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New Blood Entry — Coutts One

Award: Yellow Pencil

Coutts / 2019

The next generation of wealthy entrepreneurs may be hesitant about Coutts' traditional approach to banking. Its association with old money and a preference to a more hands-on approach at the cost of convenience may be a contributing factor to this. In order to engage with a younger audience, Coutts must enhance its digital platform to align it with technologies used daily by this new wave of wealth.

There also appears to be a trend in the wealth management sector in recent years towards the introduction of AI into services of private banks. These robo-advisors are beginning to replace traditional wealth management services. A solution to this problem should aim combat this trend. It should aim to champion the conversations between wealth managers and their clients by providing unfettered access to real insight from real professionals

Introducing Coutts One, a new facet of the Coutts banking app. An instant messenger based portal with a wealth manager hopes to appeal to a younger audience by placing wealth management into a familiar setting. It is a single, secure channel of communication between the client and their wealth manager where they can converse using voice or text.

What makes Coutts One unique, is the ability for users to take action on messages at their convenience. This could be actions such as reviewing and accepting investment plans or booking meetings (and even choosing lunch!). This streamlines wealth management processes, giving more control to the user and making the process more efficient.

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