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00:00:01
>> Nestled above the hustle and bustle of central London, one of the world's oldest banks houses a sky garden that's home to more than 15,000 plants and is producing its own honey from resident bees. 325 years old, Coutts Bank has decided it's time to get hip. For centuries it's held accounts for some of Britain's most prominent figures, including the queen and allegedly even her Corgis.
00:00:26
Now Chief executive Peter Flavel says the ancient lender has decided to move with the times.>> It's also gamers and bloggers and young people coming through who are making quite a lot of money out of these new technologies. And that's exciting and a bit of a challenge for us at the same time.
00:00:43
And so what that means if I think about where we driving Coutts is we need to maintain that history and we need to be modern and contemporary. And we need to be more than simply a bank.>> Coutts is spending 20 million pounds a year on digital and technological initiatives.
00:01:00
With increased regulation and competitive squeeze behind the efforts to modernize. Reuters' Emma Rumney says in some ways the bank's rich history and prestige aren't always an asset.>> Some analysts say that that image doesn't always rub so well, especially with the up and coming wealth that Coutts is trying to attract now.
00:01:18
So it does, it needs to change. It has a bit of challenge in terms of attracting those customers. At the same time, competition in the UK domestic wealth management market is really heating up.>> Coutts also trying to shake off any suggestion it's stiff or out of touch with the help of 10% time.
00:01:32
>> And that's the time that we said to our advisors during the week they should spend 10% of their time not doing the things that they would normally do in terms of banking. But just making contact with clients and asking them how things are going and how they can help.
00:01:46
>> Nowadays, it's not just monarchs who expect the royal treatment.