MC EXCLUSIVE DBS enhancing products for affluent segment, investing in tech and people: DBS India CEO Rajat Verma

Rajat Verma, MD CEO, DBS Bank India

It has been almost nine months in office for DBS India managing director and chief executive officer Rajat Verma and a segment that is seeing renewed focus is the wealth business.

Globally, DBS ranks high in wealth management business and Verma wants India among the top markets in this space. The rise of entrepreneurship and an intergenerational wealth transfer alongside a buoyant capital markets have transformed the profile of an affluent customer, he tells Moneycontrol in an interview. Leveraging DBS Treasures, Verma is Confident of doubling the wealth assets in the coming years. Edited excerpts of the interview:

India presents a compelling growth opportunity in the wealth management segment, which is projected to grow in double-digits over the next five years. Alongside this, the trend of internationalisation has intensified as more affluent Indians study, work and travel abroad, underlining the need for a trusted partner that can cater to their wealth needs in a way that suits their multi-location lifestyles.

This dovetails well with DBS Bank’s inherent strengths, such as the way we leverage our Asian connectivity to capture the financial flows created by the increasing globalisation of Indian families. For example, through the DBS Treasures International program, certain tiers of high-net-worth clients are provided recognition and premium banking services across all six core DBS markets: Singapore, India, China, Hong Kong, Taiwan, and Indonesia.

Our wealth business is a critical pillar of our retail offering in India, and we are committed to it. The expansion of the wealth vertical will be accretive to our franchise goals and for our growth in India.

As the largest bank in Southeast Asia, and one that has been recognised as the Safest Bank in Asia for 17 consecutive years by Global Finance, DBS is a well-known and trusted brand across the region.

DBS is also a leading bank for wealth management in Asia. In India, we believe that we can leverage these strengths to service the burgeoning demand for wealth management in the country. We are enhancing our suite of products for the affluent segment and investing in technology and human capital.

The need for professional wealth services is expanding, and the wealth management market is expected to grow at 15-17% CAGR over the next five years. As affluent Indians become more aspirational, both in their personal investment outlook as well as in their business ambitions, they expect more from a wealth manager, so personalised service for an HNI is paramount. In India's competitive wealth landscape, there is no ‘one-size-fits-all’ approach, hence our philosophy centres on deepning customer insights and meticulous profiling.

A key differentiator for DBS Treasures is how we combine our relationship managers' expertise with hyper-personalised insights. Our RMs can then have deeper engagements and build long-term relationships with our wealth clients, based on a nuanced understanding of the clients’ financial needs.

Given the growth in the Indian wealth management space and our own commitment, we believe that there is headroom to double our assets under management (AUM) in the next few years.

India is the third-largest startup ecosystem in the world with over 100 unicorns. The rise of entrepreneurship, an intergenerational wealth transfer and buoyant capital markets have transformed the profile of an affluent customer and has fuelled demand for organised wealth management across the country.

As a full-service bank, DBS India is able to cater to various client segments whether it’s a new investor, an SME promoter, a start-up entrepreneur or an HNI, creating stickier growth in the long term, as we can offer to bank both personal and professional needs.

Given the pace of industry growth, there is room for multiple brands to co-exist in India’s vast wealth management market. The segment is extremely competitive, so the development of talent, backed by a trusted brand will remain critical aspects for years to come. We are convinced about the market opportunity and will continue to invest in the expansion of our wealth business.

Our group has established strengths in wealth management across Asia. Drawing from what we have already achieved in wealth management globally, coupled with the continued investment in our team and platform in India, we are well positioned to offer differentiated value to our customers.

The usage and importance of technology in wealth management is rising as affluent customers become digitally savvy, but the industry remains consultative. The market is currently experiencing a war for talent for experienced relationship managers, driven by demand from banks, NBFCs, brokerages and asset managers. We expect this trend to eventually normalise.

We are focused on offering an attractive career path for professionals at DBS India, including exposure to global best practices as well as the option for cross functional mobility within our universal banking structure.

In line with these plans, we will be increasing the team strength of DBS Treasures Relationship Managers materially by the end of financial year 2026, ensuring that more of our clients continue to receive the best service experience from highly qualified professionals. We are also enhancing the proposition for our DBS Treasures Private Client offering that combines banking, wealth solutions, and exclusive lifestyle benefits.