One of the world's oldest banks is harnessing online tech to boost the value of its client network.

It is sometimes said that a private bank’s most valuable is its clients – and getting customers to interact with one another can take their value up another level. 

Coutts, the UK private bank, has sought to tap the value of its client base by building a platform, dubbed Coutts Connect, that puts its customers in touch with one another in an online environment. Users must already be Coutts clients.

The rollout of Coutts Connect follows a pilot project to test the idea, the bank said in a statement yesterday. 

Once membership is approved, users can contact each other, seek advice, ask questions, advertise for Non-Executive Directors, or seek contacts to work with on new business opportunities. The platform is particularly aimed at entrepreneurs and angel investors looking to forge contacts; other business segment users, such as City professionals, sports stars, landowners and entertainment industry figures are also in the frame.

The platform, uses matching algorithms to link users together with others who share their interests or could meet their needs. Users can pose questions in a group chat, such as asking advice on exiting a business, sharing experiences and ideas. Subscribers can also advertise positions, business opportunities and collaborations, or they can also browse other members’ profiles and invite relevant people to respond. Posts can be public, private or restricted to a specific audience, the bank said.

“Being a part of this ‘Coutts Community’ is what draws many new clients to bank with us and we believe that we have a client base that is the envy of the world. Traditionally, this has been done through networking events and face-to-face meetings, but to meet the demands of an increasingly fast-paced and technology-driven world we have now launched our own networking site,” Stuart Newey, head of banking at Coutts, said.