RBSI is now a fully-fledged independent bank, outside of the UK ring-fencing which followed the economic recession, although it is still connected to its UK parent through shareholding, and therefore benefits from major technological innovations. RBSI is the investor and employer brand, while retail customer activity is focused on NatWest and Coutts in the Channel Islands.
Dr McLaughlin came to RBSI Jersey four years ago and has looked outside of the Island for growth. ‘We have followed a number of other companies in trying to explore growth from outside of Jersey,’ he said. ‘Our London branch got fully up and running in 2018, so that’s been a big year-on-year contributor, and the same with our Luxembourg branch.’ £30 million of income also came in with the NatWest Trustee and Depositary Services business which became part of RBSI.
‘Jersey can only be strong if it has built strong connections with other economies. So that’s been the heart of our strategy and I’m pleased for colleagues that it’s being reflected in our results,’ added Dr McLaughlin.
Having completed the recent growth plan, the bank has now launched its next three-year strategy. ‘We’ve tried to focus on two important things. The first is that we aim to be a strong and reliable banking partner in each of our jurisdictions, that’s very important for our customers and for regulators; but also very important is being a much easier bank to deal with. We are investing a record amount in services and processes and that means bringing digital into the heart of our bank.’
Over the past two years the business has spent £8 million transforming its branches in Jersey, Guernsey, the Isle of Man and Gibraltar. The St Helier Library Place refurbishment saw a large digital element come into the branch, which Dr McLaughlin said some long-standing customers
initially found hard to adjust to, but they are now enjoying it. In particular, business customers are able to drop off cash and money without having to wait in a queue.
Dr McLaughlin said he would like to see Jersey become the first cashless society.
‘It’s vital that Jersey is a well-connected financial centre and that it’s a centre of choice for business. We want to play our part in bringing digital into the heart of the place.’
