Private banking data and analytics, Coutts
Who are they?
Coutts is a private bank and wealth management organisation which is owned by Royal Bank of Scotland. It has 28 offices in the UK. Eighteen months ago, it set up a team of analysts to transform the way decisions are made and to support its 1,600 employees with data.
What do they do?
Although two-thirds of the analytics team were hired from outside the business, close collaboration with stakeholders has seen significant engagement levels result. This included overcoming geographical barriers by using digital technology to connect distributed teams. Each member of the bank’s executive committee was given a direct line to the data science team in order to support them in their goals. By focusing on issues for the senior leadership, the data and analytics team was able to establish itself as a strategic partner. This included co-creating an advanced analytics-driven business plan and moving away from simple KPIs to embedding analytics strategically within product design and marketing. As part of meeting the demands of the ExCo, an in-house application was developed for advisers to use in client contact planning and for management information. New client insights were surfaced which led to a specific focus on improving client service and product design. Next best action has been introduced alongside prospecting. The team is now working towards skilling-up for the next phase of machine learning.
What did the judges say?
Getting the business to speak data and acknowledge the power of analytics is no easy task – Coutts has shown that by listening first, it is possible to win the right to then lead the conversation.
