Episode 15 | 18.04.2024

Unpacking What Went Wrong at FTX: A Senior Marketer’s View

This week’s guest is Amber Skinner-Jozefson, CEO and Co-Founder of ePOP AI, a company at the forefront of analysing retail consumer behaviour within the fintech sector. Amber has a diverse background that includes leading marketing and communications at SWIFT and various other fintech startups. Transitioning from journalism to fintech leadership, Amber has consistently prioritised ethical marketing and transparency. Her experiences provide valuable insights into the importance of ethics in marketing, especially in light of the FTX collapse.

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In an time where technological advancements are rapidly transforming financial services, the fintech sector stands at a crossroads between innovation and ethics. The recent legal developments surrounding Sam Bankman-Fried, the founder of FTX, underscore the dangers of neglecting ethical standards. Amber Skinner-Jozefson, CEO and co-founder of ePOP AI, offers insights into navigating this landscape responsibly.


The Importance of Ethical Marketing in Fintech

In fintech, where financial stakes are high, transparent and ethical marketing is not just beneficial; it’s imperative.

“Marketing isn’t just about what you sell; it’s also about communicating your values,”

Amber explains. This philosophy is particularly vital in an industry where trust is the cornerstone of customer relationships.


Case Study: The Fall of FTX

The collapse of FTX, a giant in the cryptocurrency exchange market, clearly illustrates the consequences of ethical neglect. Amber comments,

“The FTX saga shows us that no amount of marketing brilliance can save a company if it’s built on unsound ethical practices.”

Mismanagement and misleading marketing eroded investor and customer trust when the firm failed to honour withdrawal requests, revealing deeper financial instability and misuse of funds. This crisis highlighted the essential role of ethical practices in maintaining both compliance and trust.


The Broader Impact of Ethical Marketing

“Ethical marketing fundamentally shapes the longevity and reputation of a fintech firm,” Amber states. She highlights how ethical practices contribute to sustained growth and customer loyalty, distinguishing companies in a crowded market. By adhering to high ethical standards, fintech firms not only enhance their reputations but also build robust defenses against market volatility.


Regulatory Framework and Compliance

Engaging with regulators is not just about compliance – it’s about collaboration. Amber advocates for ongoing dialogue with regulatory bodies to ensure that marketing strategies not only meet current standards but also anticipate future regulatory landscapes.


Technological Innovations

Discussing the potential of AI in marketing, Amber mentions,

“AI allows us to enhance the user experience significantly, offering personalisation that respects the user’s privacy.”

This approach aligns with modern expectations of data usage without infringing on privacy.


Educating and Engaging Consumers

Transparency is key in educating consumers about the benefits and risks associated with fintech services. Amber supports initiatives that empower consumers through knowledge, enabling them to make informed decisions about their financial interactions.


A Call to Action

Under Amber’s leadership, ePOP AI exemplifies the integration of ethical practices in every aspect of business operations. As the fintech industry continues to evolve, the commitment to ethical marketing will undoubtedly play a pivotal role in shaping its future. The path forward requires a concerted effort from all industry players to embrace transparency, responsibility, and consumer-centric practices, ensuring fintech’s growth is both sustainable and respectful of the very consumers it serves.

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