Weatherbys Private Bank case study

KorePRM enables you to grow your knowledge of your products, providing the insights needed to make changes that benefit clients and drive growth.”

Keith Foster, Senior ManagerProducts and Services, Weatherbys Private Bank

With KorePRM, Weatherbys Private Bank benefited from:

Actionable product insights that drive customer satisfaction and growth

User-friendly platform allows customisation without coding experience

Regulatory compliance made easy through robust digitised documentation processes

KorePRM^® helps Weatherbys Private Bank forge ahead with product management and governance innovation

An award-winning financial institution, Weatherbys Private Bank grew out of British horse racing traditions dating back more than 250 years.And while the business only gained its banking licence in 1994, it has become a champion at meeting the money management needs of high-net-worth individuals.The company, which fosters accessible and responsive one-to-one relationships with clients, offers current accounts, deposit accounts, investment/wealth advice, lending and foreign exchange.It is also an innovation leader. In recent years, Weatherbys Private Bank has demonstrated a strong commitment to using digital tools to enhance operational efficiencies and optimise customer outcomes.Which is why the business chose KorePRM to transform its approach to product management and governance, addressing:

• Time-consuming paper-based product reviews holding back growth
• The need for a tech partner to support the bank’s digital innovation plans for the next five to 15 years

• An ambition to embed compliance with Consumer Duty into product management processes

KorePRM^® – a sound investment for a discerning financial institution

Previously, Weatherbys Private Bank relied on a manual text file-based process for reviewing its financial products.But as the company grew, it became clear that it was time to build a more modern and efficient system. A system that would support plans to scale beyond the current deposit book, which is worth more than £1 billion.Another factor reinforcing the business case for a modern approach was the deployment of senior staff involved with product development and management across its four offices. Colleagues in different locations needed to be able to collaborate on projects in real time - something which is nigh on impossible with paper files.But for Weatherbys Private Bank, it was essential that any product management and governance supplier shared its commitment to personalised service and responsiveness to client needs.With such a strong alignment on values, it was no surprise then that Kore Labs turned out to be the right fit.

At Weatherbys Private Bank, we’ve appreciated Kore Labs’ flexibility and responsiveness. There’s always someone there if you need them. We’re also impressed by their commitment to innovation and continual improvement. If you have an idea for an iteration or feature, they’ll look at implementing in a way that benefits all their clients.”

Keith Foster, Senior ManagerProducts and Services, Weatherbys Private Bank

Three ways KorePRM^® supports Weatherbys Private Bank

Since adopting KorePRM, Weatherbys Private Bank has transformed its approach to product management and governance in three key areas:

Out with the old – digitalisation of key processes, collaboration and insight

KorePRM, Kore Labs’ flagship product management platform with embedded governance, has enabled Weatherbys Private Bank to digitalise its product review processes, replacing in its entirety an outdated text file system. With KorePRM’s digital dashboard, colleagues can collaborate in real time, safe in the knowledge that everyone is working on the right version. And this matters to Weatherbys Private Bank, because it enables the business to focus on growing its presence as a significant player in the UK bespoke banking market.

Staying ahead of the competition – monitoring product suitability

Due to the simplicity of Weatherbys Private Bank’s offering, it must stay laser focused on ensuring products are serviceable and relevant to its high-net-worth clients. KorePRM meets this need by enabling the team to keep products under regular review - and share only the most up-to-date information during one-to-one customer outreach.

Stickler for the rules – meeting Consumer Duty obligations

Consumer Duty is driving significant change in all areas of the financial services industry. Gone are the days when banks could rely on anecdotes to evidence customer satisfaction with products. In this new era, financial institutions need to produce credible documentation of the impact of their products on end users. KorePRM has given Weatherbys Private Bank the ability to do exactly that, helping the business to confirm that its customer-centric approach is not only compliant with the new rules but is also delivering good outcomes.

Where next for Weatherbys Private Bank and Kore Labs?

Weatherbys Private Bank plans to maximise KorePRM's potential by connecting the platform to its client management systems. This will empower advisors to provide customers with the latest, accurate data and insights on product specifications, interest rates, terms and conditions and more.For example, when a client deposits a large amount of money with the bank, colleagues can tap into a wealth of information hosted in KorePRM to deliver expert advice and guidance that considers all options and outcomes.By taking a data-powered approach to client servicing, Weatherbys Private Bank will optimise outcomes and strengthen risk management. KorePRM will become the business' one-stop shop for customer service excellence.This is why Kore Labs developed KorePRM - to give financial institutions like Weatherbys Private Bank rich, real-time insights on products and services which, in turn, enable businesses to deliver on the promise to clients.Want to learn how the platform could support your financial product innovation goals?Contact us

About Kore Labs

Kore Labs is at the forefront of global innovation in financial product intelligence. Our cloud-based technologies - KorePRM^® and WikiKore^® - are enabling better outcomes for customers and professionals alike. Since launching in 2019, we have developed the tools to unlock hidden data and insights on financial products. Major financial services companies are using this information to turbocharge operational processes, provide more relevant products to their customers and take control of governance and regulatory compliance.KorePRM was the launchpad for this journey in financial product intelligence innovation – a journey that is creating exciting business opportunities for banks, wealth managers, insurers and others. As our platform adds new capabilities, we will further empower members of the financial services industry to digitise, orchestrate and analyse their offerings. The result will be an optimised financial services industry where best practice is the norm, and consumer trust reaches an all-time high.ENDS