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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. The latest addition? WhatsApp banking.
Yet the real energy seems to emanate from IDFC First’s Hyper-Personalization Engine, or HPE platform. This powerful stateof-the-art technology allows for a unique and personalized banking experience for each client.
The tool accounts for several inputs: individual risk profile; spending and investment history; income group dynamics; and other characteristics unique to each user. This provides IDFC First with an edge in recalibrating portfolios in real time to maximize risk and performance, with optimal debt-equity ratios, cash flow analysis and producing timely consolidated investment dashboards.
IDFC First gets our nod in the high net worth space, not just for its tech savvy but also its range. Clients can avail of a diverse array of offshore investing options, including some through third-party tie-ups, on top of highly competitive estate planning offerings and myriad lending solutions.
The firm’s research team has also helped clients to navigate unprecedented global market turmoil. Among the calls clients were glad they heeded: diversify into a mix of gold funds that offered hefty returns and liquidity when it mattered most.