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Smart wearables in health technology

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Managing director at Tunstall Healthcare

Gavin Bashar, UK managing director at Tunstall Healthcare, discusses smart wearables in health and social care, the benefits, and what the future holds.

For many years, technology has been integrated into every sector in the economy, from

 to shopping, to enhance the experience of customers.

However, health and social care services have fallen behind in terms of technology adoption and innovation, for reasons including fragmented structures, limited resources, and reluctance to change.

Yet person-centred technology has the power to transform lives, not only enabling the ongoing delivery of support services to vulnerable people, but reshaping the health and social care sector as a whole.

Technology-enabled health and care is the service of the future and the ongoing and unprecedented rapid acceleration in the adoption of care and health technology has demonstrated the numerous benefits in practice.

 

Why wearable technology?

Wearable technology enriches the lives of a range of cohorts, including people living with long term conditions such as dementia, and connects vulnerable individuals to key stakeholders such as clinicians and family members.

The better application of technology and wearable devices can deliver significant benefits including improved patient outcomes and service-user experiences, a reduction in the strain on staff and carers, and potential cost savings or avoidance.

Wearable devices and the systems they’re linked to use wireless and digital technology to enable support services to be efficient, flexible, responsive, and tailored to the individual. The unobtrusive devices also ensure that care delivery is discreet and won’t interrupt the daily life of service users.

Proactive healthcare is also easier thanks to wearable technology. Service users become much more engaged with their own health and have greater opportunity to develop a proactive approach to their health monitoring, rather than reacting. Technology can be used to enable intervention at an early stage by identifying irregularities before they become more significant health or care issues which require expensive care and treatment.

There is significant evidence that wearable technology offers users greater choice in terms of the care they receive and prevents incidents in the first place, by recognising an emergency as soon as it occurs. Community alarms and telecare services in particular are effective methods of signposting to clinicians and additional services when a user requires care, and this has been particularly important during the pandemic.

 

Wearables in a home and residential care setting

When providers are presented with unique opportunities to drive the adoption of digital health solutions such as wearables, there must be a focus on designing holistic services which fit seamlessly into the user’s life, work with clinical practices, and ensure any data that is collected is stored securely.

There is a huge range of wearable technology and devices available which perform a number of functions and can therefore be tailored to suit the needs of an individual and their stakeholders, such as carers and clinicians.

Small, discreet pendants available on the market can raise alarm calls in emergencies, and protect users living independently at home or in group living environments. Features can include integrated alarm buttons, LEDs for visual reassurance that a button has been pressed, easy to wear options, and auto low battery monitoring and alerts.

Falls are the main reason that older people are taken to hospital and unaddressed fall hazards in the home are estimated to cost the NHS over £430 million1. Smart wearables use advanced technology to allow users to raise an alarm from anywhere in their home or care setting if they are in difficulty. Some devices can also automatically raise an alert if a fall is detected.

This technology offers confidence to individuals who are at risk of falling, such as people with limited mobility, the elderly, and people with long-term conditions such as epilepsy, diabetes and Parkinson’s disease.

Wearable technology not only benefits vulnerable individuals living at home, but also those in residential care settings and their carers. Nurse call systems which are integrated with smart wearables can be personalised to ensure individual safety with minimal disruption to other care home residents. It also respects dignity while improving management insights, workflow efficiencies, staff morale, and care quality.

Devices can also be worn which protect users when away from home, automatically detecting falls, offering an SOS function and providing the user’s location.

 

The benefits of managed technology and smart wearables

Technology can require equipment from a range of manufacturers. Identifying, purchasing and managing devices from multiple sources can prove challenging and resource intensive for local authority community alarm centres.

Nottinghamshire County Council (NCC) has a managed healthcare service which includes home units, telecare sensors and wearable devices which are all tailored to the needs of individual service users.

All connections are monitored and referrals are made to the NCC Responder team, nominated contacts or the emergency services, as appropriate. NCC also has Reablement Assessment flats with telecare in place to support people leaving hospital, helping them to increase wellbeing and regain skills to enable them to return home.

Between October 2019 and December 2020, significant benefits and improved outcomes have been observed. Over 280 cases where a high and immediate risk of admission to residential care were avoided, and over 650 cases which required additional community care costs were avoided.

In total, savings of over £2.2 million have been achieved after additional service costs, costs of homecare for people diverted from residential care, and loss of client contributions have been deducted.

 

The next generation of wearable technology

The deployment of smart technology, including wearable devices, enables vulnerable people to live safely and independently for as long as possible. However as demands change, the care journey is now evolving rapidly and healthcare services must adapt accordingly.

We’re beginning to see the next generation of predictive care technology and smart wearable devices, and over the next few years this will encompass integration that enables diverse and scalable models of health and social care. Using AI and taking data-driven insight from multiple sources, providers will use this next generation of solutions to optimise Population Health Management programmes by providing personalised and anticipatory care.

Smart wearables in health and social care are designed to improve quality of life and empower individuals to take control of their health, while supporting the NHS and additional stakeholders by reducing the number of required GP visits, ambulance callouts, hospital admissions, and demand for local authority funded residential care

For more information on how wearable technology can support the ongoing delivery of proactive and effective support, please visit www.tunstall.co.uk

Banking

Wealth Managers and the Future of Trust: Insights from CFA Institute’s 2022 Investor Trust Study

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Author: Rhodri Preece, CFA, Senior Head of Research, CFA Institute

 

Corporate responsibility is more important than ever. Today, many investors expect more than just profit from their financial decisions; they want easy access to financial products and to be able to express personal values through their investments. Crucial to meeting these new investor expectations is trust in the financial services providers that enable investors to build wealth and realise personal goals. Trust is the bedrock of client relationships and investor confidence.

The 2022 CFA Institute Investor Trust Study – the fifth in a biennial series – found that trust levels in financial services among retail and institutional investors have reached an all-time high. Reflecting the views of 3,588 retail investors and 976 institutional investors across 15 markets globally, the report is a barometer of sentiment and an encouraging indicator of the trust gains in financial services.

Wealth managers may want to know how this trust can be cultivated, and how they can enhance it within their own organisations. I outline three key trends that will shape the future of client trust.

 

THE RISE OF ESG

ESG metrics have risen to prominence in recent years, as investors increasingly look at environmental, social and governance factors when assessing risks and opportunities. These metrics have an impact on investor confidence and their propensity to invest; we find that among retail investors, 31% expect ESG investing to result in higher risk-adjusted returns, while 44% are primarily motivated to invest in ESG strategies because they want to express personal values or invest in companies that have a positive impact on society or the environment.

The Trust Study shows us that ESG is stimulating confidence more broadly. Of those surveyed, 78% of institutional investors said the growth of ESG strategies had improved their trust in financial services. 100% of this group expressed an interest in ESG investing strategies, as did 77% of retail investors.

There are also different priorities within ESG strategies, and our study found a clear divide between which issues were top of mind for retail investors compared to institutional investors. Retail investors were more focused on investments that tackled climate change and clean energy use, while institutional investors placed a greater focus on data protection and privacy, and sustainable supply chain management.

What is clear is that the rise of ESG investing is building trust and creating opportunities for new products.

TECHNOLOGY MULTIPLIES TRUST

Technology has the power to democratise finance. In financial services, technological developments have lowered costs and increased access to markets, thereby levelling the playing field. Allowing easy monitoring of investments, digital platforms and apps are empowering more people than ever to engage in investing. For wealth managers, these digital advancements mean an opportunity for improved connection and communication with investors, a strategy that also enhances trust.

The study shows us that the benefits of technology are being felt, with 50% of retail investors and 87% of institutional investors expressing that increased use of technology increases trust in their financial advisers and asset managers, respectively. Technology is also leading to enhanced transparency, with the majority of retail and institutional investors believing that their adviser or investment firms are very transparent.

It’s worth acknowledging here that a taste for technology-based investing varies across age groups. More than 70% of millennials expressed a preference for technology tools to help navigate their investment strategy over a human advisor. Of the over-65s surveyed, however, just 30% expressed the same choice.

 

THE PULL OF PERSONALISATION

How does an investor’s personal connection to their investments manifest? There are two primary ways. The first is to have an adviser who understands you personally, the second is to have investments that achieve your personal objectives and resonate with what you value.

Among retail investors surveyed for the study, 78% expressed a desire for personalised products or services to help them meet their investing needs. Of these, 68% said they’d pay higher fees for this service.

So, what does personalisation actually look like? The study identifies the top three products of interest among retail investors. They are: direct indexing (investment indexes that are tailored to specific needs); impact funds (those that allow investors to pursue strategies designed to achieve specific real-world outcomes); and personalised research (customised for each investor).

When it comes to this last product, it’s worth noting that choosing advisors with shared values is also becoming more significant. Three-quarters of respondents to the survey said having an adviser that shares one’s values is at least somewhat important to them. Another way a personal connection with clients can be established is through a strong brand, and the proportion of retail investors favouring a brand they can trust over individuals they can count on continues to grow; it reached 55% in the 2022 survey, up from 51% in 2020 and 33% in 2016.

 

TRUST IN THE FUTURE

As the pressure on corporations to demonstrate their trustworthiness increases, investors will also look to financial services to bolster trust. Wealth managers that embrace ESG issues and preferences, enhanced technology tools, and personalisation, can demonstrate their value and build durable client relationships over market cycles.

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5 tips to ensure CSR efforts come across as genuine

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By Mick Clark, Managing Director, WePack Ltd

 

Corporate social responsibility – or CSR – is playing an increasingly pivotal role in the long-term success of modern-day companies.

The harsh reality is that only a paltry 46 percent of people trust the brands they buy from. And with more competition than ever in all walks of business, a positive brand reputation needs to be earned or customers will simply take their money elsewhere.

That’s why I share my insights on the importance of CSR in modern business and introduce an effective plan to avoid coming off as disingenuous to your employees and customer base.

The value of CSR

The needs of modern employees and consumers are changing. There is a higher emphasis placed on the ethics and morals of companies and their handling of hot button topics like the environment or social issues.

59 percent of UK workers believe their business should be investing in charitable initiatives. 67 percent of people aged 18-19 feel this way, showing a generational shift in favour of companies that support ethical, social, or environmental causes.

Mick Clark

At WePack, we recognise the importance of this and make sure to regularly donate to a variety of charities including RRT (Rapid Relief Team), and donated £6,000 to the charity’s social causes last year.

An example of good CSR can be found in search engine giant, Google. It has had notable success with its CSR initiatives. Its flagship CSR campaign, Google Green, is a companywide commitment to using clean sources of energy, cutting down on its use of fossil fuels and drastically increasing energy efficiency as a direct response to the climate crisis.

It has been so successful that its data centres now require 50 percent less power to run than the average data centre and it’s poured over $1 billion into jumpstarting renewable energy projects.

Customer attitudes are fundamentally changing, and people are far more concerned about the values that their money could be indirectly supporting. In fact, 71 percent of customers prefer buying from businesses that align directly with their values.

In the modern-day, demonstrating high levels of CSR boosts brand perception. Businesses that make it a priority are more attractive – from an investment standpoint – to both customers and potential stakeholders.

For example, more than a third of consumers are also willing to pay more for a product or service if the business prioritises sustainability specifically – so it pays to be responsible.

Businesses with purpose-driven and ethical goals and proven commitments to CSR help retain employees. Millennials will make up 75 percent of the workforce by 2025, and it’s that cohort that is increasingly demanding socially responsible employers.

Those that fail to meet the needs will ultimately see their customers take their purchasing power elsewhere.

Addressing the challenges

As obvious as it may sound for a business to take on as much CSR as possible, many organisations face limitations.

Pressure from investors can disrupt the growth of CSR initiatives. Sometimes, the direction that stakeholders want to take the company doesn’t fully align with plans to target social or environmental issues.

Companies face becoming fixated on linking profitability with CSR programmes. It can be tough to present a genuine CSR programme without it coming across as a marketing ploy – presenting an extra hurdle for businesses to overcome.

Despite the challenges businesses face that are out of their control, many firms unwittingly make their own mistakes that cost them dearly.

For example, businesses can struggle to bolster their CSR programmes if they don’t consult their customers and staff first. A simple survey helps companies decide what issues to put as a priority and target to satisfy their customer base and employees.

Any attempt to create an effective CSR programme needs top-down support. Many businesses wrongly treat CSR as a separate entity, rather than fostering a companywide culture. This can lead any attempt to push back on global issues to appear disingenuous to those looking in.

Shifting the CSR approach

Because of the global shift in public needs and opinions in recent years, businesses need to better demonstrate their efforts to avoid having their campaigns labelled as a box-ticking exercise.

It’s no secret that consumers are doing more research and are becoming more switched on to spotting lacklustre approaches to CSR. Also, everyone can have their say online – it’s much easier to get exposed if your CSR campaign is nothing but an empty publicity stunt.

For example, Volkswagen’s reputation was left in tatters after its ‘greenwashing’ scandal promoted a newer, cleaner diesel vehicle that wasn’t any better for the environment than previous models. The company took it further by fitting a device that helped it cheat emissions tests – resulting in a $125 million fine.

For this reason, CSR campaigns need tangible results to be credible and trustworthy.

Sharing top tips

When it comes to structuring a strong CSR campaign, it’s critical to demonstrate several things to prove your strategy is effective in helping the chosen cause.

Firstly, evidence the fact that your efforts are helping wider communities. Whether it’s through statistics or showing proof of investment in social causes, tangible evidence goes a long way when legitimising your CSR campaign.

Secondly, balance your rhetoric. Effective communications are vital to the success of a campaign. However, it can damage a company’s image when done poorly. Businesses should speak about their chosen issues in their dialogue rather than spending too much time talking about the solutions the company has implemented. This stops them from becoming too self-promotional or sounding braggy.

To further avoid this, make sure you can directly tie your CSR campaign to corporate values and beliefs. As well as helping to strengthen your comms, it will also guarantee that company values are more than just surface-level – helping to facilitate tangible, long-term change.

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