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Will Hart steps up to Group MD of UNLIMITED Communications

The news is out! With over a decade of experience in the business, the inimitable Will Hart has stepped up from his role as MD of Nelson Bostock to oversee the growth and direction of Nelson BostockFever and Health UNLIMITED.  

In 2020 and throughout COVID, Will led Nelson Bostock on a strategic business drive focused on the tech sector and saw its revenue increase by 29% – faster than any other Top 10 Tech PR agency in the UK.  

We caught up with Will, who said: “As a combined force, Nelson Bostock, Fever and Health UNLIMITED are working together to deliver an excitingly powerful mix of planning, creativity, expertise and campaign delivery. We now offer an unmatched blend of skills and deep experience within the technology, healthcare and consumer sectors.” 

“Nelson Bostock’s focus on tech has enabled us to support our clients through a period of rapid evolution due to COVID. PR & Comms have been elevated during the pandemic and have shifted to become the starting point for many integrated marketing models; the creative powerhouse and guardians of brand reputation.”  

Tim Hassett, CEO of UNLIMITED, echoed this sentiment: “The experience of UNLIMITED Communications positions our group brilliantly to support brands in the tech and healthcare sectors, and in the consumer space that will re-ignite as the world moves beyond COVID. Over his 12 years of service at UNLIMITED, Will has been an inspirational team leader and a grounded, strategic consultant to our clients, making him the natural choice for this role. The opportunity this year is to draw on the strength of specialisms within the teams and our Human Understanding Lab to deliver extraordinary, insight-led work for our clients.” 

UNLIMITED Communications will invest in delivering new services while maintaining an emphasis on core industry expertise. Teams are able to achieve a deeper, more ‘human’ understanding of audiences by uncovering behavioural-led insights via UNLIMITED’s Human Understanding Lab for data and insight. The Lab informs the creative thinking, guides engagement strategies and executes behaviour change. 

So watch this space for what comes next – exciting times ahead! 

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Sustainability Snapshot

Welcome to May’s edition of our Sustainability Snapshot blog, exploring some of the key green developments from the world of technology that caught our attention over the last month. 

First, to put April’s snapshot into context, we saw big strides from the world of politics, with President Biden telling the world that we are in a “decisive decade” for tackling climate change. The US has now pledged to cut carbon emissions by 50-52% whilst the UK set out new targets to cut carbon emissions by 78% by 2030. Meanwhile, in a historic ruling, Germany’s supreme constitutional court ruled that the government’s climate protection measures are insufficient to protect future generations.

April also saw the world celebrate Earth Day. This year’s theme focused on the need to “Restore Our Earth” and included 72-hours of digital action, focusing on the emerging green technologies that could help to restore the world’s ecosystems.

Check out more of what we’ve been reading and watching below…

Technology and collaboration – the key to success

Could technology help the US to achieve its goal to cut carbon emissions by 50-52%? Jennifer Granholm, the U.S. energy secretary, has certainly indicated so after stating that her department will be announcing new goals for “leaps in next generation technologies,” such as carbon capture, energy storage and industrial fuels.

As bitcoin mining increases, so do the environmental consequences 

Over the last few months, Bitcoin and other forms of cryptocurrency have surged in value. However, what many individuals don’t realise is the increased impact on our environment. For example, one single bitcoin transaction now uses the same amount of power that the average American household consumes in a month. Read more in The New Yorker

A supercomputer for change 

The Met Office is working with Microsoft to build a weather forecasting supercomputer in the UK to better understand climate change. The new supercomputer will run on 100% renewable energy and help the UK remain at the forefront of climate science. 

Sky-high in the cloud

To celebrate Earth Day, we worked with Google Cloud to show how cloud and datacentre providers are putting sustainability at the heart of their operations. All of Google’s datacentres now run on carbon-free energy, providing one of the cleanest cloud services in the industry. As a result of these efforts and those of other businesses in the industry, IDC predicts that cloud computing could prevent one billion metric tons of CO2 emissions by 2024.

How repairable are tech products?

Earlier this year, France launched its new Repairability Index, requiring companies to self-report the repairability of their products based on five key categories. The results are now in, and they’re not great. Apple was unable to give any of its iPhones or MacBooks a repair score higher than 7 out of 10 whilst Microsoft’s scores maxed out at 5 out of 10. 

Climate campaigns go virtual

From flooding the streets to flooding Twitter, The Guardian spoke to six young climate activists on how they’re taking their call for climate action online. The piece follows a powerful speech from 19-year-old Xiye Bastida, whose inspiring words on climate change at President Biden’s virtual Leaders Climate Summit gained almost a quarter of a million views on Twitter. 

COP26 

The jury’s still out on whether COP26 should take place this year, with several industry experts recommending delaying the conference. Former UN climate chief Yvo de Boer, who ran UN climate talks until 2010, says that a delay to talks would be preferable to “messing it up”. Greta Thunberg has also stated that she will not be attending the talks due to the ongoing coronavirus pandemic, adding “the best thing to do would be to get everyone vaccinated as soon as possible so that everyone could take part on the same terms.”

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Join our club

Clubhouse is the latest breakout social app, and in case you haven’t heard, it’s a little different: audio-only, real-time, and already drawing some of the biggest names in tech. Naturally, we’ve all been eyeing (and ear-ingit eagerly 

Here’s what you need to know…  

What is Clubhouse? 

The description on the App Store reads: “Clubhouse is a space for casual, drop-in audio conversations — with friends and other interesting people around the world. Go online anytime to chat with the people you follow, or hop in as a listener and hear what others are talking about.” 

Let’s pick that apart a bit. First up, Clubhouse is audio only – so you’re mostly on it to listen in to conversations others are having. Most have likened it to a blend of podcasts and speaker panels at a live event like MWC or IFA (or Comic Con if you prefer). The big difference to podcasts is that the conversations are all live, and once they’ve ended they aren’t recorded and kept (although that hasn’t stopped people making the odd sneaky recording and uploading it to YouTube).  

What’s Clubhouse used for? 

A whole host of things. If you have heard of it already it may well be because Elon Musk hosted a chat with Vlad Tenev, the CEO of financial services company Robinhood – which caught the media’s attention.   

But it’s not just big-deal CEOs debating cheeky Reddit users and their impacts on the stock market. Anyone on Clubhouse can start their own Room on the app and invite people to be part of the discussion, either as active speakers, or as listeners. Users have so far discussed TV shows and sports, joined sing-a-longs (watch out TikTok), run support groups, hosted game shows and much more besides. The guys behind Clubhouse also say there are daily talk shows, lectures and comedy spots (comedy does seem to be a recurring theme in these early days).  

Pretty much anything you can think to chat about can be chatted about on Clubhouse.  

How’s Clubhouse doing?   

Ups and downs. It was launched in March 2020 by Paul Davidson and Rohan Seth, two Silicon Valley entrepreneurs. The Elon effect, as well as a steady build-up of users, has seen it grow to two million registered users as of February 2021 – which came with a not atypical eye-watering valuation of $1 billion 

Some are already sceptical of its longevity. Installs dropped by 73% between February and March, according to SensorTower, which may be partially due to the allure of Twitter and Facebook’s Clubhouse rivals (more on both below). 

But on the other hand, its latest funding round in April valued Clubhouse at $4 billion – $3bn growth in three months – so perhaps the install figures don’t tell the full story. 

Who’s on Clubhouse? 

Among those two million users are a host of high-profile industry leaders and celebrities. As well as Elon you’ll find the likes of Oprah, Jared Leto and Zendaya – a list which has likely grown since time of writing.  

Can I get on Clubhouse? 

Yes and no. It’s still iOS only for now, so no dice for Android users – although the makers have said they’d “begin work on our Android app” back in January 2021. 

As mentioned, it’s invite-only – and everyone who signs up gets just two invitations to share. It’s a way of keeping growth and user acquisition steady, and quality of content high. The plan is to eventually “open up Clubhouse to the whole world” according to the creators – just not until it has established an engaged user base.  

But if you have an iPhone and generous friend with an invite, you’re already in.  

Say I get an invite. How does it work? 

It’s all very straightforward. You sign up and create a profile with the usual bits you’d expect – bio, pic, and a counter of followers / following.  

When you sign up, Clubhouse will ask you what you like and you can pick from a range of interests – tech, books, business, health, and so on. From there, the app will recommend Rooms it thinks you’ll be interested in. Or you can browse and search for them yourself in a calendar of scheduled talks from existing users. You can also share the upcoming talks on other social platforms, and hit a handy YouTube-style bell button to get notified when they start.   

Once a talk starts you can join the Room and you’ll be in the audience section (unless you started the Room – more on that below). From there you can listen in happily enough or, if you feel brave, you can ask a question by virtually raising a hand. If the speakers like your question (they can view and approve it first), they can move you to the speaker section of the room. Then you’re on – you get to ask the question through your phone’s mic. It does mean you could end up speaking to up to 5,000 people (each Room’s limit) – but, arguably, that’s still less pressure than asking a panel question at a live event.  

How do I start a Room?  

Easily enough. You can start a Room anytime you like and schedule a talk, and invite people to listen in or be fellow speakers. There are three types: 

  • Open: as you’d expect, anyone can join
  • Social: just for you and those who you follow 
  • Closed: for people you invite specifically to that room

That’s literally it. Once set up and started, you’re free to host your own talk on anything you’d like. When you’re done, the Room closes. And you’re done.  

So what’s the opportunity for brands? 

It’s early days yet. As it stands there’s no clear creator or influencer structure and presence on Clubhouse, though that will come as the platform becomes more open and accessible.  

The level of interest means brands and marketers should be keeping an eye on how Clubhouse evolves. The volume of hype, numbers of affluent and influential users and investments floating around the platform mean it’s one to watch.  

Right now, brands and thought-leaders could host their own talks on any topic of their choosing – a camera brand could host a masterclass on photography, or an entertainment brand could create its own post-show discussion room. And the way Clubhouse works means they can speak directly to their audience in an even more personal and engaging way than has been possible on social so far.  

Working with Stripe, Clubhouse has recently introduced new features specifically designed to let creators monetise their presence on the app – including tipping, tickets and subscriptions. These are the kinds of features you’ll find on Facebook, YouTube, and through the likes of Patreon – indicating that Clubhouse definitely sees a future in creator-led content.   

What’s the alternative? 

Naturally, Facebook and Twitter are keen to get in on the action, and are creating their own versions of Clubhouse for their users. Facebook has several audio features in the works, including Live Audio Rooms, which appears to have more or less the same functionality as Clubhouse, and Soundbites, where you can create and share audio clips (so TikTok with no video? We shall see).  

Meanwhile, Twitter’s Spaces is already gaining great traction, and is rapidly emerging as a favourite thanks to the scale of its user base and device-agnostic approach. Spotify has acquired Betty Labs, the business behind live sports audio app Locker Room, and LinkedIn has chucked its hat into the ring. So even if Clubhouse doesn’t hit the mainstream, the functionality is set to emerge on other platforms. 

In any case, there’s a movement afoot here. It’s a good time to start thinking about how your brand could contribute to a real-time, live audio chatroom, and join the club while it’s still the place to be. 

Look out for Recharged edition 2 coming soon to find out more about Clubhouse, as well as the opportunity for brands.

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SUSTAINABILITY SNAPSHOT

Welcome to our latest Sustainability Snapshot blog exploring some of the key stories from the world of sustainability that caught our attention over the last month.

Netflix recently launched its new documentary ‘Seaspiracy,’ exploring the devastating impact of the fishing industry on the planet and the challenges we face going forward in finding a sustainable solution.

Last month, the UK government came under scrutiny as Chancellor Rishi Sunak announced his Spring budget, whilst a report from Greener UK claimed that UK ministers have been watering down green pledges. This comes as the EU was praised for launching its new ‘Right to Repair Rules’, which will come into effect this summer.

In more positive news, the 2021 World Nature Photography Awards celebrated the planet in all its glory, with snaps from the islands of Hawaii to the plains of Tanzania.

Check out more of what we’ve been reading and watching below…

Spring budget fails to deliver

Whilst Chancellor Rishi Sunak made some commitments to the environment in his spring budget, many critics have argued that the measures did not go far enough to address the scale of the challenge of climate change. This comes only a month after Boris Johnson told the UN Security Council that climate change is as big a threat to world peace as war.

The EU makes progress

Despite the UK government coming under scrutiny, the EU recently made headway with its ‘Right to Repair’ laws. The new rules, which will come into effect this summer, will require all new devices to come with repair manuals and be made in such a way that they can be dismantled using conventional tools. Manufacturers will also have to ensure parts are available for up to a decade.

Net-zero not enough

Research has revealed that only one in five of the world’s 2,000 largest publicly listed companies has committed to a “net-zero” emissions target. It’s therefore no surprise that Sir James Bevan, chief executive of The Environment Agency, has warned that current goals won’t be enough to stop climate change. “We need to design and build our infrastructure, our cities and our economy so that they are resilient to the effects of the changing climate”, he said at a recent roundtable, as he called for a ‘”net-zero plus” approach.

The impact of fake news

Fake news on social media about climate change could be having a devastating impact on current efforts to halt climate change, according to a report published by the Royal Swedish Academy of Science. Author Owen Gaffney commented that false reports online have “created a toxic environment” which is “limiting our ability to make long-term decisions needed to save the planet”.

UK media continues to go green

Following a number of climate initiatives by Sky and ITV last month, several publications have now ramped up their environmental efforts. The Times has kick-started a new series that “will tell you everything you need to know about climate change” whilst the Financial Times has launched Climate Capital, a new hub that it hopes will be the “go-to place” for news on the environment.

IEMA calls for more diversity in the environmental sector 

Sarah Mukherjee, the CEO of IEMA which represents sustainability professionals, has warned of the environmental sector’s “shocking lack of diversity”. In 2017 a report identified that only 3% of staff working in the industry were from a BAME background and that individuals from minority backgrounds often faced workplace discrimination. As a result, the IEMA has launched a new Diverse Sustainability Initiative, which will require companies to commit to improving these inequalities.

Countdown to COP26

Over 170 environmental groups have written a collective open letter to the government calling for the removal of major global polluters from COP26. The letter follows a 2019 report that revealed that 20 firms are behind one-third of carbon emissions. The letter argues that having these companies involved in the event would “poison the debate” as it sets out five steps “to realise fossil-free and polluter-free UN climate talks”.

Meanwhile, the UK, Italy and Singapore joined forces last month for the Singapore COP26 Youth Climate Dialogue. Twenty youth participants, including individuals in tertiary education, young professionals and youth advocates, came together to discuss the priorities and goals of COP26 including the importance of engaging with young people in the fight against climate change.

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3 open finance stories that you need to know about

2021 is shaping up to be a memorable year for open banking. With three major announcements made in recent weeks, the industry is committed to nurturing a sophisticated infrastructure – which is a very far cry from the hype of its early days.

We highlighted in our recent Playbook that it is important to learn from the mistakes and triumphs of open banking, so that we can lay a better framework for its successor, open finance.

Below is a quick recap of each announcement, the learnings it brings forward as well as our view on why it is significant.

  1. The Kalifa Review of UK Fintech

WHEN: The report was published on 26 February.

WHAT: Among a wide-ranging report full of recommendations on how we can protect UK fintech, Ron Kalifa proposed a Coalition on Open Finance to, “create substantial opportunities for better advice and better financial outcomes.” The aim of the Coalition would be: “to understand the specific customer needs and opportunities by market and product segment and assess barriers to uptake and use.”

OUR VIEW: The Kalifa Review was a major moment for the industry. It was long-anticipated and it didn’t disappoint. Open banking was positioned as critical for UK fintech and most contributors agreed with taking steps towards making open finance a mandatory regime. However, some wanted “more concrete evidence of successes” first. This reaction, combined with the focus on an outcome-led approach and careful use of data, suggests that we still have a little way to go. Communicators should continue to tread carefully when communicating open finance.

  1. UK Finance, Open Banking Futures: Blueprint and Transition Plan

WHEN: The plan was published on 2 March.

WHAT: Banking industry trade body UK Finance built upon detailed proposals published in June, for the OBIE to transition to an industry open banking service company temporarily referred to as the “Future Entity”. Commissioned for the Competition & Markets Authority (CMA), phase two considers “a blueprint for Open Banking which embraces current and evolving service requirements” and “a transition plan that will enable the ecosystem to achieve this blueprint without disruption or risk to the Open Banking market.”

OUR VIEW: The UK has a world-leading open banking infrastructure, thanks to the regulator’s approach to creating a robust and standardised system. Now that the OBIE has served its purpose, it is great to see open banking being handed over to the industry, particularly as we gear up to extend open banking into open finance. The report rightly acknowledges that when it comes to this extension, “customers do not see the relevance of the PSD2 boundary to their financial lives.” Prioritising – and communicating – the impact for the end-user will be key for its continued development.

  1. The future oversight of the CMA’s open banking remedies: OPEN CONSULTATION

WHEN: The open consultation was published on 5 March.

WHAT: Following UK Finance’s proposals, the CMA launched an open consultation about the arrangements needed for the effective oversight and governance for open banking, as well as what the Future Entity should look like. It seeks to ensure the framework is “independently-led and accountable; adequately resourced to perform the functions required; dedicated to serving the interests of consumers and SMEs; sustainable and adaptable to future needs of the ecosystem”. The consultation’s proposals are due to be implemented by the end of 2021.

OUR VIEW: The CMA’s overview of open banking adoption so far is impressive. Banks have exceeded their “narrow legal obligations” while “hundreds of open banking apps are now available to help consumers and small businesses save time and money.” However, the consultation rightly highlights that banks may have an incentive to slow down open banking’s development due to commercial interests. Opening up this consultation to industry stakeholders is critical for ensuring that open banking continues to develop and grow. Communicating this framework – and learning from these challenges – will be key, particularly as we take more steps towards open finance implementation.

Sofia Romano, Senior Account Manager, Nelson Bostock UNLIMITED

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SUSTAINABILITY SNAPSHOT

Welcome to our new monthly blog series exploring some of the key stories from the world of sustainability that have caught our attention in the run up to COP26.

In February, the urgency of climate change was reinforced by Prince Charles who told scientists there’s “no time to waste” in tackling the current environmental crisis, saying there was a need for “innovation, science, research and technology in every industry if we are to address climate change, transition our economy and achieve sustainability”.

A few interesting research pieces have grabbed our attention, starting with a new international study published by the European Commission which revealed Ireland as one of the top nations for fairness and sustainability. In an important step towards a sustainable future, the ISS ESG’s annual global outlook report revealed that up to one fifth of businesses are now aligning chief’s bonuses with sustainable strategies and success.

Check out more of what we’ve been reading, listening to, and watching this month below…

How to Avoid a Climate Disaster (according to Bill Gates)

Bill Gates’ highly anticipated book How to Avoid a Climate Disaster was released in February, outlining the steps that Gates believes are necessary to reverse the devastating effects of climate change, including removing 51 billion tonnes of greenhouse gases from the atmosphere every year. Could technology be the solution? Find out more from The Guardian here or pick up a copy to read for yourself.

Could the future workplace be a more sustainable one?

Recent research released by Ericsson suggests that dematerialisation could not only increase businesses’ productivity and profitability, but also help enterprises to become more sustainable. By moving away from office-centric workplaces and into a more digital environment, businesses could make significant energy savings and decrease material usage, which in turn could dramatically reduce CO2 levels.

UK media goes green

The Daily Express launched its “Green Britain Needs You” campaign this month after discovering that 66 percent of adults are worried about the state of the planet. As part of the campaign, the publication is calling on the government to scrap VAT on green products, and to create more natural spaces to help reverse the alarming decline in British wildlife. Meanwhile Christian Broughton, managing director of The Independent, shared his thoughts with Press Gazette on how climate journalism has evolved, commenting “there is no more important story for the next 50 years than climate”.

Together in electric dreams

February saw impressive developments in the electric vehicle space, as both Ford and Jaguar promised to go all electric by 2025 and 2030, respectively. Amazon also announced that its electric Rivian vans will start making deliveries in 16 UK cities this year. The news comes amid increasing EU regulation to ban the sale of new petrol and diesel motors, of which Boris Johnson has committed to doing by 2030.

Actions speak louder than words

Following BlackRock’s pledge last month to remove as much carbon dioxide from the environment as they emit by 2050, the New York Times explores how authentic corporate promises to be more sustainable really are. “The need to match words with deeds is becoming increasingly important” the publication notes, as it asks “What’s Really Behind Corporate Promises on Climate Change?”

Coca-Cola swaps plastic for paper

As part of its goal to produce zero waste by 2030, Coca-Cola has partnered with Danish company Paboco to create a plastic-free bottle. The brand was ranked as the world’s number one plastic polluter in 2020, so the news has been welcomed within the industry.

Countdown to COP26

“I don’t envy you the responsibility that this places on all of you”, David Attenborough told the UN Security Council last week, as he warned that climate change is the biggest security threat that modern humans have ever faced. The full video is available here.

Attenborough was not the only one putting pressure on the UN this month, as a recent study by The Purpose Pulse found that 56% of young people are hopeful that COP26 will lead to positive change. Furthermore, a group of top environmental scientists have urged Boris Johnson to have the courage to bring forward the UK’s carbon net zero target to 2030.

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Open Finance means… open for business

Despite the understandable uncertainty caused by Brexit, recession, COVID & climate change, Britain’s Fintech sector is well placed to use the rise of Open Finance as a springboard for innovation and growth.

Ever since the 52% spoke in June 2016, fears have been raised about the impact of Brexit on the UK’s ability to maintain a leading role on the world financial stage, as a trading centre and as a hub for Fintech innovation.

As we have navigated the long and winding road out of the EU, optimism surrounding the UK’s Fintech prospects have fluctuated. Many have been very pessimistic, citing restrictions in talent flow into the UK, corporate relocations into Europe and a disinclination for inward investment as drivers of an inevitable diminishing role for the City on the European and world financial stages.

Moreover, in truth, Brexit is just one of many issues facing UK (and global) financial services providers. COVID-19, while first and foremost a health tragedy of epic proportions, is segueing seamlessly into a global recession and, when you add the potentially existential threat of global climate change and the regulatory minefield and economic dampener that Brexit represents, consumers and the businesses that serve them are under huge pressure.

And yet, there is cause for optimism. When it comes to Brexit, some, like Stripe billionaire John Collison, and Cazenove Capital’s, Tom Walker have remained bullish when it comes to its impact on the UK financial services industry. The sector remains buoyant. The UK Fintech sector has retained its role as the top-ranking investment destination in Europe, with $4.1bn invested across a total of 408 deals in 2020 (Innovate Finance).

One of the factors underlying this optimism is the UK’s strength in Open Banking, which launched here in January 2018. Admittedly, this positivity is based on the potential that Open Banking represents, rather than its current adoption. Some three years from launch, evidence suggests that awareness, uptake and interest amongst consumers is still rather patchy: Recent research from financial services consultancy Woodhurst, suggests that:

  • 38% of consumers are not even aware of the concept of Open Banking.
  • Though 2 million in the UK are now benefiting from Open Banking solutions, this only represents some 4% of users, suggesting that there is considerable scope for growth.
  • 50% are ok to share their information between financial services providers if it is used to help them better manage their finances.

However, the future for Open Finance is bright

Open Banking’s gradual evolution into the broader concept of Open Finance as systems have grown to accommodate pensions, mortgages, savings products, and insurance, makes it even more attractive to both investors and consumers.

In addition, the changes in consumer behaviour driven by the great COVID pandemic mean that Open Finance is an idea whose time has come. The constraints of lockdown life have made consumers look for solutions that give them digital access to services they previously could only access in person and made them value transparency, control, and convenience more than ever before.

  • Coronavirus is believed to have driven a 72% rise in use of fintech apps (link).
  • More than a third (36%) feel more comfortable using banking and money management apps since lockdown and almost a quarter (23%) trust online banking more now than before lockdown (link).
  • Increased mobile and online services usage is expected to continue after restrictions ease as more than two thirds (67%) of users plan to keep it up after lockdown. And nearly half (45%) say they would prefer if they could manage all of their personal finances by app (link).

The UK is well placed to lead Open Finance innovation

All of which points the way to a very strong future for Open Finance. The UK is hugely well positioned not only to take advantage of this promising future, but to lead it: high consumer demand, a very strong startup environment and light-touch financial regulation all make the UK an environment that will create the right conditions to stimulate FinTech innovation in Open Finance.

Open Finance will also transform business functionality. As Plaid said in its report, Open Finance – Shaping the future of financial services: “Executed well, open finance regulation will allow a re-imagining of value and revenue models for the industries it serves”.

Despite the gloom, disruption, and paralysis that COVID lockdown caused, the UK startup climate has remained active. Between 23rd March and 23rd April 2019, 176 new investments into UK start-ups were closed, worth a total of £495 million. In the same period in 2020, there were 112 deals made worth £661 million. This represents a fall of around 37% in terms of numbers but an increase of 34% in terms of value. Bigger investments spread within smaller numbers of recipients.

Moreover, Open Finance, as distinct from “mere” Open Banking, can offer distinct benefits for:

  • Savings: budgeting and forecasting tools, automatic savings functions and automated switching products
  • Wealth management: lowering the barrier to investment and investment advice
  • Pensions: allowing a consolidated view of disparate pensions holdings, enabling projections of final value
  • Insurance: collating products all in one place, enabling personalised pricing, automating renewals and switching

All the signs are that the financial future will be open and that in global terms, the UK is ideally placed to be at the forefront of the Open Finance revolution.

Where will Open Finance go next?

The emergence of Open Finance from its Open Banking parent is just the beginning. Longer-term, many, such as Fabien Ignaccolo, CEO of customer authentication platform Okay, foresee an even greater opening of consumer data streams, broadening out from the financial services category to potentially include a limitless array of other data sets, as Open Finance becomes Open Living or Open Data. Ignaccolo believes that if you “Build open data around banking, build open data around finance, and then you build open data everywhere, and then eventually you have a digital ID in place and great services, just like we’ve seen in the Nordics.”. Daniel Globerson, Head of Open Banking at Natwest agrees that “Open Data, or perhaps Open Everything, is the opportunity to share data across the entire digital ecosystem, regardless of industry and in a safe and secure way.”

In fact, we at UNLIMITED foresaw this evolution, certainly as far as the travel sector was concerned when we spoke about the same concept in our Towards an Era of Open Travel report back in early 2019. We identified the same three-tier structure to sharing:

  • firstly, with the trusted inner circle of a favoured brand;
  • then with the wider industry or sector (This is Open Banking and Open Finance);
  • and, finally, with other sectors (This is Open Data).

As the sharing circle widens so too does the scope for truly innovative service provision built from data-driven consumer understanding. In travel, this might mean your hotel minibar being pre-stocked with organic produce since the hotel’s algorithms have identified from your Tesco Clubcard data that you only ever buy organic. Truly joined up datasets that go beyond the financial services sector itself will stimulate another wave of product innovation and data sharing partnerships. What this might look like is very much up for grabs: but how about:

  • Financial services organisations leveraging their secure systems to become the “data hub” around which consumers build their own data ecosystems.
  • Sales of high-ticket items such as cars, homes, holidays and furniture to happen more seamlessly with no need for credit checks and payment plans to be optimised based on the financial holdings of the purchaser.
  • Account-to-account links between merchants and shoppers are already eliminating the cut taken by the card networks.

Evidence does indeed support the idea that there is an appetite for Open Data  – provided of course, that consumers are reassured about privacy, security, and misuse issues. Some 40% are open to sharing their information with non-bank third parties if it means them getting improved services such as personalisation.

Eventually, we will be able to drop the “Open” descriptor as the Open Finance mentality and transparent, inter-linked solutions become the norm rather than the exception. We will not need to call out when financial services are “one”, they all will be, by default. We are seeing the same kind of evolution throughout the tech space, as it becomes increasingly redundant to mention when interactions are mobile, or digital, or online.

While such inter-connectedness is, no doubt, some way off, the UK is well placed to deliver innovative solutions at all points along the journey from Open Banking, to Open Finance to Open Data.

Check out our newly-launched Open Finance PR Playbook here, providing expert advice and handy tools to help you tell your Open Finance story.

Nick Chiarelli, Head of Trends, UNLIMITED

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Nelson Bostock UNLIMITED wins Unmind UK brief

Nelson Bostock UNLIMITED has won the UK PR brief for leading workplace mental health platform Unmind. Unmind empowers employees to measure, understand, and improve their mental wellbeing.

The Unmind platform – underpinned by clinical psychology and powered by technology – was formed in 2016 to address the need for organisations to offer their employees proactive and preventative mental health care.

It works with major global employers like TSB, Uber, John Lewis, Virgin Media and ASOS to take a whole-person approach that empowers employees to nurture their own mental health, while driving wider, positive cultural change.

In March 2020, Unmind made its service freely available to all NHS staff during the pandemic. It is now supporting more than 35,000 NHS workers every day.

Nelson Bostock’s role is to build profile and engagement around one of the most important issues of today – mental health – a conversation which has been accelerated and accentuated by the pressures and experiences caused by the global pandemic and subsequent lockdowns. The strategic PR programme will build a powerful and distinct narrative to reach business leaders and decision-makers.

Dr. Nick Taylor, CEO and Co-Founder, Unmind: “For many years, mental health support in the workplace has been insufficient and in some cases neglected altogether. Then Covid-19 hit, causing a tipping point for the mental health agenda, highlighting the urgent need and responsibility for businesses to look after their people. At Unmind we empower businesses to engage with their employees, taking care of their mental wellbeing and giving them the tools to live a fulfilling and balanced life. We’re excited to work with Nelson Bostock to tell that story.”

Tim Lines, Director, Nelson Bostock: “According to our own recent research*, 42% of people in the UK are worried about their own mental health in lockdown, rising to 57% of 18–24-year-olds. Those figures are frightening, and we are determined to make a difference. We have long been champions of a business and culture that supports individuals’ health and wellbeing. Dr. Nick Taylor and the team at Unmind are making a fantastic contribution to thousands of workers every day. Unmind has a great opportunity to provide true leadership around one of the most vital issues facing the UK today.”

Notes

*Research by Walnut: 1,246 UK working adults (full or part time), November 2020

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Communicating your Open Finance story

The media is closely following the rising trajectory of UK fintech. It has been, and continues to be, quite a ride. But, with the realities of Brexit and the crippling effects of COVID-19, 2021 presents new obstacles and challenges. 

Chief amongst them is how to approach and communicate Open Finance, the evolution of Open Banking. It was identified in our first PR Playbook as one of the hottest emerging topics in fintech. The challenge for communicators is to cut through the inevitable ‘noise’ around Open Finance and find a way to build a compelling story when the media are desensitised to it, thanks to the hype and disappointment around Open Banking.

So in response, we are launching a playbook for Open Finance. The PR planning and discussion guide aims to help businesses think about what Open Finance means for them and how to communicate the framework’s impact most effectively. We talk to industry leaders – including Clare Reilly, Chief Engagement Officer at PensionBee and Lisa Preece, PR & Communications Manager at sync. – about the challenges they face and the golden opportunities ahead. We encourage brands to learn from the mistakes of Open Banking and apply those lessons moving forwards.

Full of expert advice and handy tools – including a strategic story planning framework – you can download the Open Finance PR Playbook here.

We hope this guide helps brands navigate the uncertain landscape of 2021 and beyond, identifying ways to cut through the noise and communicate their Open Finance stories with clarity and impact. Take a read and let us know what you think. And if you have a topic in mind for the next Playbook, we’d love to hear from you.

Tim Lines, Director, Nelson Bostock UNLIMITED

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COVID-19: driving unity in cybersecurity circles

There is nothing quite like adversity to bring people together. If anything positive can come out of the tumultuous time we’ve had since Covid-19 changed our lives, it’s the reminder that when the going gets tough, people come together, help each other and have the courage to face challenges stronger together. And this also applies to the field of cybersecurity.

As Covid-19 started to sweep across the globe much of the world was preoccupied, quite legitimately, with the threat of a deadly virus. At the same time, busy cybersecurity professionals were bracing themselves on a very different front line. Already in high demand tackling an ever-growing threat landscape, they were suddenly looking at a tidal wave of potential risk as the world pivoted at speed to remote working.

Overnight, the solid ‘walls’ built to protect enterprise technology systems fractured into tiny pieces and spread far and wide as employees took their work IT equipment home to connect to their home networks.  Protected by varying levels of security, employees unintentionally expanded an organisation’s security perimeter with the sole purpose of ‘getting the job done’ the best they could.

By March last year, just as lockdowns were coming into force in the UK, cybercriminals had already started to incorporate references to COVID-19 into a range of campaigns to catch people at their most vulnerable.

Cybersecurity professionals united

Pre-empting a dramatic shift in threats, those at the leading edge of the cybersecurity front line came together. As detailed in the latest Sophos 2021 Threat Report, Sophos chief scientist, Joshua Saxe put out a call on Twitter to rally the industry to come together and as a result, more than 4,000 security analysts formed the COVID-19 Cyber Threat Coalition (CCTC).

After all, quick responses come with the territory and the cybersecurity industry is not shy about forming strategic alliances against a common threat, which is just as well. The Sophos report revealed that during 2020, the industry saw greater sharing of ransomware code between adversaries, with analysts discovering that some ransomware groups were appearing to work more in collaboration than in competition with one another.

Keen to capitalise on the threat and cost of downtime, ransomware threat actors pushed the limits of what they can extract in a ransom attack, with the latest Sophos report revealing that the average ransom pay-out in the just completed quarter totalled the equivalent of $233,817.30, payable in cryptocurrency, whereby that figure was just $84,116 a year ago.

Threats targeting the front line

Threat actors also targeted critical education and health institutions, even hospitals already fighting the medical front line. It is reassuring, therefore, that investments in security and privacy are at an all-time high across public and private sectors.

According to the latest Harvey Nash / KPMG CIO Survey, security has become the top technology investment priority for CIOs and for the first time in the survey’s 22-year history, cyber-security expertise topped the list as the most in-demand skill set.

Late last year also saw the Government decide that there is strength in unity when it announced a £1.5bn investment in the creation of a National Cyber Force to aid the UK’s ability to fight large scale cybercrime. Described as bringing together critical capabilities from across government, the NCF has been positioned as a force for good that will combine the individual strengths of Strategic Command, GCHQ and SIS under one unified command to protect our national security.

As we enter a new year that, unfortunately, appears to deliver more of the same, there continues to be a collective feeling of reflection on a year just gone that has tested all manner of personal, professional, offline and online boundaries. While the testing environment continues to provide fertile ground for cybercriminals to act, there is hope in the unity it has also fostered. In the cybersecurity world, it is promising to see greater collaboration between those fighting on the digital frontline together, harnessing an even greater sense of purpose to share intelligence and keep us all safe.

Let’s hope the industry can keep this passion for unity going as we progress through 2021!

— Katie Owen, Associate Director and enterprise tech specialist