Standard Chartered Bank Launches Priority Banking Suite in Mumbai
Standard Chartered Bank is intensifying its focus on affluent customers with the introduction of a new priority banking suite in Mumbai. This strategic move marks a significant shift from the bank's previous approach of serving all customer segments uniformly.
A Refined Strategy for High-Net-Worth Individuals
Aditya Mandloi, head of wealth and retail banking for India and South Asia, explained the bank's refreshed strategy. "We moved away from trying to be everything to everyone," he said. "Now we concentrate specifically on affluent and SME segments, enhanced with wealth solutions." The bank first announced this affluent market strategy in October 2024.
The priority banking suite offers a comprehensive range of services. These include wealth expertise, international banking capabilities, specialized sales and service support, and exclusive lifestyle benefits.
Exclusive 'Beyond' Metal Credit Card Debuts
On Tuesday, Standard Chartered launched an invite-only metal credit card named 'Beyond'. This card resulted from direct feedback from the bank's clientele. Mandloi emphasized the card's exclusivity. "We designed the Beyond card as bespoke and invitation-only," he stated. "It's not about chasing numbers. We created it as an experiential platform for our privileged customers to access lifestyle benefits."
The bank remains open to co-branded opportunities for future card launches. Currently, Standard Chartered serves approximately 700,000 credit card users across India.
Investing in the Five P's Framework
Mandloi detailed the bank's investments over the past twelve months. "We focused on upgrading the five P's: people, platforms, products, premises, and proposition," he told Mint during the priority banking vertical launch.
These investments cover several key areas:
- Skilling, training, and hiring employees with appropriate expertise
- Upgrading relationship managers to serve affluent clients better
- Transforming select branches into dedicated affluent centers
Expanding the Network of Affluent Banking Centers
Standard Chartered currently operates 98 branches across 41 Indian cities. Among these, 20 locations function as large format or affluent banking centers. The bank plans to upgrade or relocate another 15 branches this year, compared to 11 last year.
Recent upgrades include branches in major cities:
- Mumbai
- Delhi
- Kolkata
- Chennai
- Bhubaneswar
- Dehradun
Mandloi highlighted the importance of relationship manager quality. "The real differentiator lies in the skill level of our relationship managers and the seamless service we provide across all formats," he noted.
Customer Segmentation and Service Enhancements
Standard Chartered categorizes its customers into four broad groups: personal or individuals, emerging affluent, priority, and private. Each category receives specific benefits and privileges based on their classification.
The bank serves 1.7 million customers overall. This includes 500,000 standalone customers with single products and approximately 38,000 small and medium enterprises. These SMEs report annual turnovers ranging from $1 million to $100 million.
Currently, about 125,000 customers qualify for priority banking services. To serve them effectively, Standard Chartered plans to deploy 380-400 affluent relationship managers for priority and private segments. An additional 250-270 relationship managers will cater to SME clients.
The bank is also investing in specialist roles:
- 60 wealth advisory or investment specialists
- Bancassurance specialists
"Altogether, we will have 750-800 highly trained specialists addressing customer needs," Mandloi concluded. This specialized workforce aims to deliver superior service to Standard Chartered's growing affluent client base in India.
