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Karan Chadda

Global digital marketing and communications leader

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September 12, 2012

Will banking resurrect its reputation?

I imagine most readers will instantly snap: “No!” They’re probably right, but some of the language used recently by Antony Jenkins, Barclays’ new chief executive, and his counterparts over at Deutsche Bank, makes me think that it’s not a bad outside bet.

One statement, in particular, chimed with me. Jenkins said:

“Our ability to build a franchise over time depends on our reputation.”

He’s thinking long-term and he’s thinking about reputation. Andrew Hill over at the FT points out that Jenkins isn’t the first bank chief executive to trot out this kind of language, although Citigroup’s Chuck Prince wasn’t battling the kind of heavy regulatory onslaught today’s banking leaders are.

In a previous post, I noted the increase in the level of fines the FSA is levying; I’ve updated the chart to include the 2011 and 2012 figures. It quite starkly demonstrates how much more muscular the FSA is being in its role. Moreover, we know the FSA isn’t issuing fines at anything near the levels its US counterparts are.

So, with a hardening regulatory environment, increasing political scrutiny and a raft of new global, regional and national regulation and legislation heading its way, I think it’s a safe bet that these new attempts to address reputational issues might succeed.

September 4, 2012

Who are we talking to?

If you work in communications, you spend all day talking about social media, traditional media, content marketing, messaging, … So it’s easy to lose your bearings and start taking it all a little too seriously.

Fortunately, Twitter’s trends list is always at hand to bring you back to earth. I doubt very much that “Northern Ireland Secretary” was the most talked about topic in the UK at any point this morning, not even in Northern Ireland.

It’s a timely reminder that when we’re talking about social media and the rest, we need to bear in mind where our audience is. Yes, some of them are on Twitter and Facebook, but a massive chunk are not.

So, who are we talking to? Quite often, we’re just talking to ourselves.

This piece was originally posted here on CommsTalk.

August 16, 2012

Social media’s new Medium

Twitter Founders Ev Williams and Biz Stone are in the process of hyping up their new sites, Medium and Branch.

Not being one of the fortunate few to get pre-launch access to contribute to either site, my snooping has been limited to exploring the content.

On first impressions, Branch left me cold. The concept of allowing more in depth conversation is solid, but I’m not really one for long-running conversations on the internet. I can see specialists gathering round to discuss their particular interests, but not broader society who are generally interested in many things. The first time I looked at a conversation on Branch, my immediate reaction was that it was just a web forum of the type that has been around since the 90s. Once the site’s up and running, and you’re able to search and navigate for conversations, I’m sure it’ll prove its worth. I can definitely see its potential for collaboration and building deeper communities online. I’d say the Jury’s still out.

Medium, on the other hand, blew me away. It’s slick, it’s clever and I can see it taking on the likes of Pinterest and Tumblr and winning. The richness of the media, the breadth of what you can do and the ability to collaborate as well as stand on your own seems to fill a nice gap that sits between the microblogging type experience offered by twitter and the deeper, more time-consuming experience needed for blogging.

The templates used by Medium are visually strong, the content on there at the moment is beautiful, but can that quality be maintained? I hope it will. I’ve only spent a short amount of time poking around Medium and I’m already eager get access and start using it. If it can make others feel the same way, then it has a very bright future.

This piece was originally posted here on CommsTalk.

August 15, 2012

How much is a company’s reputation worth?

Always a tricky question and one that no one has ever really nailed down. Is it a percentage (or even all) of the intangibles in its stock price? Is it an approximation of the value of sales associated with people who purchase your goods mainly because they perceive you to be good or ethical? Or is it the amount of money a company is willing to forgo for reputational reasons?

If the answer is the latter, then a small number of banks value their reputations in the hundreds of millions of dollars.

The FT reports that a number of banks have ceased offering products that speculate in agricultural markets, citing reputation issues as the reason. With food prices rising in response to this year’s lower yields, many organisations have campaigned against financial speculation in food and other commodity markets. It seems that some banks have listened. This is in spite of the fact that the IMF and other international bodies have concluded that speculation in these markets is not driving up prices.

An executive at one German bank is quoted as saying that they will “be much more sensitive in future about [their] product range.”

Does this signal a shift in attitudes to reputation in the financial services industry? Perhaps. More importantly, it does help demonstrate, although not define, the very real monetary value of reputation.

This piece was originally posted here on CommsTalk.

July 29, 2012

Don’t fence me in

Footballers and politicians have all done their best to keep race and multiculturalism in the news. I don’t seek to provide commentary on what this means about the state of our country or our society, my issue is this: at a time when people move across the globe more than ever before, when we’re hosting the largest event in the world, when our capital is one of the most diverse places on earth, those with the loudest voices are still obsessed by, and trading in, blocks.

Let’s start with footballers. If John Terry’s trial showed us anything it was how common obscene language, of all kinds, is on the football pitch. Rio Ferdinand, however, took it one step further by throwing the term choc ice via Twitter in the direction of Ashley Cole. Choc ice was a new but instantly recognisable term to me. Growing up in West London in the 90s, the preferred equivalent among Indians was coconut. Both items have the desirable structure of being dark on the outside and white on the inside.

If Coconut was the term shot at those deemed as not Indian enough, there were equivalent terms for people deemed too Indian as well. Quite often those who were thought to be too traditional were referred to as pendus (based on the word pendu which technically means villager but more commonly means simpleton in Punjabi). So, you could be too Indian or not Indian enough.

If that’s an example of how some people from ethnic minorities try and force others to fit a certain mould, then there are plenty of examples from outside ethnic minorities too. Aidan Burley, Conservative MP for Cannock Chase, was so worked up by what he perceived to be left-leaning bias during the open ceremony of the London Olympics, that he tweeted the following:

Right in the middle of his tweet he agitates against leftie multi-cultural crap. Now, many people would think it unwise for an MP to tweet something like that. Bearing in mind this MP in particular has already had his political career dented because he went on a stag do where guests dressed as Nazis, it was a particularly poor choice.

The most disappointing part of Mr Burley’s tweet is that he equates multi-culturalism with the Left. I hope he sent a note to his Conservative colleagues with this little bit of insight. I’m sure Conservative Party Co-Chairman, Baroness Warsi, would love to know that she’s accidentally joined the wrong party. That she actually should be a leftie. No doubt Burley’s fellow West Midlands Conservative MP, Nadhim Zahawi, would be keen to learn more about exactly where he fits on the political spectrum.

Burley is no different from those who throw around terms like choc ice. They attempt to peg people into a specific box using simple generalisations based on race. They see the world in a particular way and seek to fit everything and everyone into little boxes that neatly fit their view. It’s lazy, but also damaging. It perpetuates the politics of race. It seeks to define what people of a particular skin colour ought to be like and make them that way. It’s racist, it’s wrong and, thankfully, the world isn’t how they perceive it to be.

UPDATE: This post was cross-posted HERE  on the Liberal Conspiracy blog. Please do join in the debate on this issue over there.

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