Best for HNW in India 2021
IDFC First Bank
For many high net worth individuals, the idea of entrusting your fortune to a “young, small, upcoming” bank may scream risk. That is, unless you’re talking about the wealth management team at IDFC First Bank.
The nimbleness with which this neo-age bank with ambitions has leveraged technological innovation is coming in handy in uncertain markets. Especially as its clients do not need to visit a branch in person.
IDFC First, in other words, started the Covid-19 crisis in an enviable place. That enabled the team, under the leadership of Amit Kumar, head of retail liabilities and branch banking, to focus attention on growing client wealth instead of logistics or corporate infrastructure. Assets under management surged 114% in the last year. The private banking group’s book – or total relationship value – grew 123%.
Behind that performance is a one-stop solution for the full range of banking and financial services turbocharged by upgrading digital capabilities. IDFC First has automated and simplified most of the customer experience, right from account opening to loan applications and servicing needs.