The UK's Oldest bank launches a mobile app

C. Hoare & Co., is set to launch a mobile app in the first quarter of 2016.

C. Hoare & Co., is set to launch a mobile app in the first quarter of 2016.

The private bank, launched in 1672, is the oldest bank in the UK. The news comes as clients continue to have expectations of comprehensive digital channels from their banks.

Alexander Hoare, partner at C. Hoare & Co., tells PBI that the app will enable clients to “check their balances and perform transfers between accounts and to registered beneficiaries”. Hoare adds that there will be functionality for clients to access portfolio information in the future, however this feature will not be available at launch.

The app will be available across both Android and iOS operating systems.

Hoare says that although the bank’s primary proposition is to foster close relationships with its clients by being a small bank with a small client base, it still wants to “remain current” in terms of digital channels.

“We’ve been in this business for over 340 years. Technology does move on and you have to keep current, but the needs of customers and the bank don’t change very much.”

Although the bank is focused on a personal approach, Hoare says that over 80% of transactions go through the private bank’s online channel, and that the mobile app could be a significant feature in the future.

Hoare adds that he hopes the app will improve relationships between clients and bankers by “taking some of the noise and trivia out of the system”, allowing clients to come into meetings with a greater amount of information, and to have better conversations with their relationship managers.