Company: Coutts, London, United Kingdom
Company Description: Coutts & Co. is a British private bank and wealth manager headquartered in London. Founded in 1692, it is the eighth oldest bank in the world. Today, Coutts forms part of NatWest Group's wealth management division.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Banking - Large
 Nomination Title: Coutts: Transforming Digital Banking
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2021, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 197 words used.
Since 1692, Coutts has been the private bank of choice for the trailblazers, pioneers and disrupters who shape the fabric of UK society (Appendix-1). We were the first British bank to use computerised accounts over 50 years ago, and the first private bank to launch an app over a decade ago. But we’re acutely aware the next generation of Coutts clientele – namely Gen-Z and Millennials – have increasingly high expectations of their bank’s digital capabilities.
Historic challenges include:
- When our face-to-face, London-centric service was hindered by the pandemic, our existing digital assets weren’t equipped to replace the unique Coutts client experience in a remote world.
- As a private bank, clients expect a lot from us, and we need to design digital journeys for their unique, complex needs. For example, high-net-worth clients need world-class cybersecurity to protect their wealth.
- Some customers prefer digital, but many still desire a personal touch. Thus, we need to facilitate omnichannel solutions that complement rather than replace face-to-face/telephone service.
- Outdated infrastructure and project management techniques historically hindered the pace of change.
Thus, we’ve been on a two-year journey, completely transforming our digital approach. Our key strategy and objectives are outlined in Appendix-2.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 250 words used.
HOW HAVE WE TRANSFORMED?
- Underpinning this project is customer-focused research from our unique Client Council. The Council ([REDACTED FOR PUBLICATION] highly engaged Coutts clients) was invited to provide feedback on new products and services.
- We evolved our ways of working, moving to an agile test-and-learn approach, making it easier to trial and launch essential new features, quickly.
- We completely modernised our digital stack, bringing our entire technology platform onto newer architecture using a suite of APIs.
(Appendix-3)
We were then ready to transform Coutts’ digital experience, going beyond traditional transactional online banking.
440
We launched ‘440’ – the first app of its kind in UK banking. Accessible via phone, tablet and desktop, it’s essentially a ‘community app’, allowing clients to engage with our teams, leaders and other clients. This enables them to make meaningful professional and personal connections in a secure, completely digital environment. Highlights this past year have included:
- Our brand-new Art Club, launched within 440 to a group of clients in October-2022.
- [REDACTED FOR PUBLICATION]
(Appendix-4)
BANK-IN-THE-APP
We also launched a brand-new banking app, built on our modernised technology stack, allowing us to be adaptable and future-ready. Coutts customers told us they needed something intuitive, simple, and perhaps most importantly secure, especially when dealing with high-net-worth wealth.
Last year, we migrated 40,000 Coutts Private clients from the old digital banking stack to the new front end, enabling us to bring enhanced features to life. (Appendix-5)
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 251 words used.
Our ambition is to deliver the UK’s BEST digital solutions. So users need to be engaged and satisfied, which will in turn support longer-term growth.
440 – a sector first – has now been activated/adopted by 71% of invited clients
- [REDACTED FOR PUBLICATION]
Adoption of Bank-in-the-App has also been high, with 80% of clients activated. Within just seven weeks of launch, we saw:
- [REDACTED FOR PUBLICATION]
(See Appendix-6 for feedback)
We also introduced more self-service functionality via our Investment Platform for the whole NatWest Group, which continues to net new money across NatWest, RBS and Coutts. Half-yearly performance shows:
- £262million net new Assets Under Management (AUM).
- 9,000 new clients.
Strong engagement also helps drive business growth. In 2022:
- Customer deposits increased c.5% (£41.2bn vs 39.3bn 2021).
- Operating profit increased c.18% (£436m vs £350m 2021).
LOOKING AHEAD
Digital transformation at Coutts will be an ongoing journey, now our agile way of working enables continuous evolution. Below are some improvements due over the next 12-18 months:
- A personalised homepage with direct calls-to-action.
- Facilities enabling clients to opt in/out of marketing digitally.
- Additional self-service, e.g., amending personal details in-app, account switching etc.
- Search improvements.
Whatever the age or background of future clientele, we’re determined to deliver an exceptional service – however they interact with us.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 69 words used.
Appendix-1: More about Coutts.
Appendix-2: Our digital strategy and goals for 2021-2023.
Appendix-3: More about how ways of working at Coutts have been improved, plus a timeline of key architecture simplification milestones.
Appendix-4: 440 overview, including a spotlight on the new Art Club, and overview of the benefits of the Investment Club migration.
Appendix-5: Bank-in-the-App updated features, and links to more information.
Appendix-6: Client feedback for 440 and Bank-in-the-App.
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