Money
What advisers can learn from groundbreaking new Apple Intelligence
Apple’s iOS 18 has just dropped and, with it, a major upgrade that could make Siri smarter than your average human — or at least better at answering questions.
Dubbed Apple Intelligence, this new suite of artificial-intelligence (AI) tools promises to turbocharge the iPhone with features powered by ChatGPT.
The iOS 18.1 update introduces advanced features, such as improved writing tools, suggested replies in Messages, email summarisation and phone-call transcription.
Apple has hinted at even more exciting updates down the road. Think custom emojis and even deeper Siri integration with your calendar, photos and messages.
Fintech isn’t magic. Establish a ‘chief AI officer’ role in your business
Imagine asking Siri when your mum’s flight is landing and it knows right away. No more hunting through emails.
So, what can our industry learn from this new wave of smartphone generative AI?
1. Forget tech stacks; build an ecosystem
Apple Intelligence will offer more extensive and seamless integrations, data intelligence and analytics than before, with users able to access this across all the apps they employ.
Where financial services are concerned, it’s time to stand tall against legacy tech that does not deliver streamlined integration. We need integrations that facilitate accurate and high-quality data reporting across all stakeholders.
Remember that new technology comes with its fair share of quirks
With a data-led Financial Conduct Authority armed with the Consumer Duty, tech firms are front and centre in the distribution chain and cannot be seen to be a barrier to advice firms’ assessment and reporting on client outcomes.
Synthetic data lakes must be made available by tech providers so firms can gain access to pooled client data. Without this, we are stuck with Band-Aid solutions not fit for purpose and are in for a rude awakening with blockchain, tokenisation, smart contracts and Web3 expansion just around the corner.
2. Privacy matters
Apple has been banging the privacy drum for years and, with Apple Intelligence, it’s sticking to its guns.
The good news? Most of the AI processing will happen directly on the device, keeping data safe — or so Apple says. If Siri can’t answer a question, it may reach out to Apple’s servers or ChatGPT, but not before anonymising and encrypting data.
It’s time to stand tall against legacy tech that does not deliver streamlined integration
It’s not all sunshine and rainbows, though. Some features, such as enhanced Siri capabilities, require more data access. Apple could be reading your messages, tracking your calendar and even recording your calls (with permission, of course).
On this, advice firms need to ensure they have a robust due-diligence, governance and oversight process. Enforce a strong AI code of conduct and make sure AI ethics is front and centre of all implementation and ongoing services.
3. Roll with the glitches
Remember that new technology comes with its fair share of quirks. Apple chief executive Tim Cook even admitted that Apple Intelligence might have a few hiccups — or “hallucinations”.
We all know that fintech isn’t magic, so we need to ensure we have the right people, in the right roles, with the right skillsets. Establish a ‘chief AI officer’ role in your business — even if that’s outsourced — as well as an AI champion and/or data scientist who knows how to deploy and monitor AI.
4. The showdown
One of the most exciting aspects of Apple Intelligence is its ChatGPT integration. Siri will be your first stop for questions but ChatGPT will swoop in to save the day if it’s out of its depth.
Enforce a strong AI code of conduct and make sure AI ethics is front and centre of all implementation and ongoing services
The approach at many fintech firms works in reverse. We engage generative AI first to automate a response for our compliance chatbot, client file review or client document audit. But, given the potential for “hallucinations”, rules are built in by our compliance team to ensure they are caught, eliminated and replaced by accurate regulatory information.
Final thoughts
Apple Intelligence will revolutionise the way we use our iPhones, making them more helpful and intuitive.
We need to ensure we have the right people, in the right roles, with the right skillsets
For the planning profession, AI should be considered a great leveller, increasing efficiency across key activities such as client engagement, servicing, reporting and compliance, as well as providing significant cost and time savings.
Chris Davies is founder and chief executive of Model Office
This article featured in the October 2024 edition of Money Marketing.
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Money
Workspace’s occupancy drops after ‘unusually high number’ of customers vacate
“Many of the larger units will be subdivided into smaller units, where we see stronger demand and achieve higher pricing,” said Workspace CEO.
The post Workspace’s occupancy drops after ‘unusually high number’ of customers vacate appeared first on Property Week.
Money
Over half of homeowners want to ‘improve not move’, finds poll – see top 10 reasons why
More than half of homeowners want to ‘improve not move’ – spending big on their current home instead of buying a new one.
A poll of 2,000 adults who own a property, found 41 per cent ‘love’ their home, leaving 53 per cent wanting to adapt it to suit their changing needs.
And one in six (17 per cent) would be willing to spend more than £20,000 on renovations.
Just 24 per cent would rather move elsewhere and start afresh but 46 per cent admit they will probably look to ‘list’ it within the decade.
The top reason driving people to move was the fact it may not meet their mobility needs as they get older.
While changes in lifestyle and a bigger property were other factors in considering listing it over loving it and making adjustments.
Sam Stannah, CEO of Uplifts, a home lift manufacturer, which commissioned the research, said: “Clearly, many people love the homes they live in – but there’s an acceptance that life can change in a heartbeat.
“We all cherish our homes, the research confirms this – however, what’s truly eye-opening is the level of anxiety that arises when we consider if the home we love today will continue to meet our needs in the future.
“The findings have shown homeowners are very much aware they might have to make a decision to move home or renovate to meet their changing mobility needs.
“But also, there are plenty of owners on the ladder who don’t feel their current property quite matches what they want in terms of space and location, currently.”
The research found the average homeowner has lived at their property for an average of 15 years.
With the comfort and familiarity, location and suitable size and layout the top reasons for 53 per cent considering their current place their ideal homestead.
While the local community, feeling of security and facilities and amenities nearby among the others.
It also emerged 61 per cent believe their current home was big enough to accommodate any changes should their health requirements change.
And 41 per cent considered such needs when purchasing their property.
According to Checkatrade, the average cost of a house extension can be anywhere between £30,000 to £42,000, more than double the average amount respondents are willing to pay to meet changing needs – £14,000.
Aside from the stress of moving, mortgage lender Halifax estimates the cost of moving house, from stamp duty to conveyancing can cost £12,000.
Ultimately, deteriorating health and downsizing were the top reasons respondents would feel they’d consider selling – if push came to shove.
HOMEOWNERS’ TOP 10 REASONS THEY CONSIDER THEIR PROPERTY THEIR ‘FOREVER HOME’
1. Comfort and familiarity
2. Ideal location
3. Suitable layout and size
4. Community and neighbours
5. Safety and security
6. Adequate facilities and amenities
7. Memories and history
8. Emotional attachment
9. Privacy
10. Low maintenance
But those that are keen to make a move said the area they currently live in, having too many things to fix and their current rooms not being big enough were top motivations to list it.
The research, carried out via OnePoll, found 15 per cent of those polled have mobility issues – with climbing the stairs, stepping out of bed and reaching high shelves the top difficulties faced.
Yet only nine per cent of all adults considered a home lift installation a realistic prospect to help with mobility from floor-to-floor.
Sam Stannah, from Uplifts, added: “The research indicates many people believe installation of products to improve their home may feel out of reach.
“And as a result, the heartbreaking decision of having to leave a beloved forever home can become a reality for many.
“However, installing a home lift can be done without disrupting the layout of a home or requiring invasive or costly work.”
Money
Bidwells appoints Jo Hawkings as group partner
Hawkings will be responsible for managing the Trinity College endowment portfolio.
The post Bidwells appoints Jo Hawkings as group partner appeared first on Property Week.
Money
How AI can stop you writing like a robot
One of my favourite displacement activities is perusing the second-hand bookshops in Bradford on Avon during my lunch break.
The charm of second-hand bookshops is their randomness. “Second-hand books are wild books” unlike the “domesticated volumes of the library”, Virginia Woolf observed.
It was on one of these sojourns that I picked up a copy of Steven Pinker’s The Sense of Style – a guide on how to write.
Unlike speaking, writing is an unnatural act. Those of us in finance, in particular, struggle to get it right. Our industry suffers from what Pinker describes as “academese, bureaucratese, corporatese… and other stuffy prose”, characterised by compulsive hedging and professional narcissism. Why is this?
It often feels as though the finance sector operates in a bubble, with our own specific language and sub-culture
One contributing factor is that our collective reading habits are remarkably narrow. Judging from numerous proud endorsements on social media, we all read the same ubiquitous business/leadership/self-help guff.
It often feels as though the finance sector operates in a bubble, with our own specific language and sub-culture. Generally, I think we are a bit self-reverential, which perhaps comes across in the way we communicate outwardly.
I suspect our self-consciousness also has something to do with the regulatory burden, which encourages an evasive style. To avoid responsibility, writers adopt a passive voice (actor unmentioned) and insert zombie nouns in place of more straight-forward pronouns like I, me and you.
Some suggest we suffer from the curse of knowledge: a difficulty in imagining what it’s like for someone else not to know something you know
Some suggest we suffer from the curse of knowledge: a difficulty in imagining what it’s like for someone else not to know something you know. Others propose, less charitably, the bamboozlement theory – that opaque prose is a deliberate choice.
Ordinarily, when trying to understand any human shortcoming, the first tool I reach for is Hanlon’s Razor: never attribute to malice that which is adequately explained by stupidity. The machinations of the finance sector, once more, is an exception to the rule.
For example, I know of one national wealth manager (at least) that encourages the supply of its disclosure document in unformatted, black and white, block text. Surreptitiously tucked alongside colourful, matte finish sales brochures. This feels more like needle-in-a-haystack obfuscation strategy than lazy style oversight.
So – assuming we want to – how can we communicate more effectively to the wider population?
This feels more like needle-in-a-haystack obfuscation strategy than lazy style oversight
I’ve often thought we should recruit more arts graduates. The maths of personal finance really isn’t that difficult, and tech now does a lot of the heavy lifting anyway. The industry is moving away from investment/product-based solutions towards a broader planning approach with a bigger emphasis on soft skills and communication.
AI also presents a huge opportunity. Having initially been sceptical, I now use ChatGPT daily for basic research, proof-reading and writing blogs. As the technology improves and we get better at using it, there will surely be a positive impact on the overall quality of writing in financial services.
Some people are already having fun with it – I saw a LinkedIn post showing how ChatGPT defined the word pension in the style of Holden Caulfield from The Catcher in the Rye. The output was really quite extraordinary, capturing the tone of voice perfectly.
I’ve since played around with other famous authors with mixed results. My Ernest Hemmingway makeover successfully replicated his taught, muscular prose but was littered with references to fish and bullfighting, which felt a bit off-topic.
This is the catch: while AI can help produce content, we humans remain the arbiters of what works and what is appropriate in any given context. Instead of being creators, we will become curators. This shift demands the same higher-order skills we currently lack, which brings me back to second-hand bookshops.
As Pinker explains, “Good writers are avid readers.” Perhaps, then, the hours spent procrastinating on my lunch breaks were worthwhile after all.
Dan Wiltshire is an independent financial planner at Wiltshire Wealth
Money
Half of Brits struggling with energy bills have never asked for help, poll reveals
HALF of consumers who struggle with their energy bills have never asked for help.
A poll of 2,000 adults found 39 per cent have difficulty managing them, but 45 per cent have never sought assistance – whether that be turning to loved ones or seeking professional advice.
Reasons for this include belief they wouldn’t qualify for the support (34 per cent), stigma or embarrassment (28 per cent), and lack of information (26 per cent).
A fifth believe there isn’t enough energy advice out there.
And more than four in 10 (42 per cent) are worried about how they are going to keep on top of things this winter.
The research was commissioned by British Gas as part of its independent charitable trust – British Gas Energy Trust – which has partnered with the Post Office and eight local community-based charities to offer free, drop-in events at post offices across the UK this winter.
Abi Robins, director of responsible business at British Gas, said: “We know the colder months can be tough on a lot of people and there isn’t always advice readily available.
“The Post Office Pop-Ups provide help on lots of topics such as budget planning, energy debt advice, help with accessing energy debt write-off grants, and energy efficiency measures.
“Grants, fund money and energy advice services are also available through the Trust– with donations from British Gas topping £200m since 2004 – as well as providing direct support to struggling customers with matched debt repayments and non-repayable credit.”
The study also found rising costs, difficulty managing finances, and fear of disconnection were among the main concerns when it comes to paying energy bills this winter.
When speaking to someone about getting support, 26 per cent would want a face-to-face conversation.
But 35 per cent admit they find it difficult to talk about the struggles they face when paying their energy bills.
Of those who have previously got help, 35 per cent turned to friends or family, 27 per cent used Government schemes, and 24 per cent sought financial advice or counselling.
And according to the OnePoll.com data, half found it easy sourcing this information.
Exactly six in 10 of all respondents think there should be more support programmes to help people managing rising energy costs.
Jessica Taplin, chief executive of British Gas Energy Trust, said: “We know some consumers really want face to face advice, so these pop-ups are just one way we’re helping those already struggling with rising living costs this winter.
“We offer energy debt write-off grants through our Individuals and Families Fund, open now, and Energy Support Fund, opening 4th of November, to households facing fuel poverty, among other criteria.”
Simon Lambert, commercial and operations director at Post Office, said: “Every week, more than a million energy customers visit our branches to pay bills or top up.
“These pop-ups – held in London, Edinburgh, Glasgow, Leicester, Leeds, Newport and Stockport – are a fantastic way to connect customers with the additional support they may need this winter.”
4 ways to keep your energy bills low
Laura Court-Jones, Small Business Editor at Bionic shared her tips.
1. Turn your heating down by one degree
You probably won’t even notice this tiny temperature difference, but what you will notice is a saving on your energy bills as a result. Just taking your thermostat down a notch is a quick way to start saving fast. This one small action only takes seconds to carry out and could potentially slash your heating bills by £171.70.
2. Switch appliances and lights off
It sounds simple, but fully turning off appliances and lights that are not in use can reduce your energy bills, especially in winter. Turning off lights and appliances when they are not in use, can save you up to £20 a year on your energy bills
3. Install a smart meter
Smart meters are a great way to keep control over your energy use, largely because they allow you to see where and when your gas and electricity is being used.
4. Consider switching energy supplier
No matter how happy you are with your current energy supplier, they may not be providing you with the best deals, especially if you’ve let a fixed-rate contract expire without arranging a new one. If you haven’t browsed any alternative tariffs lately, then you may not be aware that there are better options out there.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
Imperial College pays £115m for SEGRO estate in west London
Imperial College will operate the site to provide commercial science innovation facilities to start-ups, as part of its WestTech Corridor vision.
The post Imperial College pays £115m for SEGRO estate in west London appeared first on Property Week.
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