE) on search engine results pages (SERPs), exploring how this evolving technology reshapes digital marketing landscapes and enhances user interactions - particularly as google is no longer the search engine of choice for the younger generation who are happy to use social platforms such as TikTok.

From an agency point of view, James Maxwell, Teamspirit spoke of AI helping inform strategy, concepting and as a helpful copywriting tool to build on.  But reinforced that human guidance and differentiated brand personality are even more vital in an AI underpinned world.  Particularly for financial services where trust is so fundamental.

Questions from the floor ranged from how to ensure AI imagery and avatars still met Consumer Duty requirements (achieved by ensuring clear supers), distinction in a world of AI (by using AI as a helpful tool rather than the whole answer) to whether there remained some fear around its usage and giving ‘the machine’ too much power (reality is that careful trial is required).

In conclusion, the panel all felt that AI was a helpful addition that made their jobs easier and freed up time to allow them to focus on the more strategic and creative requirements.

If you’d like to discuss how to use your brand's personality to ensure a more distinctive brand experience in a world of AI, you know who to contact [hello@teamspirit.co.uk](mailto:hello@teamspirit.co.uk).

## Sources:

1. Gartner 2024 CMO Priorities
2. [https://www.cityam.com/theres-little-room-for-caution-banks-and-fintechs-gear-up-for-ai-revolution/](https://www.cityam.com/theres-little-room-for-caution-banks-and-fintechs-gear-up-for-ai-revolution/)
3. [https://resources.nvidia.com/en-us-state-ai-report/finance-survey](https://resources.nvidia.com/en-us-state-ai-report/finance-survey)
4. [https://www.cityam.com/theres-little-room-for-caution-banks-and-fintechs-gear-up-for-ai-revolution/](https://www.cityam.com/theres-little-room-for-caution-banks-and-fintechs-gear-up-for-ai-revolution/)
5. [https://www.pionline.com/money-management/jp-morgan-chase-launches-indexgpt](https://www.pionline.com/money-management/jp-morgan-chase-launches-indexgpt)


AI Applied. Let’s get real

DE&I skyrocketed up the corporate agenda in 2020, following the murder of George Floyd and reignition of Black Lives Matter. But the last few years have been tough. Covid, and its implications on society’s mental health and the global economy. The climate crisis. Brexit and its consequences. All of these have battled for space on the C-suite agenda, and for many, DE&I has been deprioritised. 

We’ve seen this play out in high attrition rates for DE&I roles, especially the lay-off of whole DE&I teams at Microsoft[1], and a reduction in corporate communications during the likes of Pride[2] and Black History Month[3].

But the tide is changing. Business leaders know it - our research into the views of C-suites and HR Directors revealed that most business leaders think DE&I is set to become more important in the coming years. Over 70% think it will become more important to current employees, and prospective ones - and 67% said the same for the procurement process for clients. More than half of C-suite execs reckon it’ll be more important to the board. 

There is also a top-down push, from both the regulator and the new Labour Government. The FCA is pushing for greater DE&I in financial services, the revisions to the Corporate Governance Code will put pressure on Boards from January 2025, and in all likelihood, ethnicity pay gap reporting will soon be mandatory for large firms. 

DE&I is here to stay - and it's only getting bigger. Firms need the right policies and processes in place, but they also need to be equipped to talk about their journeys and reach a diverse audience. Those who get it wrong risk alienating their people and damaging their brand - nobody wants to be tagged by the ‘Gender Pay Gap’ bot on Twitter (X), or included in Buzzfeed’s ‘10 worst pride campaigns of 2025’ list. 

And the opportunity for those that get it right is vast. Those that nail their communications will be able to run creative and authentic campaigns that meet a modern audience. They’ll be able to talk about their people with confidence. And they’ll be ahead of the curve - the brands getting this right are a minority; the best time to invest is now. 

Our new report,* Marketing Inclusion*, investigates this DE&I comms conundrum in more depth. It looks at the steps businesses can take, and includes plenty of #inspo of the people getting it right. 

You can read the full report [here](//assets.ctfassets.net/sxw14dxmazhg/7wVdAn18wTZd9svtxQU9GG/3f576310258252fdf09623a328ae97aa/DE_I_Thought_Leadership.pdf)!

And reach out to [Sandy Downs](mailto:sdowns@teamspirit.co.uk), our Head of DE&I, if you’ve got any questions or would like to chat about the Marketing Inclusion challenge.

## Sources:

1. [https://www.hrgrapevine.com/us/content/article/2024-07-16-microsoft-cuts-dei-team-leader-emails-staff-claiming-it-is-no-longer-business-critical](https://www.hrgrapevine.com/us/content/article/2024-07-16-microsoft-cuts-dei-team-leader-emails-staff-claiming-it-is-no-longer-business-critical)
2. [https://www.marketingbrew.com/stories/2024/06/13/corporate-pride-is-quieter-this-year-why-that-matters](https://www.marketingbrew.com/stories/2024/06/13/corporate-pride-is-quieter-this-year-why-that-matters)
3. [https://www.hrdive.com/news/quiet-black-history-month-a-warning-sign/643571/](https://www.hrdive.com/news/quiet-black-history-month-a-warning-sign/643571/)

DE&I has slipped down the corporate agenda over the last few years, but it’s back - and brands which fall behind are going to find themselves in hot water. Find out more about the DE&I communications conundrum in our new report, Marketing Inclusion.

### __The times they are a-changin’. According to a survey commissioned by Forbes Advisor and conducted by market research company Prolific, [79% of millennial or Gen Z Americans](https://www.forbes.com/advisor/investing/financial-advisor/adults-financial-advice-social-media/) have received financial advice from social media. Seriously. At the same time, Regulatory Authority (FINRA) data shows [a steady decline](https://www.prnewswire.com/news-releases/two-thirds-of-americans-say-their-financial-planning-needs-improvement-301881539.html) in the number of Registered Representatives and Member Firms over the last decade.__

__Mmm. What to do?__

This report is for those interested in, and responsible for, communicating about investments. In it we explore what’s going on in the advice marketplace, and the worrying phenomenon of the younger generations’ faith in often unregulated, socially-led financial advice. 

Then we turn the tables, to look at some great examples of how to reach this audience well on social platforms, in particular TikTok, YouTube and Instagram. Creating a hypothetical and deliberately cutting-edge persona of the new adviser, we go on to define the secret sauce of success, by defining the Top Ten Tactics for the New Adviser. 

As a specialist financial services focused agency, we know that despite 66% of Americans believing that their financial planning needs improvement, only [35% of adults actively receive](https://www.financestrategists.com/financial-advisor/advisor-types/how-many-financial-advisors-are-in-the-us/) financial advice from an adviser. Advisers need to find new ways to ensure consumers get the help that they want, at a time that they need it and at a cost that is affordable

We take the responsibility of transforming the world of finance, including the adviser and investor, for the better.

__Here’s our latest thinking on '[The New Adviser](https://assets.ctfassets.net/sxw14dxmazhg/6oVt4HeKAGMp6Ttmzq3Mos/1a6af752785bc161b2b900bae5ff3648/Teamspirit_The_New_Adviser_Report.pdf)'.__

The times they are a-changin’. According to findings in a recent Deloitte report, 25% of young people now turn to social media for financial advice. Seriously. At the same time, the FCA has revealed that the retail IFA market has shrunk by 7% since 2022.

On a mission to transform the world of finance for the better

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