Innovation | 30 May 2022

How our digital banking ensures clients can benefit from Jersey's unique fintech offering

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"The easiest international finance centre to do business with remotely in a digital world," reads the mission statement from interest group Jersey Finance. Though so many stated aims often come with a pinch of salt, the circumstances of the Crown Dependencies and their financial services show this goal to be much more than wishful thinking.

The UK’s fintech ‘revolution’ has created a leading market for competitive services domestically and internationally. As a part of that digital development, the Crown Dependencies now represent a mature and integrated services hub that not only complements the UK’s, but which can provide a home for HNWs, businesses and business owners in its own right.

As a business locale, the financial services infrastructure of Jersey enables numerous country specific advantages. The island has the strength of local intermediary networks which are globally connected. This is best seen in the trust firms, corporate services and legal entities that have based themselves here and which, through their digital focus, have been able to provide clients with a global engagement.

Equally important has been the development of a critical mass of expertise within the Crown Dependencies. This not only supports established businesses looking to access the substantial client markets Jersey has access to, but also supports entrepreneurial ventures, particularly in the fintech space.

As well as policy supported infrastructure (Jersey Finance asserts the island has the world’s fastest broadband), Jersey can also claim that £1 in every £20 invested by foreign individuals and companies in assets located in Britain reaches the UK via Jersey. In addition to this, each year the island’s banks send around £120 billion of their deposits to parent operations in the UK, representing 1.5% of the funding of the whole UK banking system.

Tellingly, following the finalisation of Brexit, Jersey has now become an essential international bridge, with two-fifths of all assets administered or managed across Jersey's financial and wealth management sectors coming from markets outside the UK and EU.

coutts crown dependencies at the centre

Coutts Crown Dependencies is well placed to further enhance the client experience digitally. As a local bank with international access and an established UK parent, our products reflect the unique position of clients based in these jurisdictions. These include: 

  • a market leading, innovative, multi-currency current account and debit card offerings
  • a range of multi-currency savings and notice accounts which are all accessible via online and mobile digital channels
  • a card service that silos clients’ monies for spending in specific territories – providing unique cards for expenditure of capital or income, depending on whether they’re used in the UK or internationally.

We know that easy to use, digitally accessible products are only part of the flexible banking service our clients expect. We have also spent time building a robust and evolving network of private client service experts within Jersey, including strong relationships with intermediary services such as law, trust, accountancy and corporate services; with referrals being a key source of new business. These connections are designed to help individuals and companies flourish, at any stage of their development, by making the most of the unique financial position of Jersey.

Coutts Crown Dependencies also has the benefit of being able to leverage 330 years’ worth of investment experience thanks to our partnership with Coutts & Co in London. This allows clients to take advantage of efficient scalability, with access to global investment funds and appropriate management of their UK and international interests.

Finally, and perhaps most importantly, we have designed our digital services to enhance, not replace, our core tenet of individual banking. Clients will always have direct access to their private banker but also hands on access to discuss, direct and plan their wealth, for their business or themselves and their family. It is our personal service, complemented by our digital products, which we believe will give clients the best way to take advantage of Jersey’s unique, world leading financial position.