Public sector banks are increasingly focusing on developing their wealth management services as a strategic move to improve customer engagement. This initiative comes at a time when household savings are showing a notable shift away from traditional bank deposits towards market-linked instruments and other riskier products.
In line with this trend, Indian Bank is establishing a dedicated wealth management vertical. This new division will specifically target high-net-worth individuals, aiming to capture a growing segment of the market.
Meanwhile, State Bank of India, a leader in the sector, has set an ambitious goal to significantly expand its wealth assets under management. The bank aims to grow these assets fivefold, reaching Rs 15 lakh crore by the year 2030, underscoring the perceived potential and importance of wealth management services.
About the Author
