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 London commuters the phrase ‘Mind the Gap’ is ubiquitous in our lives, a reminder to observe the gap between train and platform. Nobody can argue that this isn’t good advice. But does this advice still apply to other areas of our working lives? 

The Fawcett Society has been tracking the gender pay gap since 2013, and Equal Pay Day marks the day each year where women will effectively stop being paid for the work they do compared to men. This year’s Equal Pay day is two days earlier - 20th November -  than in 2023, and is disappointingly the first time that the pay gap has widened since the Fawcett Society began tracking. This calls into question the impact that efforts to reduce the gap are having in reality. 

Mandatory gender pay gap reporting has been in effect for large companies since 2017. Each company is required to make public their gender pay gap and while many companies have been transparent, there are large gaps to overcome. It's clear and understandable that efforts to close the gap, like growing and developing senior women, require time to bear fruit, but there is simply no excuse for the gap to be widening in 2024.

With the knock-on-impact that the gender pay gap has on women’s ability to save, invest and put money away into their pensions (Scottish Widows found that women retire with £100K less than men), this is an issue that we should all care about, no matter our gender. 

At Teamspirit, we’re lucky to work at a business that not only chooses to report on its gender pay gap, but also one that doesn’t have a gender pay gap at all. 

With a new female Chancellor in position, and the last general election seeing the most women elected as MPs ever, there are encouraging signs that progress is being made. As we head into the new Year, we do so with a fresh challenge to reduce the gender pay gap once again. So back to my Mind the Gap metaphor; is it enough to simply ask companies to track their gender pay gap? Should we still be standing back and just minding the gap, or does more action need to be taken?

## Sources:

[https://www.fawcettsociety.org.uk/news/equal-pay-day-2024-will-be-20th-november](https://www.fawcettsociety.org.uk/news/equal-pay-day-2024-will-be-20th-november)
[https://www.scottishwidows.co.uk/about-us/media-centre/reports/women-retirement-report.html](https://www.scottishwidows.co.uk/about-us/media-centre/reports/women-retirement-report.html)


The Gender Pay Gap has widened for the first time in since 2013 calling into question whether efforts to reach pay parity are working. With knock-on-effects to women’s ability to save, invest and prepare for retirement, does more action need to be taken?

Let’s not JUST Mind the Gap anymore 

This year the Black History Month theme was ‘Reclaiming narratives’. Inviting us to re-examine the contributions of Black People to British society, and how we have come to understand these stories. 

As creatives and storytellers across time, marketing agencies have had a lot of power in shaping these narratives that are told subtly through all kinds of communications. So it’s been an interesting opportunity to have a closer look at how we have been, and still are part of telling these stories.

This month we hosted a potluck lunch, inspired by the cookbook [Black Food: Stories](https://www.newbeaconbooks.com/african-american/black-food-stories-art-and-more-than-75-recipes-from-across-the-african-diaspora-a-cookbook), Art, and More than 75 Recipes from Across the African Diaspora, by Bryant Terry. Chefs (staff) from Teamspirit and Harvard selected recipes to cook, bring and share. People brought in a lovely selection of spicy, flavourful and diverse dishes like okra curry, puff-puffs and patties. And to top the event off we found a long table set up in the room that brought us all together to enjoy a big communal lunch which was perfectly in the spirit of the pot-luck. 

We also invited everyone to attend the Black History Month special of Out-Spoken, a night of intersectional poetry and music. With poetry from [Jay Bernard](https://jaybernard.co.uk/), [Danez Smith](https://www.danezsmithpoet.com/bio-encore) and [Linton Kwesi Johnson](https://lintonkwesijohnson.com/), and music from [Joshua Idehen](https://youtu.be/PS9Bc_GQBEs?si=UrQiMqZYRqJED_Zm&t=50). The night was both moving and funky as these creatives invited the audience into their experiences. Both Jay and Danez spoke, through poetry, about their relationships with friends and family and despite what many see on the outside the diverse and diverging views of the world, inside their black communities.

In attending both of these events, it really showcased the power of tapping into collective experiences, and the opportunity for learning and educating together. But also highlighted the nuance and curiosity we must approach understanding our audiences with, to continue to deliver and show up in the right ways as individuals and an agency. Be it taking more time to talk to customers and reflect their experiences, or following a traditional recipe to the letter, to nail the perfect gumbo. 

2024’s Black History Month theme has been ‘Reclaiming narratives’. Inviting us to re-examine the contributions of Black People to British society, and how we have come to understand these stories. This year we found our way in through food and poetry. 

Reclaiming narratives for Black History Month

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)


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