Business Review Europe spoke to Jim Pittick, Senior Client Partner for Commercial Banking at Coutts about the products and services the bank can offer its commercial clients. While Coutts may not be the right option for every business, it can offer its small portfolio of clients’ tailor-made and personalised banking solutions. Pittick describes the service commercial banking clients can expect as “a private banking equivalent of a commercial banking service.”
Accessibility
Coutts has about 50 dedicated bank managers working on commercial profiles and each manager has anything between 20 and 200 clients on their books at any one time. As Pittick explains, “We offer a bespoke service, so we don't want our managers having too many clients.” And it is this which really sets Coutts aside from mainstream banking options.
As part of its bespoke service Coutts likes to ensure that each client remains with the same account manager throughout their time with the bank; that way they can build a strong working relationship with their clients and the manager understands the ethos and inner-workings of each company allowing them to provide more personalised advice. Often, at mainstream banks, clients’ bank managers change in accordance with how much money the company is turning over – at Coutts this does not happen. As Pittick explains, “I have worked in environments where people have had more than one account manager in a year, but here we do not have different teams for different turn-over bands – our managers tend to grow with their clients.”
Pittick was also keen to emphasize that Coutts Commercial Banking sector differs from other service providers on the market owing to the fact that each bank manager has a person assistant. That personal assistant deals with all of the managers clients and in the case of a manager being out of the office, any calls are directed to their personal assistant who will pass on the message immediately. Pittick cites the benefits of such a service, saying “If you want to get hold of me and I am not around, you will speak to my assistant or alternatively, another senior banker – you will not be redirected to a call centre.”
Every commercial client with Coutts will be able to arrange as many one-to-one meetings with their bank manager as they see fit. And furthermore, when clients visit a Coutts branch, they will be able to meet with up to three senior managers to discuss the options on the account. By throwing more ideas around the table clients receive the best possible advice from a number of experts, allowing them to make the best decision for their company. “When we have client meetings, that client will have three different members of Coutts bank present so they receive multi-layered advice. This gives them a lot of comfort,” says Pittick.
Coutts prides itself in offering exceptional customer service and this is something they have become renowned for in the private banking sector; clearly this level of service is transferred within its commercial sector. “Accessibility is not a problem,” states Pittick. “I always say to my clients: If you want to get hold of me, you can.”
Sector knowledge
As well as being extremely accessible, Coutts also offers its commercial clients sector knowledge and, most importantly, networking opportunities. As Pittick explains, “Our managers each focus on one sector – one niche – and that means that they know about the industry their clients are in. Some banks claim to have industry knowledge, which in actual fact translates to reading industry publications once a month, but for me, industry knowledge is about a lot more than that. Our managers have worked within and alongside their sectors for, on average, eight years. They add value to their clients; they know what the developments are within their sector; they know what the challenges are and subsequently they are well equipped to guide their clients through almost any scenario.”
On top of this, Coutts introduce their clients at networking events. “We do quite a lot of networking events within the commercial banking division where we introduce our clients to one another. At a number of events our clients have actually started doing business together. This, for me, has to be one of the best opportunities we offer our clients; that along with exemplary customer service and solid advice,” says Pittick.
Coutts commercial banking division looks at each company individually and provides extremely bespoke advice and services on a very personal, one-to-one level. “We don’t look to be the cheapest in the market place, but when people say to me, “Okay, what am I getting for my money?” I normally say to them; you get my telephone number.”
