Business
Managing banking transformation in a customer-centric world
Source: Finance Derivative
Amanda Beesley, MD Financial Services & Insurance Division at Paragon Customer Communications
Along with other service sectors including retail and business administration, the UK financial services sector helps to provide 80% of the total UK economic input.
So, it’s unsurprising that in this sector there is a continuous drive towards reducing operational expenditure while maximising value for money.
Financial services organisations are keen to evolve alongside changing customer needs. In March2022, Lloyds announced that it would be closing 60 branches, following similar announcements from HSBC and NatWest Group, which plan to shut 69 and 32 branches respectively this year due to the shift to mobile and online banking. Clearly, businesses are increasingly moving away from traditional services in an effort to make sure they can offer a wider range to their customers.
Customer experience and revenue growth are the main drivers of this shift but ironically transformation initiatives often divert from other areas that enhance the customer experience. This was highlighted by a recent report from Forrester, which discovered that while businesses prioritise meeting the demands of younger digital natives, they may actually be damaging their wider customer communications processes. Ultimately, the best approach for most customers is likely to be a blend of print and digital. But, how can your organisation find the equilibrium?
Omnichannel vs (mainly) digital
Regardless of sector, operational transformation is often most successful when customer communications is thought of with an omnichannel mindset, rather than digital by default.
The push to digital is driven by the ever-increasing number of digital natives – namely, Millennials and Gen Z. These groups have spent nearly their entire lives surrounded by computers, digital devices and the world of social media. This makes a huge difference to how these people engage with financial services in comparison to earlier generations. Millennials and Gen Z expect to be able to access everything they need digitally and are therefore considerably less likely to choose face-to-face services.
Despite this, as of April 2022 there are over two billion people globally who are not part of the digital population. Even as this figure declines there will always be some people who, for reasons such as lack of access, confidence, or social concerns such as job losses caused by digitalisation, will be unable or unwilling to go fully digital. This means it is crucial that organisations put their resources behind both physical and digital communications strategies.
Forrester’s research suggests that while many banks have been pursuing digital transformation efforts for some time, they often start their journey without a coherent strategy. This leads to projects stalling or even failing. Even those that are succeeding with a digital-first approach, such as challenger banks, are sometimes struggling to deliver a seamless experience between channels and consumer contact points. In this crowded sector, consumers can easily move to a competitor if they don’t feel their needs are being met. This means the importance of a top tier communications approach can’t be understated.
Adopting an omnichannel approach means integrating all online and physical touch points. No matter how or when the customer chooses to communicate – via live chat on the website, an app, social media, phone or seeing someone face to face – the experience can be seamless and unified.
The importance of choice
Traditionally, the feeling has been that the dominance of digital is inevitable and that print communications will eventually be phased out completely. The figures suggest digital is emerging victorious, with the total number of addressed letters falling from 14.34 billion in 2011-12 to 9.99 billion in 2019-20. Yet, this doesn’t seem to be the case. Recent research shows that we could now be seeing a flattening of both the growth in digital and the fall in print volumes as organisations settle into a blend between the two.
While younger consumers might be more comfortable receiving digital communications, it doesn’t naturally follow that they will want all of their communications to be sent that way. There is clearly no ‘one size fits all’ approach. Customers of all ages will have different comfort levels and preferences when it comes to digital communication, which are likely to evolve over time.
Striking the right balance relies on an in-depth knowledge of how customers engage with their content, but it is also hinged on recognition of the myriad reasons why customers need this balance.
Too often, people who prefer physical communications are tarred with the same brush: they’re seen as lacking tech skills and unwilling to adapt to modern life. To really enhance customer experience, you need to make sure that your business isn’t biased against those who don’t want to go digital. You need to recognise that this can be based on a valid fear that increasing digital processes will decrease social and community integration by removing in-person opportunities.
Discussions of the advantages and disadvantages of digital and physical communications often come down to a debate of old vs new. This is an oversimplification that holds organisations back and damages customer relationships.
Physical communications shouldn’t be brushed off as outdated and therefore unfit for modern needs, nor should customers who prefer this method. While the digital demand is undeniable, it doesn’t follow that physical communications have no place in modern communication strategies. Thinking in this way will prevent you from harnessing the enduring powers of physical methods of communication and, just as importantly, will stop you from providing the service that physical users deserve.
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Business
Driving UK business growth with AI reskilling, even during economic uncertainty
Alexia Pedersen, SVP International at O’Reilly
Amid ongoing economic challenges, UK businesses are grappling with salary stagnation and limited hiring. Employees, eager to advance their careers, are turning to digital reskilling as a pathway forward. Our latest research found that almost four in five (79%) UK employers have seen staff request digital upskilling opportunities over the last twelve months to strengthen their career prospects, particularly in roles linked to emerging technologies like AI and machine learning (ML).
Our platform has witnessed a surge in demand for learning resources on AI programming (66%), data analysis (59%), and operational AI/ML (54%) learning materials. We’ve also seen an uptick in demand for general AI literacy as IT teams encounter the hallucinations generative AI tools can exhibit.
However, given the accelerated integration of generative AI in most enterprises, the need for general AI literacy has extended beyond IT teams. In fact, 60% of enterprises are expected to have adopted generative AI in some form by the end of this year. Yet, while most business leaders agree their workforces need to be reskilled in GenAI, only 10% of workers are currently trained in GenAI tools. Now, non-technical employees are now seeking reskilling opportunities in AI and ML, cybersecurity, data analysis and programming.
This shift reflects widespread recognition of how emerging technologies can redefine roles and unlock new opportunities. So, how can employers ensure that every employee – not just IT – develops the skills to navigate and leverage AI and other digital tools?
Cultivating a culture of continuous learning
The integration of digital technologies requires more than just adopting the latest tools; it demands a skilled workforce committed to long-term innovation and growth. Businesses deploying AI must prepare every employee to effectively use these tools. Here, a continuous learning approach will ensure that digital transformation benefits the organisation at every level, driving resilience and adaptability within an evolving tech landscape.
Embedding learning in daily workflows, encouraging curiosity, and supporting tailored development initiatives can help achieve this goal. Cross-functional collaboration and knowledge-sharing can help to break down silos, allowing diverse perspectives to be shared amongst teams.
To foster a culture of continuous learning, people teams should emphasise to management the importance of “re-recruiting” to highlight the value of continuously investing in and engaging with talent as consciously as during the hiring process. The best results stem from having an executive sponsor who leads by example, championing learning at all levels. At the same time, employees should feel empowered to take ownership of their own growth, creating a culture where development is an ongoing, shared responsibility between individuals and the organisation.
Joining a company is only the beginning, and sustaining a valuable relationship depends on both the organisation’s support and the employee’s commitment to their own continuous development. To thrive, employees must actively seek out skill-building opportunities and leverage the learning resources available to them. Doing so will help employees remain agile within an evolving technological landscape, while also enhancing their own productivity and contributing to overall organisational success.
Real-time learning
For employees seeking opportunities for personal growth, to bridge the gap between learning and day-to-day responsibilities, employers can harness the ‘in the flow of work’ approach to provide staff with real-time access to quality learning content.
This concept was coined by Josh Bersin to describe a paradigm in which employees learn something new, quickly apply it and return to their work in progress. It’s different from traditional learning approaches like attending a seminar or conference. These learning formats are effective, but many employees simply don’t have the time to devote to them or they prefer to learn at a time that suits them best.
Instead, it entails providing employees with tools that allow them to quickly find contextually relevant answers to their questions at a time that suits their schedule. Companies can offer ‘in the flow of work’ learning opportunities via an L&D partner to tailor materials to an individual’s unique learning style and objectives.
This is particularly important not only for young talent who are new to the workforce but also for existing employees who are proactively seeking opportunities to develop their skills and advance their careers. In turn, this approach to workplace learning will increase employee engagement and productivity, fostering innovation and growth that improves the bottom line.
Preparing for the future
As businesses face a rapidly evolving landscape, a continuous learning strategy focused on digital reskilling and upskilling can help them remain competitive. It empowers employees to take charge of their personal growth, fostering a resilient workforce prepared for tomorrow’s challenges.
For companies navigating hiring freezes or budget constraints, prioritising AI literacy and skills development amongst their employees in critical areas such as cybersecurity, cloud, and data analysis can help drive productivity and innovation while ensuring that organisations remain agile during times of technological change. Above all, supporting reskilling today will develop the foundations for a thriving, adaptable workforce ready to face tomorrow’s challenges.
Business
Freeze-Drying: A Sustainable Solution to Food Insecurity and Waste
By Sverre Puustusmaa, CEO & Founder, Tactical Solutions
The world faces a dual food crisis: widespread insecurity, with over 700 million people going hungry, and massive waste, with nearly 40% of food lost globally each year. This contradiction is staggering, but thankfully innovative technologies are offering hope.
Freeze-drying provides an effective solution to both of these challenges. This process can preserve food for up to 25 years while retaining 97% of its nutritional value, the process addresses critical issues of spoilage and accessibility. Additionally the lightweight, shelf-stable characteristics of freeze-dried food makes it ideal for emergency relief, global aid distribution, and supplying remote regions.
Freeze-drying improves food security and reduces waste by preserving surplus produce for future use. Compared to traditional preservation techniques, the method lowers greenhouse gas emissions and consumes less energy. As population growth and climate change exacerbate global challenges, freeze-drying could be crucial in developing a sustainable and resilient food system.
What is Freeze-Drying?
Freeze-drying is a preservation method that involves first freezing the food, then using a vacuum to remove water through a process called sublimation. Freeze-drying helps retain the food’s nutritional value, preserves its texture and flavor, and extends its shelf life without the need for refrigeration. Unlike traditional dehydration, which uses heat and can degrade both nutrients and taste, freeze-drying results in a lightweight product that is ideal for storage and transport.
Freeze-drying is a versatile process that can be applied to various types of food, including fruits, vegetables, dairy products, and complete meals.
Emergency Relief Support
As food insecurity becomes a growing global challenge, innovative technologies such as freeze-drying offer essential solutions. This method preserves food in a way that maintains the benefits of the original product, effectively bridging the gap between surplus resources and areas facing scarcity. From emergency aid to improvements in long-term supply chains, freeze-drying addresses a wide range of needs in the fight against hunger.
In humanitarian crises caused by natural disasters, conflicts, or pandemics, rapid access to nutritious food is vital. Freeze-dried meals are lightweight, compact, and easy to transport, making them ideal for emergency responses. With the simple addition of water, these meals can provide essential nutritions, even when infrastructure is compromised.
For isolated or underserved regions, where fresh produce is scarce due to logistical challenges, freeze-dried food offers a reliable alternative. Its long shelf life and nutrient retention ensure that communities can access essential vitamins and minerals without dependence on regular supply chains.
Freeze-drying also reduces spoilage during transit, which is especially important when moving food across long distances. Its reduced weight lowers transportation costs, while its durability minimises losses caused by handling and environmental factors.
Addressing the Food Waste Pandemic
Food waste is a major contributor to global greenhouse gas emissions, with approximately 8 – 10% attributed to discarded food. Freeze-drying can play a significant role in reducing this waste by preserving the surplus of food that goes unused everyday. For example, peak harvests that would otherwise go unsold can be processed into freeze-dried products, extending their usability and preventing spoilage.
By requiring no refrigeration during storage or transportation, freeze-dried products significantly reduce energy consumption and associated carbon emissions. These attributes make the technology a key player in building resilient, sustainable food systems.
This approach turns potential waste into a valuable, long-lasting resource. Additionally, freeze-drying uses less energy than methods like canning or freezing, making it a more sustainable choice for large-scale food preservation.
Economically speaking, freeze-drying supports local producers by creating markets for surplus crops that might otherwise be discarded. It also empowers aid organisations by enabling them to stockpile food supplies for future crises, reducing reliance on reactive procurement.
The Future of Freeze-Drying
As the global population is projected to reach 9.8 billion by 2050, the demand for food is expected to increase by 60%. This growing need will require new and innovative approaches to production, preservation, and distribution. Freeze-drying offers a scalable solution that can meet these demands while addressing sustainability goals.
For governments and organisations, investing in freeze-drying technology and infrastructure presents an opportunity to enhance food security, reduce waste, and mitigate the environmental impact of food systems. By integrating freeze-drying into supply chains, nations can build resilience against future disruptions, including climate change and geopolitical instability.
Freeze-drying is more than a technological advancement – it’s a critical tool for addressing the interconnected challenges of food insecurity and waste. By extending shelf life, retaining nutritional value, and reducing spoilage, freeze-drying has the potential to reinvent how we store and distribute food.
As the world faces growing environmental and humanitarian challenges, embracing sustainable innovations like freeze-drying will be essential to creating a more equitable and food-secure future. Through collaborative efforts between governments, aid organisations and private bodies, this technology can help reshape global food systems for the better, for everyone.
Bio:
Sverre Puustusmaa is the CEO and founder of Tactical Solutions, a company he established in 2016. With a background as a soldier in the special forces and a medic in challenging conditions, Sverre was inspired to create a solution to the low-quality military rations he encountered during critical missions. His frustration with inadequate food led to the development of a solution that prioritises high-quality, nutritious meals in all conditions.
Under Sverre’s leadership, Tactical Solutions has pioneered innovations in food technology and sustainability. The company’s mission is to deliver nutritious, economically efficient food solutions without compromising on taste, embodied through successful brands like Tactical Foodpack and Chef Urban. Sverre’s focus on quality drives his commitment to ensuring that food should never be compromised.
Business
Beyond oil: Unlocking the potential of the lubricant industry
By Leyla Alieva, Co-Founder and CEO of NEOL Copper Technologies, and Paul Whiting, CEO of Delta-Xero
The lubricant industry is an important yet often overlooked cornerstone of the global economy, ensuring the seamless operation of machinery across numerous sectors. Despite its importance, the sector doesn’t get the attention it deserves. Many businesses underestimate the value and capabilities of advanced lubrication programs, leading to missed opportunities to maximise the efficiency and lifespan of equipment, as well as prevent the excessive consumption of oils.
As industries face growing pressure to prioritise sustainability and reduce carbon footprints, the use of traditional lubrication practices is becoming a significant challenge. Businesses need to consider not only the technical performance of lubricants but also their environmental impact—both in production and usage. Companies must shift their focus toward selecting, and investing in, more sustainable and efficient lubrication solutions, driving their respective industries to resilience through circular economy.
Critical role of lubricants in driving efficiency
Lubricants are far more than a technical necessity—they’re vital for minimising friction, reducing wear, preventing unexpected downtime, and extending the life of equipment. High-quality lubricants can significantly decrease maintenance costs and operational downtime. For instance, in sectors like transportation, efficient lubrication can enhance fuel economy and reduce emissions.
However, many businesses in the UK are still unaware of these benefits. Too often, users opt for cheaper oils, without realising the long-term costs to machinery performance and environmental sustainability. At the same time, equipment failures are frequently blamed on oils, when the real culprit is poor oil management.
This highlights a pressing need for education around the advantages of advanced lubrication. By providing education on innovative lubricants and lubrication practices, companies can empower users to make informed choices, which ultimately leads to better machinery performance and reduced waste. For instance, synthetic base oils additised with copper filming technology allow companies to maintain machinery efficiency without aging, breakdowns, or toxic emissions.
Addressing the environmental impact of lubricants
As the push toward Net Zero 2030 intensifies, industries can no longer ignore environmental pressures. The lubricant industry contributes to carbon emissions through oil and natural gas extraction, production, and disposal. But there are solutions on the horizon to minimise this contribution —innovative companies are leading the charge toward sustainability. A combination of high-quality synthetic lubricants and filtration can significantly reduce the overall consumption of lubricants and associated carbon emissions.
Additionally, this “dynamic duo” can reduce the frequency of oil changes, leading to lower waste generation and reducing the overall cost of lubrication. Extending lubricant lifespans through innovative filtration solutions could revolutionise lubricants sector and dramatically reduce environmental impact.
Embracing the circular economy
The lubricant industry is beginning to embrace the principles of the circular economy, prioritising value over volume, a shift that is redefining its future. Traditionally, spent lubricants were treated as waste, but that mindset is also changing. Recycling and reusing oils is no longer just an option—it’s a necessity. Reconditioning used oils by removing contaminants and restoring their properties conserves valuable resources and reduces environmental harm.
Major oil companies are now exploring oil filtration and recycling as viable solutions, signaling a shift toward sustainability. This is more than a trend; it’s a transformative movement reshaping the industry.
While synthetic lubricants are typically more efficient than conventional oils, their higher cost has deterred many industries from making the switch. However, as filtration methods advance extending their useful life, the long-term cost savings of synthetic lubricants become clearer and adoption rates are expected to rise.
Looking forward
Machinery lubrication plays a critical role in addressing some of today’s biggest industrial challenges, from improving performance to reducing carbon emissions. Advanced lubrication practices not only extend equipment life and enhance efficiency but also help cut waste and support sustainability. By adopting innovative solutions like reconditioning oils and synthetic base oils, businesses can drive operational success while reducing their environmental impact.
As the industry evolves, it’s crucial to recognise the potential of advanced lubricants in solving both business and environmental issues. They are more than just maintenance tools; they are key drivers of sustainability and efficiency. By embracing these innovations, companies can boost their bottom lines while contributing to a more sustainable future for the planet.