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With signs of a turnaround in the economy and the Sensex remaining above the 25,000-mark, high net worth individuals (HNIs) have started coming back to the stock markets. In order to tap the HNI client base, foreign lenders and wealth management players who primarily cater to this customer segment, have been stepping up their customer engagement programmes.
Prateek Pant, executive director (products & services) at RBS, agrees there is a renewed interest in equities by HNI clients and, as a result, certain marketing activities have increased. “We have a programme calendar that we run every year, but certain theme-based programmes have picked up with the change in the mood of economy,” he says.
Apart from increasing the number of offers, banks are also looking at rolling out differentiated offers to woo consumers.
Deutsche Bank, which has been running a similar special customer engagement programme, believes the response has been promising.
“The All Things Nice Wine Week (a special theme-based programme run by the bank) presented a unique platform to engage with our esteemed clients beyond the normal boutique of banking products and services. We received an excellent response from our clients and are looking to associate with this event in other cities as well,” said Japjit Singh Bedi, head (deposits and wealth management - private and business clients) at Deutsche Bank, India.
While banks continue to run their regular programmes according to the calendar, specific programmes aimed at tapping the HNI clientele have increased with the economy reviving, experts point out.
Banks refuse to reveal the return on investments from these programmes. They, however, hint that if things don’t go according to the desired plan, these programmes might be scrapped or even stopped mid-way.
Samir Bimal, managing director & CEO of BNP Paribas Wealth Management India, says these events are important as these help strengthen the relationship with the clients. Client relationship is extremely critical in wealth management services, where the ties run across generations.
“This is a long-term commitment and these engagements further cement the connect between the two. Our clients have access to, and can afford, most social and cultural forums. The idea is to curate events that are relevant, aligned with their interests and allow them to be part of an experience, which is otherwise not available.”
