PRIVATE BANKING & WEALTH MANAGEMENT: THE PRESENT INDIAN SITUATION

Besides, tier-II cities in India are becoming increasingly prosperous & the spirit of entrepreneurship in these cities is thriving

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Alok Saigal President & Head Nuvama Private

Alok Saigal, the President and Head of Nuvama Private, has been an integral part of the firm since 2014.

With his visionary leadership, Alok has played a pivotal role in the transformation and expansion of the wealth business. He has over two decades of experience across diverse segments of India's financial markets & a master's degree in economics from Delhi School of Economics. He has worked in critical and diverse roles across Nuvama, erstwhile Edelweiss Financial Services, Darashaw and HDFC Bank. In a recent interaction with Bimlesh Prasad (Correspondent, CEO Insights), Alok shares his views about the wealth management and India's private banking industry. Below are the excerpts from the exclusive interview.

How do you assess the journey of homegrown private sector banks in India till date?

If you go back a decade, the foreign banks were dominating the private banking industry globally and in India, while very few Indian players had forayed into the private banking space. However, in the last 10 years, we have witnessed a rapid shift in the demographics of the Indian Private banking landscape, where domestic private banks have managed to capture a large market share thanks to the full stack platform which there are able to offer to their customers. Today, the domestic private banks dominate the wealth management landscape thanks to a full stack tech driven platform coupled with their tailormade approach for meeting each clients’ diverse financial requirements.