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Non-resident Indians are a lucrative customer segment, but private banks looking to attract and retain these individuals face a number of distinct challenges. To succeed in this market, banks need to understand the changing nature of these customers and the shifting competitive landscape, and have well-developed strategic plans.
Scope
- Interviews were conducted with bankers and managers servicing the NRI segment in Europe, Asia Pacific and the Middle East in June and July 2010.
- Most of these bankers worked for international private banks, although Datamonitor also spoke to one India-based bank targeting this segment.
Because of their backgrounds, NRIs are well disposed towards investing in India and notably price sensitive, control hungry and return orientated. The crisis hasn’t materially altered the character of NRIs; it has, however, made them a little more risk averse and even more interested in investing in India.
There is intense competition among private banks for NRIs’ custom, both from international banks and increasingly from domestic banks in the Middle East and India. The Indian banks are doing particularly well in penetrating this segment and could materially alter the competitive landscape in future.
To successfully target this segment, international banks with a presence in India need to develop or source unique India-specific investment opportunities. Country-specific banks outside of India should look to use their extensive physical presence and local investment expertise to develop a USP.
Reasons to Purchase
- Understand the changing nature of affluent and HNW NRI customers around the world
- Find out how the competitive landscape is changing, with the rise of India-based banks
- Access Datamonitor's best ideas on how to succeed within this customer segment
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Original Source: Wealth Management for Non-Resident Indians 2010
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