Interview of Richa Tripathi, Head - Wealth Management and Treasures, DBS Bank India.
What are the priorities for DBS Treasures in India for 2024?
On its trajectory to becoming the third largest economy in the world, India is undergoing a transformation in its wealth landscape, led by demographic shifts and leaps in the pace of digitalisation. To quote a 2023 Hurun report, two new Indian billionaires were added approximately every three weeks in the year 2022. With the numbers of millionaires, billionaires and mass affluent set to rise significantly by 2034, the demands from the wealth segment in India are fast evolving, prioritising trust, personalised service and convenience along with a burgeoning interest in new asset classes.
2024 marks the 30th year of DBS in India. Over three decades, we have built a rich understanding of the market, which we have used to develop our Treasures offering in the country by incorporating local customer insights. This has enabled us to continue delivering on our brand promise ‘Live more, Bank less’ reimagining the banking experience to seamlessly integrate it into the customer’s lifestyle. Having developed deep expertise in Asia’s wealth hubs, DBS is well positioned to bring all the benefits of this experience to India. The bank is deeply entrenched in Singapore and across the region and hence is able to offer significant value to its dispersed NRI customer base, a core focus area. As of 2024, DBS Bank India has more than 50,000 Treasures customers and we aim to double this customer base in the next three years, not only in key metros like Mumbai, Delhi, Chennai and Bangalore, but also in emerging centres like Surat, Coimbatore, Madurai, etc. We have been leveraging our strengths in digital innovation, designing a superior customer experience, combined with the advantages of a large network of 500+ branches, which allows us to address nearly three fourths of the Indian market. We see an unparalleled opportunity to grow our wealth client base in India, which will make DBS Treasures one of the foremost wealth offerings in the country in the next 5 years.
How are client expectations evolving?
Investors today have greater access to information than ever before but face an increasing paucity of time. Our customers want banking to be simple and invisible, so they can spend time on the people and things they care about. With the ubiquity of the smartphone, customers expectedly demand a more seamless experience, influenced by their interactions with social media and e-commerce apps. As they move up the wealth curve, their exposure to global offerings, asset classes and service standards leads to an evolution of their expectations and they are driven to explore more sophisticated products and build customised investment portfolios.
Another discernible shift over the past few years has been the financialisation of savings in India – a move from traditional physical assets to more sophisticated instruments and managed investments. Across the industry, wealth managers are expected to provide more specialised services that take into account the present individual and family requirements as well as long term growth aspirations, supported by understanding evolving lifestyles and everything that comes along with it, such as tax incentives, inheritance laws, philanthropy and servicing family offices.
What range of services do you offer, and how do you tailor these services to meet the diverse needs of your clients?
DBS’s aim has always been to simplify banking and remove constraints so that people can spend more time on what matters to them - family, passions, making a difference. The fact that we have adopted a ‘One Bank’ approach allows us to cater to both personal and corporate banking needs of the same client, providing a more integrated experience. Internally our institutional, private and retail banking teams work together to solve problems for clients and deliver value. Being an MNC bank in India, we are able to deliver global standards and integrate local nuances to provide a unique banking experience, incorporating offerings from our advanced wealth practice in other markets.
In the wealth management segment, because needs are so diverse, the offering needs to keep evolving along with a customer’s progression along the wealth ladder. At DBS, we are able to serve both mass affluent as well as private banking clients on the same platform, albeit under different coverage models, helping us achieve proficiency at scale and delivering a superior, consistent customer experience.
Even when it comes to emerging technology, DBS was one of the early banks to leverage data to support wealth management. Our relationship managers use nudges to provide high net worth clients with suggestions that suit their risk profile, allowing the latter to benefit from the combined use of data driven decisioning, technological efficiency and human discernment.
What is your USP? How would you describe the bank’s model in India and how do you differentiate DBS from other wealth management offerings in India?
DBS is a different kind of bank, demonstrated by its efforts to reimagine the wealth management space to deliver more robust client engagements that go beyond offline interactions. The DBS wealth continuum model is something that really sets us apart as we service the rapidly growing new wealth in India and Asia. This model addresses the needs of a broad spectrum of clients, from retail investors to ultra-high-net- worth individuals and family offices, providing a structured pathway for wealth management. The continuum model is three-pronged, catering to the below segments:
This tiered approach ensures that we support our clients’ wealth creation journey at every stage, democratising financial access, allowing more individuals to benefit from premium financial services as they climb the wealth ladder. In India, we are the only MNC bank with 500+ branches across 19 states, allowing us to combine pioneering digital initiatives with physical touchpoints so that customers get the full advantage of a holistic offering. Significantly, DBS is a full-service bank and being part of DBS Treasures means that clients get access to the full spectrum of wealth management and banking at one place, which is not always possible with other financial service providers.
Furthermore, our Singaporean heritage sets us apart in India. Singapore as a country has established a reputation as a secure, stable jurisdiction with high governance standards and pervasive digitalisation. As the largest bank in Singapore, DBS imbibes these qualities as well. Being awarded Asia’s Safest Bank for the past 15 years (2009-2023) by Global Finance is a testament to DBS’s financial soundness and resiliency, attributes that are favoured, particularly in times of economic and geopolitical volatility. DBS has also been named “Asia’s Best Bank for Wealth Management” by Euromoney in 2024 for the second year running underlining our private banking capabilities as we continue to play a central role in Asia’s wealth story.
Have there been any recent enhancements to the value proposition, initiatives, products and service offering?
At DBS, we know becoming a primary banking partner to high net worth clients is a privilege that has to be earned and we continue to look at new ways to enhance a product or introduce a new service that can take the toil out of banking procedures or that can exceed expectations and delight a customer. For India specifically, we look at different ways through which we can bring the full advantage of our Asian linkages to the customer through diversified strategies.
2023 saw the launch of our super- premium DBS Vantage Credit Card in India which focused on personalised experiences for high-net-worth customers. Unlike other credit cards, the DBS Vantage card can offer more premium global benefits such as a zero percent mark-up on spending in Singapore, exclusive discounts at select merchants in the country and international travel benefits. Similarly, the DBS Treasures Infinite Debit Card comes with unparalleled value for an international jetsetter and a zero mark up on all forex transactions across the world.
For our Indian clients who have children studying overseas, we have the DBS Study Abroad Total Assist program, which provides a one stop solution for both students and their parents. We looked at every part of the customer journey to see where we could help them optimise a student budget or reduce hassle with same day, zero fee remittances.
With the rise in travel and itinerant lifestyles, DBS Bank India has launched an international banking proposition where qualified India customers get access to our regional network for accelerated growth. The DBS International Wealth+ proposition ensures seamless banking across markets, allowing our Treasures customers to enjoy the same privileges globally that they enjoy in their home market. This includes access to all the facilities at any DBS Treasures Centre in Hong Kong, India, China, Taiwan, Indonesia and Singapore and priority queue at any DBS branch overseas.
Additionally, based on in-depth research, the DBS Treasures Private Client offering has been enhanced and tailored for precision wealth management to include access to white gloved experiences, curated memberships and top-tier events.
How does DBS go beyond advice to deepen relationships?
Given the complexity of managing wealth across countries and generations, affluent individuals and families seek more than just conventional investment guidance. They want trusted partners who can help them navigate their financial journey, grow their wealth, balance short terms needs with long term goals and even meet more evolved aspirations like leaving a meaningful legacy. DBS has prioritised its focus on the customer journey and has adopted a hyper-personalised method to cater to heightened client expectations. This involves truly empathising with each client’s unique story and embracing an experimental mindset towards using technology to service unmet needs. DBS relationship managers are equipped with the knowledge of various solutions as a distributor in India, and use an approach that extends beyond surface-level interactions, leveraging innovative digital tools and analytical models to anticipate clients’ preferences. DBS nuances this data-led approach with a more holistic understanding of the customer by leveraging tools such as client feedback, dipstick surveys, and in-depth interviews. This is all done within the PURE framework of the bank that governs responsible data usage, ensuring that it is Purposeful, Unsurprising, Respectful, and Explainable. In India, the bank also invests in market surveys, such as its seminal research study Women and Finance, launched in 2024, in partnership with CRISIL, to build a deeper understanding of market trends, consumer behaviours and emerging segments. This enables the bank to create personas and micro clusters, allowing for tailored services that are integrated into customer lifestyles and resonate with their financial aspirations. DBS Group has the capability to service both clients’ onshore and offshore banking needs, addressing the demand for global investment opportunities and strengthening client relationships.
At DBS, we believe that the success of our bank depends on how well we can leverage technology, assets, and people to create accessible solutions, enabling even new to wealth customers to benefit from the abundant opportunity for growth in India. Beyond responsible banking, DBS is committed to driving positive change through initiatives by the DBS Foundation, which has marked its 10th year of creating impact in 2024. The DBS Foundation has pledged up to SGD1 billion over the next decade to support vulnerable communities across key markets, including India - under its focus areas of Fostering Inclusion and Providing Daily Needs.
What are the new normal requirements for next-gen clients?
Next gen clients are defined by their lifestyles and preferences. Predominantly digital natives and being well -travelled, they are exposed to global standards and have a high degree of comfort with navigating their banking and wealth management online and on-the-go. This segment, which includes entrepreneurs and salaried professionals, is digitally served by DBS Bank India as there is minimal need for branch visits and it is supplemented by seamless tech support and online resolution of queries. DBS Bank India also has a substantial NRI customer base worldwide, which is managed by dedicated, experience NRI relationship managers (RMs). Some of the trends in the wider industry that can potentially characterise the new normal for future forward individuals:
In what ways has technology impacted your wealth management services, and how are you leveraging technology to enhance client experiences?
DBS is known as a digital pioneer, but it is important to note that whether a DBS customer opens a bank account via the digital channel or the branch, they can experience the full benefits of our phygital offering in India. Our digibank platform in India now services 53% of our total retail customers, with 85% of incremental individual savings accounts opened on the platform.
Across wealth segments, we try to personalise the customer’s experience to the highest extent possible and make it more responsive. To do this, we deploy a robust data system that analyses customers’ spending patterns, investment & deposit trends, and creates a persona of the customer to cater to them with our “next best nudge.” This approach informs customers about the product options best suited for them at the right point in time, based on their banking behaviour. Our Intelligent Banking feature generates alerts, analyses, and tailors prompts to a customer’s habits and goals, enabling them to enjoy a smarter relationship with their money. Since DBS introduced intelligent banking, we have seen more than 16 million insights generated annually and in fact the AI-powered insights feature has a 66% repeat usage rate, directly boosting customer engagement. Additionally, we also use technology to increase access and simplify tasks like in the case of the DBS Digital Portfolio (Digiportfolio), which allows customers to invest in a basket of mutual fund schemes backed by CRISIL research, which they can access through a simple three-click journey. All in all, around 6,000 customers have consistently grown their assets under management (AUM) with DBS over the last three years, which is a testament to their appreciation for the high-touch service model that includes both relationship managers and product specialists, supported by technology.
How are you looking at wealth management for senior citizens?
Senior citizens have unique banking requirements that demand a specialised approach to wealth management. With this in mind, DBS Bank India launched the Golden Circle initiative in 2024 with wealth management services thoughtfully curated for elderly customers, including those within the Treasures segment. This program is designed, not only to meet their financial needs, but has also integrated a range of dedicated services to enhance their overall quality of life and legacy planning. For high-net- worth senior citizens, DBS offers prioritised service at branches and the potential for higher returns on certain products. For example, senior citizens get an additional 50 basis points on term deposits, bolstered by options like Overdraft against Term Deposit and Deposit Loans at reduced interest rates, providing the flexibility of additional liquidity. DBS Golden Circle also provides comprehensive health and wellness services—ranging from discounts on medical expenses and free health consultations to wellness programs and access to an elder community platform. The intention with this proposition was to adopt a more holistic approach that included wealth preservation as well as to try and go beyond traditional banking and address the unmet health, emotional and personal needs for greater client engagement.
What are the trends and developments within private wealth management and how is DBS Bank India keeping up with the same?
According to a recent BCG report, in 2023 India produced approximately USD 590 billion in new financial wealth, which is the largest increase in its history. Over the last few years, the financial services industry has been experiencing a profound transformation due to a combination of factors reshaping the landscape - growing urbanisation, evolving regulatory frameworks and technological advancements revolutionising service delivery. The future of wealth management will likely be heavily influenced by emerging technology and increased digitalisation, enabling more personalised services for evolving client expectations. The focus will shift towards geographic diversification, holistic wealth solutions, real-time insights and enhanced transparency to meet the demands of tech-savvy clients who seek convenience, customisation, and trust in their financial advisors.
HNIs and their families in India are seeking expert wealth management to protect and grow their assets. One of our insights was that a digital only model is not preferred by this income bracket, and hence we developed a high-touch, online-plus-offline approach that is digital- first but not digital-only, leveraging advanced in-house data capabilities and decision making to provide customised solutions to high-net- worth (HNW) and ultra-high-net- worth (UHNW) clients to meet a range of objectives.
As wealth accumulates, effective estate planning has become essential for safeguarding and managing assets across generations. DBS Bank India offers solutions through competent partners with subject matter expertise, along with options like trusts, foundations, and strategic tax planning to ensure that assets are distributed according to the customers’ wishes. Our comprehensive estate planning services simplifies the process and arrangements by helping identify and catalogue assets, understanding liabilities, and creating a distribution plan that reduces the administrative burden on families. This offering has been especially appreciated by customers during challenging times.
Sustainability is a new and rapidly growing area of interest for wealth customers, who are increasingly seeking investments that align with their values. At DBS Bank, we are leading the way in sustainable wealth management by offering our affluent clientele a robust suite of investment opportunities that align financial growth with environmental and social responsibility. Recognising the importance of ESG (Environmental, Social, and Governance) principles, we have curated a selection of pre- selected CRISIL/ Morningstar rated mutual funds and opportunities in partnership with globally renowned fund managers. We empower our customers to support responsible objectives while aligning with their need for competitive returns, enabling them to utilise their wealth to serve a greater purpose beyond financial gains.
As featured in Hubbis
Asia’s Safest Bank, 2009 – 2023, Global Finance
Best Bank in the World 2022, Global Finance
World’s Best Bank 2021, Euromoney
India’s Best International Bank 2021, Asiamoney
World’s Best Banks - #1 in India 2021, Forbes
World’s Safest Commercial Bank 2021, Global Finance
