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  • Bharat Parashar

Searching for insights

The first step in my research was to know more about Coutts and its customers. As I had never heard of Coutts, I started researching about them using their website. There I found out what the company is about and what are its functions. But the website had little information to it. Still, I was confused about how private banking and wealth management really works. I saw many youtube videos for it and also read many articles. After that, I searched for news and some articles about Coutts. I also read an interview with their new CEO. After all this, I found out a recent problem they are going through.

New competition has emerged in the market from various other banks like Santander Private, UBS Wealth Management and HSBC private bank. They are taking new wealthy Britons away from Coutts. The image of ‘Queen’s banker’ is making them less approachable to newer clients. Startup entrepreneurs, Tech entrepreneurs, Vloggers, gamers, etc. these are the people that Coutts wants to focus on they are only dealing in traditional clients right now. 

Now comes the difficult part. Researching about the ideal clients. Although to help with the challenge, Coutts had provided with some personas of their clients. But to know how do they think, where do they spend most of their time and what matters to them in terms of banking was a difficult task. The people I am talking about are not easy to find for an interview or chat. So the majority of research I did was secondary research. The only form of primary research was my chat to Credit Risk Manager at Royal Bank of Scotland. This was arranged by my friend Kaja as she knew her. This chat gave me a great insight.

High Net worth Individuals check their accounts very often. They want to check whenever they have time. They also need to contact their private wealth banker many times. For every little question or advice financially, they contact them.

The rest of the research I did was by watching documentaries like ‘The Fyre Festival’ and articles and news about upcoming technologies where I found my second important insight.


HNWI need a social lifestyle which is not common. They need everything tailor-made and extraordinary. They need instagrammable experiences and exclusive entries to top of the line events. This research took me to Velocity Black. It is one of the best tech start-ups of 2018. It is a digital concierge service that focuses on tailor-made experiences.

Now is the time that I need to put both of these insights together and create a solution that solves the brief.