DBS Acquires 40,000 Clients in Hyderabad
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Singapore bank DBS acquired 40,000 clients in Hyderabad after just opening its office earlier this year with plans to accelerate growth through new customer touchpoints.
After launching just six months ago, clients from the Hyderabad now make up for 30 percent of DBS India’s customer base. When compared to other geographies in the Indian market, Hyderabad’s new accounts boasted especially high balances with a quarter of its wealth management clients being non-resident Indians.
We will continue to invest where we believe the market provides an opportunity,» said Priyashis Das, head branch banking & wealth management, consumer banking, India, in a local media report. Hyderabad has a great opportunity for us.
Moving forward, DBS will seek to further its growth in Hyderabad with plans to establish 100 customer touch points in the next 12 to 18 months through a combination of branches and e-kiosks across 25 cities. In addition to direct client acquisition, DBS will also invest in improving client experience by opening an experience center in local hub Waverock.
Questions & Answers
Q.What proportion of DBS India's total customer base do the new Hyderabad clients represent?
What proportion of DBS India's total customer base do the new Hyderabad clients represent?
The new clients acquired in Hyderabad now account for 30 percent of DBS India's entire customer base. This rapid growth occurred within six months of the office opening.
Q.What is DBS's strategy for expanding its presence and growth in Hyderabad moving forward?
What is DBS's strategy for expanding its presence and growth in Hyderabad moving forward?
DBS plans to establish 100 customer touchpoints in Hyderabad over the next 12 to 18 months. This expansion will include a mix of new branches and e-kiosks across 25 cities.
Q.What distinguishes the new accounts opened in Hyderabad compared to other Indian locations?
What distinguishes the new accounts opened in Hyderabad compared to other Indian locations?
The new accounts in Hyderabad stand out due to their especially high balances. Also, a quarter of the wealth management clients acquired there are non-resident Indians.
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