Two of the UK's largest wealth managers have unveiled new technology that allows clients to speak face to face with their manager over smartphones.

Two of the UK's largest wealth managers – Barclays and Coutts – have unveiled new technology that allows clients to speak face-to-face with their manager over a smart phone, a move happening against a backdrop of technological change in the sector.

The "video call" can take place on smartphones, tablets or computers and means customers do not have to leave homes. It comes at a time when banking has increasingly become digitized, with many customers now using such channels for routine transactions. Both banks told WealthBriefing the video channels were not part of a cost-cutting exercise and that customers could still see their managers face-to-face in a branch office.

"It’s an extension of the current service and provides customer choice – for those who wish to bank outside of the usual opening hours," a spokesperson for Barclays said.

Coutts also reiterated this point.

"Coutts’ heritage is based on the depth of the relationships we have with our customers. Communication is key to this. In today’s world, it is crucial that we are available to our customers at a time of their choosing, and using the medium that is convenient for them. We recognise this and have sought to ensure that we have a range of options that customers can choose from. This includes telephony, face-to-face meetings and secure mail," a spokesperson said.

Video conferencing technology first became popular in the US at multinational corporations for meeting in the 1990's although Coutts and Barclays insisted that the technology on smartphones and tablets is a breakthrough for clients.

"This is a watershed moment for the way people do their banking in the UK – where we will finally be able to interact with customers completely on their terms, rather than ours," said Steven Cooper, chief executive of Personal Banking at Barclays. "While many of our customers are increasingly using digital channels to complete routine transactions, for the important moments, you just can’t beat face to face conversations, yet traditional branch opening hours don’t always give customers that choice."

And the video conferences also allow customers and wealth managers to interact, even if they are not based in the same country.

"The introduction of video conferencing from multi-locations is a first for UK Private banking. Coutts is committed to providing an exceptional experience to all of its customers and we are constantly looking at anything that can make it easier and safer to bank with us," said Joe Norburn, head of digital at Coutts.

Barclays says its service is available from 8 December for Premier customers, followed by a further roll out to mortgage, business and wealth customers from early 2015.

Coutts meanwhile says its pilot scheme will initially be launched with a small group of customers and their relationship advisors. If successful it will be rolled out to all 72,000 customers of Coutts in due course.