In this episode of the Financial Marketing Insights podcast, we spoke with Noreen Biddle Shah, Chief Marketing and Communications Officer at Carne Group, about how marketing can drive real change when it champions the issues customers care about most. From campaigns that cut through the noise to her passion project Reboot, Noreen’s career shows how action and impact go hand in hand.

A Career Forged in Crisis

Noreen’s entry into financial services came at the height of the 2008 global financial crisis. Joining the Investment Association, she was immediately immersed in complex debates about custody, depositories, and counterparty risk.

“It was a baptism of fire. Suddenly all eyes were on the industry, and people were asking: what is the asset management industry’s role in this crisis? I didn’t know much at the time, but the IA invested in me with training and qualifications. That foundation has been invaluable ever since.”

Campaigns That Champion Customer Issues

At Numis (now Deutsche Numis), Noreen built the marketing and communications function from scratch, embedding brand and thought leadership into the firm’s strategy. One standout was the Raised in London campaign, which explored the challenges facing UK capital markets.

“We spoke to 100 C suite leaders in the FTSE 250 to understand their views on capital markets and policy. But we didn’t stop there - we used the research to make recommendations, engage MPs and regulators, and secure coverage in the Times and Financial Times. For me, that’s what marketing should be: not just a report, but a tool to do something meaningful and build trust.”

At Carne, she has continued this approach with the Supermodel campaign - a play on the operating model that reframed industry transformation in fund management.

“Our CEO described a ‘silent Super revolution’ where operations weren’t keeping pace with ambitions. That became the story. Supermodel explained the industry’s pain points and opportunities, generated 2,000 leads, and secured tier one media coverage. Suddenly we were being invited to speak at EY, PwC, and other forums. That’s the power of marketing when it’s embedded in strategy.”

Technology, AI, and the Human Connection

Noreen is ambitious about technology, but clear about its limits.

“We’re spoiled for choice with tools - CRM, HubSpot, AI, co pilot. They help us create efficiencies and insights, but nothing replaces sitting down with an expert and finding that secret source. You still need someone behind the AI, asking the right questions.”

Her recent expansion into client experience reinforced this point:

“Our strongest assets are our people. Clients want someone who will walk through walls for them. You can have the best AI, but they want a human being who cares. That’s why trust is built by humans, not just technology.”

Reboot: Championing Diversity

Beyond her corporate role, Noreen is passionate about diversity and inclusion. She founded Reboot, a not for profit initiative that brings together senior leaders across financial services to share personal stories of race, identity, and belonging. Reboot publishes research, produces campaigns, and creates platforms for under represented voices - challenging the industry to move beyond statements into measurable change.

“I’m not a huge fan of the word ‘diversity’ because it sometimes gets a bad rep, but I love what marketing and communications can do to drive that story around purpose. At State Street, I saw the Fearless Girl campaign - that young girl facing the bull outside the New York Stock Exchange. It inspired millions. With Reboot, we’re trying to do the same: to show that representation matters, that stories matter, and that change is possible when you champion it.”

Action and Impact

For Noreen, marketing is not about activity, but about action that creates impact.

“Don’t just say it - show it. Embed your business strategy into your brand and thought leadership. Make it matter. That’s how you build trust, that’s how you differentiate, and that’s how you make marketing a driver of real change.”