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92% OF CMOS IN FINANCIAL SECTOR PREPARED FOR GDPR

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92% OF CMOS IN FINANCIAL SECTOR PREPARED FOR GDPR

But only 4% acknowledge marketers are responsible for compliance 

New research from  Relay42, a leading European data management platform company, has identified profound challenges for the financial services industry regarding the General Data Protection Regulation (GDPR) updates — which will be effective exactly a year from today, 25th May 2018. The research showed that 96% of C-level finance marketers (CMOs) believe that GDPR is the responsibility of their IT counterparts, with only 4% saying marketing plays a role in ensuring compliance

The research, commissioned by Relay42 and carried out by Censuswide, surveyed CMOs across the financial services sector in the UK.

Despite claiming to be ready for compliance, only 18% of the CMOs are able to identify origins of data, and only a quarter of the marketing executives are fully confident that they are able to edit, change, or delete all data relating to customer data after a “Right to be Forgotten” request has been filed. The survey reveals a risk for financial services providers as this indicates that many CMOs are not ready for the practical implications of GDPR.

In addition, only 2% of CMOs are currently able to access permissions for customer applications, yet over half of respondents received a data export to their computer or an unmonitored device in the last year. This lack of control over customer data opens up risk of breaching the 2018 GDPR updates.

A supplementary whitepaper, created in collaboration with Capgemini, entitled GDPR for Financial Services Marketing: How to translate data regulation into customer opportunity, says that the momentum generated by GDPR can be used by financial services firms as an opportunity to build up long-term relationships with their customers based on trust and transparency. 

Ron Tolido, Global CTO, Insights & Data Global Practice at Capgemini says: “GDPR offers companies a unique chance to rework their customer strategy, changing a reactive stance into a proactive one. It means re-engaging in a real-time dialogue with their customers, based on genuine transparency and openness, secure personal data, free choice and personalisation. This is an approach that is best  enabled by the appropriate use of technology – using a nuanced, robust data management platform.”

Tomas Salfischberger, CEO of Relay42, says: “My message to CMOs is that they play an important role in the GDPR discussion; it is essential that they join forces with their legal and IT departments. Empowering consumers to take control of their data trails is fully aligned with an organisation’s ambition to offer the ultimate customer experience to consumers. The right data management solution, with a flexible consent management tooling and inbuilt ‘privacy by design’ architecture, is instrumental for attaining a high level of customer intimacy and loyalty.”

Methodology of Relay42’s Survey:

Censuswide, an independent market research firm, was commissioned by Relay42 to undertake the survey. 50 interviews were conducted using an online methodology across C-Level executives within the financial services Industry, in the United Kingdom. Quotas were placed on age, gender and region across each market to ensure a nationally representative audience.

The whitepaper ‘GDPR for Financial Services Marketing’, is free for download.

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92% of UK Businesses Will Increase or Maintain Digital Customer Engagement Spend in 2021, Finds Twilio’s State of Customer Engagement Report 

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92% of UK Businesses Will Increase or Maintain Digital Customer Engagement Spend in 2021, Finds Twilio’s State of Customer Engagement Report  1

One third of UK companies (30%) increased spend on digital transformation by 50-99% in 2020 compared with 2019

UK businesses took longer than other countries to accelerate digital transformation, at an average of 43 days behind France (34), Germany (32), Spain (32), the US (32) and Italy (30)

Twilio (NYSE: TWLO), the leading cloud communications platform, today released its second annual State of Customer Engagement Report, which delves into businesses’ spend and behaviour when it comes to digital communications and customer engagement. This report combines insight from the Twilio platform, which powers over 1 trillion human interactions annually, with results of new global research of 2,500 enterprise decision makers, 300 of which were from the UK. The report reveals that digital communications were critical to business survival in 2020, and the solutions built will shape business success in the post-pandemic economy.

“Digital connection was a defining part of every pandemic experience, and it will be the foundation of the next phase of digital transformation,” said Glenn Weinstein, Chief Customer Officer at Twilio. “From the complex logistics of vaccine distribution, to powering the hybrid workforce, digital engagement is already playing a critical role in the process of recovery and rebuilding the world is tackling now.”

“We’ve seen a huge boost to digital transformation in the past year, and that shows no signs of slowing in 2021. Prior to the pandemic, under half of the UK’s customer engagement was digital, but already that percentage has increased to more than 60%. We have no doubt that this will continue to rise, as businesses strive to address the varying expectations of customers through a mix of digital channels,” said David Parry-Jones, Vice President, EMEA at Twilio.

Key findings from the report include:

  • Digital engagement will remain essential to business survival and success. More than eight in ten UK companies (82%) report digital customer engagement will be critically or very important to their success going forward, while 43% suggested that revenue would be lost should their customer engagement not be digitised. Prior to COVID-19, UK respondents said that less than half (48.4%) of their organisation’s customer engagement was digital. Today, that has increased to an average of 61.6%.
  • 2020 catapulted us into a hybrid economy, where nearly every in-person interaction will have a digital element. 89% of UK business leaders report that COVID-19 accelerated their move to the cloud. 93% of business leaders plan to increase or maintain their current communications channel offerings after the pandemic, and expect to add an average of 3.5 new channels in the coming year. Over half (53%) of UK businesses surveyed suggested that their digital interactions with customers increased by more than 50% during COVID-19.
  • 2020 saw an increase in digital interactions that emulate human conversation. Almost two thirds (65%) suggested that video accelerated more than any other, while 36% used video for the first time. In the next twelve months the top channels that UK businesses are looking to implement are live chat (32%), in-app chat (30%) and video (27%). 60% suggested that video communications have helped build stronger relationships with customers.
  • Financial services, retail and technology businesses responded quickest. Almost one in ten financial services companies globally accelerated digital transformation in less than one week, while nearly two fifths (37%) began accelerating within two weeks. On average, retail businesses across the world took 31 days to accelerate digital transformation strategy, closely followed by finance (32), technology (33), manufacturing and automotive (33), healthcare (36), logistics (36) and construction (38). Spend on digital transformation was also up across industries in 2020, with the average increase compared with 2019 at 51.9% in financial services companies, 44.2% in manufacturing and automotive, 43.4% in healthcare, 43.9% in construction, 37.6% in retail and 33.5% in logistics.

Explore the full report here.

Methodology

This report draws insight from Twilio platform data, which reflects digital engagement activity that occurred on Twilio in 2020. Twilio platform data do not represent Twilio’s historical or future financial performance and are presented solely as context for broader market trends. The report also includes original research from a survey of over 2,500 enterprise decision-makers across the United States, the United Kingdom, Germany, Australia, France, Spain, Italy, Japan, and Singapore. The research was fielded by a third party to understand how businesses view the role of digital engagement. Survey respondents are full-time employees of companies with 500 to 25,000+ employees, from the director to executive level.

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Senior leaders call on UK businesses not to fail young people

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Senior leaders call on UK businesses not to fail young people 2

Leaders across major businesses including Barclays, M&S and BAE Systems call for more businesses to join Movement to Work

  • The number of 16 to 24-year-olds in employment has dropped to a record low of 3.51m, after a fall of 244,000 in the past 12 months
  • Leaders and decision makers across major businesses including Marks & Spencer, Unilever, Diageo and Tesco call for more businesses to create work experience opportunities for young people, to improve conversion into permanent employment
  • Movement to Work (MtW) CEO warns of missing talent and letting young people down – charity offering business support free-of-charge

Nearly one year on from the first lockdown, and more than one in ten young people have lost their job, with the number of 16 to 24-year-olds in employment falling to a record low of 3.51m. Furthermore, 50% of students have felt their mental health decline during the Covid-19 pandemic. This bleak reality has raised alarm amongst many senior business leaders and decision makers, who fear letting down a generation and wasting unthinkable amounts of talent if we do not do more to help immediately. They are calling on UK businesses to support young people by providing work experience opportunities to break the cycle of “no experience – no job, no job – no experience” that so many are facing. Movement to Work – a not-for-profit youth employment charity – is offering help to any organisation willing to set up such schemes.

During the pandemic, under 25s were more likely than any other age group to be furloughed. The same age group now makes up a third of universal credit claims. Millions of young people are already struggling, and the future looks even more grim, with a think tank predicting that young people are a third less likely to be in employment three years after entering than if the pandemic never happened.[1]

Leaders from major businesses including Tesco, Marks & Spencer, BT, Accenture, BAE Systems, Barclays, Unilever have joined Movement to Work’s network of employers and have collectively delivered over 100,000 work placements for young people to date, with a large number of these resulting in permanent employment. Now , they are urging other UK businesses of all sizes to join the movement to hit 200,000 placements at pace.

Hosting a summit on 24th February, these leaders will join young people to discuss how they can help the next generation into employment. Minister for Employment Mims Davies and Secretary of State Thérèse Coffey is also expected to appear. The annual event, which will be held virtually for the first time this year, is a unique opportunity to talk honestly and boldly about the issues at hand, and what can be done to resolve them.

 Natasha Adams, Chief People Officer, Tesco PLC said: “Tesco has always been a place to get on and we’re proud that so many of our fantastic colleagues started their careers at a young age. Movement to Work works alongside companies to nurture those who might otherwise feel excluded from the workforce. The effects of the pandemic mean it is more important than ever to support our young talent and provide the tools, support and opportunities for them to succeed in their future careers.”

Charles Woodburn, Chief Executive Officer, BAE Systems, said: “This is a critical time not only for young people, but for UK business as a whole. Those of us who can, must continue to support young people, providing opportunities to develop the skills and confidence they need both for their future success and the country’s economic prosperity.”

Olly Benzecry, Chairman of Accenture (UKI) and Chair of Movement to Work, said: “Young people have been hardest hit as the UK unemployment rate has risen to new heights during the last year. With sectors that many young people traditionally find employment in, such as retail and hospitality, being disproportionately affected by Covid-19, the younger generation are missing out on vital experience, learning and stability that will help them fulfil their potential. UK business must play a vital role in safeguarding the workforce of the future, which is why it is our collective responsibility to make a purposeful impact.”

Sam Olsen, CEO Movement to Work said: “The moral case for helping young people right now is really clear, but the business case is stronger with each day – setting up work experience programmes generates a fantastic diverse talent pipeline for an organisation, and there’s lots of government-backed schemes like Kickstart to help make it cost effective. We understand times are tough, so Movement to Work can help you figure out the right fit for your organisation, and have a positive impact in the community as a direct result.”

Key speaker at the summit is MtW Youth Ambassador Sam Meakings, now a Youth Employability Coach at the Department for Work and Pensions (DWP). After years of struggling to find permanent work, he has been helping young people into jobs throughout the pandemic: “I have come full circle. I have suffered the stress and lack of confidence that comes with a long path to the world of work, but starting with the Movement to Work programme, I have spent the last few years building a career I love. Now I am a Youth Employability Coach. The work is so rewarding, but I know first-hand that our young people need willing employers more than ever.”

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Disney CEO says households without kids have boosted streaming success

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Disney CEO says households without kids have boosted streaming success 3

LOS ANGELES (Reuters) – Surprisingly strong interest from adults who do not have kids at home has helped increase subscriptions to Walt Disney Co’s Disney+ streaming service beyond initial projections, Chief Executive Bob Chapek said on Monday.

Disney+ debuted in November 2019 and growth has exceeded Wall Street expectations and Disney’s forecast. While Disney is known for family entertainment, Disney+ also features movies and TV shows from Marvel, “Star Wars” studio Lucasfilm and others.

As of Jan. 2, Disney+ had signed up 94.9 million customers worldwide. Half of those live in households without children, Chapek said, a higher proportion than expected.

“What we didn’t realize was the non-family appeal that a service like Disney+ would have,” Chapek said via online video to the Morgan Stanley Technology, Media and Telecommunications Conference.

“In fact, over 50% of our global marketplace don’t have kids,” he added. “When 50% of the people in Disney+ don’t have kids, you really have the opportunity now to think much more broadly about the nature of your content.”

The service has generated buzz for current Marvel show “WandaVision” and “Star Wars” series “The Mandalorian” featuring the character known as Baby Yoda.

Chapek, who became Disney CEO a year ago, refocused Disney’s media and entertainment businesses to make streaming the priority as customers gravitate to options such as Netflix Inc.

In December, Disney raised initial projections and said it expected to attract as many as 350 million global subscribers across all of its streaming services, which include Hulu and ESPN+, by the end of fiscal 2024.

(Reporting by Lisa Richwine; Editing by Sonya Hepinstall)

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