By Roscoe Williamson, Head of Branding, MassiveMusic, MassiveMusic is one of the leading creative music agencies in the world with offices in Amsterdam, Berlin, London, New York, Los Angeles and Tokyo.
A bank account maybe marks the beginning of adulthood and allows access to booking events and gigs online, contactless payments and independence. Having access to a current account seems much more critical today and more people in the UK than ever before now have accounts. However, as customer numbers rise, the number of established bank branches are declining, whilst digital only, challenger banks such as Starling and Monzo offer banking only via an app and at your very fingertips 24/7. Both of these changes mean that more customers, from more banks, are spending much less time interacting with their money in a face-to-face environment, and now pay a bill, make a transfer or increase their overdraft limit without the help of a human.
If our regular interaction with banks is little more than an experience with some UI and UX design, powered by an algorithm used across the sector, how can this dehumanisation of banking be overcome and a positive value attributed to our banking brand of choice? Digital only challenger brands like Tide, Monzo, N26 and Starling have attracted new customers with distinctive payment cards, in ‘hot coral’, ‘vertical’ or ‘metal’ instead of ubiquitous plastic; as well as offering free gifts like socks or chocolate and greater functionality. But as the legacy banks respond to increased competition, rapidly improving their apps and service online, the services customers receive are efficient, yet perhaps all similar.
As banking becomes remote, with foreign currency transfers taking place on the toilet, and credit card limits being raised on the couch, an audible reminder of the company providing a needed and trusted service can embed loyalty in customers and a sense of distinctiveness in the bank brand.
But what really is the difference between one bank to the next? Interest rates, maybe. Perks and benefits, probably. All banks have their own unique offerings that ultimately separate them from their rivals, but essentially they all offer the same service. They are all online, they are all available to assist their customers at any waking moment. So, getting ahead of the game is not something that is easily done in this racket. Sometimes, it is not the perks and treats that sell us on a bank’s service, but it is the way they make us feel about their service and about our choice to bank with them. Sometimes, something as subtle as a simple sound, or noise, can make us all feel better about our financial decisions.
Every banking brand from Coutts to Tide could exploit and explore the value of sound for their business, brand and customers. Ensuring there is consistency, recognition and recall – be that on the app, in branch, within a sports stadium or on hold. This is something which HSBC have implemented on a recent project with Jean-Michel Jarre, whilst at MassiveMusic we worked on a music strategy for UBS to define their values, heritage and aspiration to be better. We are also seeing fin-tech brands begin to use sound, for example eBay notifies users of a sale with the sound of a cash register, generating a feel-good, satisfying notification of a credit. That sounds good, that’s my money, can also be; that sounds good, that’s my bank.
A recent study by VISA has added some backbone to this discussion as well, with 81 percent of participants in a study revealing they would have a more positive perception of a business that utilises the “sound of VISA” or its animation cues, with a common response resonating the short sound with speed and convenience.
Brand consistency, delivered through the creation, application and use of sound across brand touch points, reinforces that this is an interaction with your money and your bank rather than an experience which is perhaps, disconnected, generic, alienating or bland. So much of our time, energy and emotion is dedicated to the acquisition of money, that the management of its use (via our bank) should ideally transcend the functional. Sound can add experience, and emotion to the daily and practical, reinforcing the surprise and delight of colourful debit cards and socks. Nobody really wants the experience of banking to be a return to lunchtimes paying bills in branch, completing direct-debit forms – and the sound of banking being an electronic voice beckoning us to ‘cashier number four please’.
Gone are those days though. We are moving into a world where companies – not just banks – are realising that they can choose how they sound, and how they appear to their current and potential customers. For example,the sounds of the Skype app are also being used to bumper their digital content and Apple have utilised their smartwatch ringtone as a centrepiece in a TV spot. Brands are thinking more holistically about the sounds they are creating and the opportunities to knit together different points of customer experience. The way we experience money and how we feel about our transactions is central to our faith in those that look after our finances – and sound can be a growing influence in this sphere.
About Roscoe Williamson
A keen futurist with a vision for establishing an innovative brand sound, Roscoe recently worked with Samsung to develop their latest voice assistant, Bixby. Within his repertoire, he has also overseen sonic branding projects for the Premier League, UBS bank and produced mmorph, an FWA winning interactive audio project. Roscoe has appeared as a guest speaker on BBC Radio4 and at conferences worldwide such as Transform, Rebels and Rulers and Dubai Design Week.
Dealing with the loneliness crisis with assistive technology
By Karen Dolva, CEO and Co-Founder of NoIsolation
Humans are social beings, and for most children, school will be their most important social arena. Unfortunately, however, many children and adolescents with long-term illnesses are unable to attend school for extended periods, due to treatment plans, ill health or more recently due to the risk of infection. Research has shown that long-stints of school absence for children and adolescents with Chronic Fatigue Syndrome (ME) and cancer can range from months to years.
These prolonged periods of absence, which often lead to limited interactions with other children and adolescents, can result in children completely losing their social network, leaving them feeling cut off, lonely and isolated, all as a result of something that is completely out of their control. What kind of consequences can this type of social isolation have for children and young adults?
In a recent in-depth investigation into the impact of COVID-19 on the emotional and educational development of British school-aged children, No Isolation partnered with independent researcher, Henry Peck, to look into the impact of COVID-19 on school aged children, to shed further light on the consequences of school closures, not only across the UK, but the long term effects that this can have on children and adolescents everywhere throughout the pandemic.
As a company working to abolish loneliness and isolation amongst those suffering with chronic illness, we were already aware of the effect that social isolation can have on a child’s educational development and mental health. For the investigation we collected responses from 1,005 parents and carers of 1,477 children spanning primary and secondary school.
Results of the study found that a concerning 76% of parents and carers reported that, since lockdown, they have become worried that their children are suffering from loneliness. Results also showed that parents and carers of 5-10-year-olds worry that their children are lonely often or all of the time, whilst parents and carers of 11-16-year-olds are concerned that their children are lonely at least some of the time. This is likely due to the fact that older children have greater access to social technologies, while younger children often rely on non-verbal forms of communication such as facial expression, physical contact, and through play, all of which is difficult to recreate whilst away from the school setting.
At No Isolation we are committed to creating solutions that will help children stay connected to their friends and their education, regardless of circumstance. We’ve seen first-hand the devastating impact that loneliness can have on a child, and know that children that can’t attend school don’t just miss out on learning, they miss out on friendships too. Losing this contact during the early years developmental stages can be devastating, leading to anxiousness and an increase in feelings of isolation. This report sheds light on the hundreds of thousands of young people that may not be able to rejoin their friends in school, and it is vital that they don’t fall through the cracks. We plan to continue researching the impact of this unprecedented pandemic and driving the conversation around how we, as a nation, can ensure the mental wellbeing and educational development of those most affected.
Loneliness has been found to have serious implications for both physical and mental health. People suffering from loneliness are 32% more likely to have a stroke and are 26% more at risk of early mortality. From No Isolation’s own research into the impact of school absence due to long-term illness, we have found that children are particularly vulnerable to loneliness if they cannot attend school.
Researchers, Perlman and Peplau, define loneliness as a negative feeling, stating that a lonely person is experiencing a discrepancy between desired and actual social contact. Being socially isolated is not synonymous with being lonely, but there will often be a correlation between social isolation and loneliness. Though much empirical research on adults and adolescents shows a link between loneliness and depression, many studies have found that friendship-related loneliness is more explanatory for depressive symptoms among adolescents than parent-related loneliness. One possible explanation is that friends are the preferred source of social support during adolescence.
With that in mind, we should be both sad and alarmed by the high numbers of young people unable to attend school, and more so by the fact that we do not really know who they are or exactly why they cannot go to school. Research has shown that social isolation and loneliness often correlate with mental disorders, including depressive disorders, there are, however, options available for children and adolescents in the form of assistive technologies, enabling them to stay connected with education and their peers.
The provision of dedicated school staff, inspirational hospital schools, the use of avatars like AV1 that enable children to attend school remotely, are just a few of the ways that assistive technology and exemplary attitudes are helping children with long-term illnesses from becoming disconnected from essential social networks. There are also examples of individuals who are pushing to keep children from falling between the cracks and becoming invisible, such as Amy Dixon, who is running a petition that will do exactly that, bringing these issues to the attention of those who can make a real change. It is, and will be, thanks to these exemplary changes that more support is being offered to children that are virtually invisible across the UK at present.
However, not all children have the option to receive these kinds of provision. There are pockets of excellent practice driven on an individual and local level, but there needs to be systemic change at a policy level, to ensure everyone is supported.
Educational provision for children out of school due to illness appears to be something of a postcode lottery, with some families having to fight for 3 hours of home tuition a week, whilst others are offered 15 hours by default. This is thought to be, in part, due to the open statutory guidance which allows for flexible interpretation of government guidelines, as well as financial limitations schools and city councils face. To improve the lives and outcomes of this group of children, is to create a more accurate view and analysis. This can be done by joining up existing datasets, by asking better questions, and by building a model that predicts future numbers of children from falling outside of the system. This, in turn, will push the issue up the political agenda and drive much needed changes to statutory guidance. Most importantly, it would lead to more support for children that are seemingly invisible across the UK.
Regulatory overlaps cause conflicts, confusion and complexity: is collaboration the answer?
By Rob Fulcher, Head of Business – Americas, CUBE Global
Regulatory overlaps are an ongoing, perplexing and often time-consuming anomaly. They occur where multiple market regulators act disjointedly in their attempt to address a market failure, thereby imposing different regulatory requirements with contradictory or overlapping obligations. For financial institutions, this can be problematic: which regulation should take precedence? Will they face punitive action for neglecting one obligation in favour of another?
Following the global financial crisis of 2008, a swathe of new policies and acts came into force with a view to protecting the system and essentially preventing another market crash. Inevitably, this led to a host of new regulations, some of which created overlaps and inconsistencies. In turn, this leads to inefficiencies and misunderstandings as businesses endeavour to comply with all and every regulation, often finding themselves at a stand-off.
Financial institutions – especially the compliance team – are desperate for regulatory clarity. However, in many cases, it is not forthcoming. Regulatory clarity is not, it seems, high on the regulator’s agenda. A recent report by CUBE, RegTech for Regulatory Change, in association with Burnmark, explored the evolving landscape of regulatory overlaps. We now delve deeper into this topic to ask, ‘what is the solution?’
GDPR, PSD2 and MiFID II – to collect or protect data?
One notorious regulatory overlap that causes consistent headaches for financial institutions is that between GDPR and PSD2.
While GDPR gives individuals greater control over their data and restricts the freedoms of organisations to share it, PSD2 imposes data sharing requirements on ﬁnancial service providers. It is up to the banks to ensure that correct policies and procedures are in place so as to comply with both pieces of legislation. This is not often an easy task considering their almost diametrically opposite aims.
The same can be said for the regulatory rules that surround both MiFID II and GDPR – two pieces of legislation filled with inherent contradictions. While the former focuses on consumer protection through transparency and retaining more information about the investor community; the latter is concerned with data protection and limiting the access to investor data if so desired by the owner of the data and giving investors the right to be forgotten.
Data privacy and AML – data sharing can only go so far
Data is a commodity – compared often to crude oil. For financial institutions, data is not only part of ongoing business functions, but it also holds potential for manipulation, misinformation or illicit activity. Surprisingly, the value of data has only truly been realised in recent years. In turn, we have seen a swathe of money laundering and data protection activity – leading to new and amended regulations to bolster data protections and simultaneously impose supervisory requirements to avoid money laundering. Global banks are ﬁnding it challenging to comply with one without compromising on the other.
Multinational banks often ﬁnd themselves walking a tight rope between trying to meet data privacy requirements and simultaneously meeting those surrounding anti-money laundering (AML). For example, banks in the US are forbidden from sharing Suspicious Activity Reports (SARs) with foreign branch counterparts due to disclosure restrictions, thereby making it diﬃcult to implement a group-wide compliance program.
Regulatory overlap in the US
The US has a long-established, complicated and often fragmented regulatory structure. Signiﬁcant and costly overlaps exist across the board, especially between the Oﬃce of the Comptroller of the Currency (OCC) and the Federal Reserve System’s data collection activities, along with its supervision and examination activities. Consumer protection is conducted by six US regulators, which naturally results in overlaps, duplication and confusion.
Similarly, the US Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and state securities regulators oversee securities and derivatives markets, leading to similar concerns of overlaps and fragmentation. Swaps and security-based swap products face the supervision of SEC and CFTC and market participants have made it known that this leads to signiﬁcant market and operational challenges.
Regulatory overlap is not new – nor is there a clear solution. We have occasionally heard tales of compliance team members writing to regulators to request clarification, often to no avail. In the meantime, financial institutions must take steps to implement all relevant regulations where they can and mitigate risks where they are not able.
Regulatory technology (RegTech), especially automated change management platforms such as CUBE, highlight overlaps and alert compliance teams where issues or inconsistencies arise. For now, this is the most effective means of managing unclear regulations.
Ultimately, the answer lies with financial regulators themselves. While uncertainty exists, regulators must issue guidance and expectations in order to standardise approaches across the industry. The ideal outcome is undoubtedly founded in collaboration: regulators across sectors, industry and jurisdictions should collaborate to ensure that legislative changes are consistent and do not tread on the toes of the other. With the emergence of new technology – and related new regulation – many regulators are calling for a joined-up approach and looking to work together in their supervisory goals. Perhaps collaborative, unambiguous financial regulators aren’t so far away after all.
Rob has 20 years’ experience in financial services sales and management. Following his early sales career at Euler Hermes, a global credit insurance business, Rob went on to establish a 15-year career in GRC. Initially working in London at Complinet, a compliance and risk business, Rob subsequently relocated to New York. In 2010, Complinet was acquired by Thomson Reuters and Rob played a pivotal role in growing GRC revenues, especially relating to regulatory change management. As Head of Sales Americas for CUBE Global, Rob re-built the sales team and consistently out-performed all other regions.
This is a Sponsored Feature.
Christmas isn’t cancelled; Santa now does click & collect
Despite fears that Christmas will be cancelled this year, new data from ACI Worldwide (NASDAQ: ACIW) finds that, with local lockdowns and social distancing measures in place across the UK, the Festive shopping season is starting earlier this year.
Based on analysis on hundreds of millions of eCommerce transactions around the globe, ACI’s latest eCommerce tracker predicts we will see a 27% increase in online shopping transactions. Along with a whopping 40% increase in click and collect purchases as consumers remain socially distant and local lockdowns continue.
Indeed, consumers acting as Santa’s little helpers have begun purchasing presents online even earlier than before to keep the Christmas dream alive. Concerns around limited product availability and delivery delays have seen online transactions increase by 21% in the last four weeks, when compared to the same period last year.
Amanda Mickleburgh, Director of Merchant Fraud Product at ACI Worldwide commented, “While Black Friday has typically been the starting line for the festive period, this year Prime Day sounds the klaxon. There are myriad reasons for this. With everyone encouraged to social distance and many areas of the UK now under even tighter local lockdowns, there’s more time than ever to browse online for presents. Added to this, many remember the severe delays in receiving purchases at the start of lockdown, and will be looking to avoid missing presents under the Christmas tree.
“Merchants should look to expand their same day shipping capabilities and provide free returns or extend T&Cs, to capitalise on this trend. Far from seeing physical stores as a lost cause, they should take advantage of the increase in demand for click and collect. And turn their stores into valuable real estate by expanding their click and collect capabilities.
However, there is a dark side to the holiday season kicking off earlier – fraud continues to increase as criminals take advantage of click and collect options and consumers start to buy higher-value items like the latest electronics. ACI’s analysis found that the value of attempted fraud increased from $7 to $9 per consumer this September compared to 2019.
Amanda Mickleburgh continued, “While click and collect is a major draw for consumers, merchants need to increase their fraud protection measures for this channel. As more merchants continue to offer this option to customers, there are greater opportunities for fraudsters to create a nightmare before Christmas.”
How Siloed Data Leaves Financial Institutions Open to Fraud
By Stephanie Lapierre, CEO Tealbook Reducing the risk of fraud is a top priority for all financial institutions since fraud...
Dealing with the loneliness crisis with assistive technology
By Karen Dolva, CEO and Co-Founder of NoIsolation Humans are social beings, and for most children, school will be their...
Round Table Feature – Attracting FDI at times of crisis
In recent years the growth of Northern Ireland’s financial services sector has been fuelled by an unbeatable combination of world-class...
UK versus Australia – data regulation on both sides of the world
By Guy Hanson, VP, Customer Engagement, Validity While consumer data privacy continues to be a hotly debated topic and many...
COVID-19 is changing people’s preferences when it comes to BTL investments
By Jamie Johnson, CEO of FJP Investment Throughout 2020, investors have had to navigate increasingly treacherous and volatile market conditions...
Three things to help fintech unicorns grow profitability
By Kash Amini, CEO and Founder of MasLife The new breed of fintech companies is missing a trick with a...
How banks can take on Google in the race for AI talent
By Nicola Sullivan, solutions director at candidate engagement tech firm Meet & Engage The events of 2020 have made the...
Furlough Fraud: genuine mistake or cheating the system?
As the furlough scheme comes to an end, many employers will be at risk of falling foul of its stringent...
Five features that decrease the value of your home
When you’re preparing to sell your house or flat you might think of various steps you could take that might...
Regulatory overlaps cause conflicts, confusion and complexity: is collaboration the answer?
By Rob Fulcher, Head of Business – Americas, CUBE Global Regulatory overlaps are an ongoing, perplexing and often time-consuming anomaly....