“We then have to make sure that it’s simple enough to make sure people internally and externally can understand it. We can absolutely go faster and that’s what we’re trying to do. But not at any cost. The one thing we don’t want to compromise on is client service.”
A new generation of entrepreneurial clients
Over the past 10 years, Coutts has been investing “heavily” in technology, according to Kamal-Syed. He also said the bank has “a really diverse client book”.
This includes first generation entrepreneurs from new industries such as gaming, as well as more ‘typical’ professionals like lawyers, FTSE100 chief executives and those handed inherited wealth.
The Coutts team works across verticals, with employees split into segments such as media and entertainment, sports, and professionals.
Gaming, which falls under this media and entertainment area, is an emerging segment in the global economy which Coutts has been growing more quickly over the past three years.
“Gaming is an area which has really mushroomed as a segment,” said Kamal-Syed. “Companies like Sony are relying on young entrepreneurs to create the next generation of wealth.”
Last year, Sony struggled to keep up with the demand for its PS5 consoles due to demand. Five months after launch, Sony had sold 7.8mn PS5 consoles. “There’s still a backlog in getting them out now because of the sheer demand,” said Kamal-Syed.
Coutts now sponsors an annual gaming convention which, last year, was hosted in Los Angeles. “It’s quite a leveller, you have people from all backgrounds. I was blown away by the quantum of money thrown at it,” said Kamal-Syed.
“Why wouldn’t we be part of this ecosystem? We use technology as an enabler for our business, which is really quite different to what people perceive it to be.”
Coutts, which has a history dating back to 1692, became part of Natwest in 1990 through a merger. The private bank forms a large part of Natwest’s wealth management arm serving high-net-worth individuals, while Natwest Premier Banking serves affluent retail clients.
ruby.hinchliffe@ft.com
