Awards for Distinction 2020 – Best Private Bank – India Domestic

2020 Winners

 

Best Private Bank – India Domestic

Edelweiss Private Wealth Management

Ashish Kehair
president and head, Edelweiss Wealth Management

In hindsight, lockdown seems to have acted for us as a catalyst in building character. Our agility to adapt to technology has helped us deliver value to clients via undisrupted and efficient business execution and deep client engagement.

We used the volatility to test our robust risk management practices and delivered augmented portfolio yields by spotting opportunities. We went beyond the traditional scope of wealth management and focused on Customer Centricity, resulting in AUA growth during this period.

In its presentation, Indian wealth manager Edelweiss quoted the Chinese strategist and philosopher Sun Tzu as saying in The Art of War, that “opportunities multiply as they are seized”.

And Edelweiss had its carpe diem moment in 2020 and certainly did seize opportunities.

As India was ravaged by COVID-19 and the government took to imposing strict lockdowns to prevent the spread of the pandemic, Edelweiss pivoted to be a tech-first wealth manager to Indians.

In taking the fight to digital-only wealth managers, Edelweiss launched India’s first “subscription-based” digital platform to manage wealth. The initiative aimed to cut costs by 25%.

The Infinity platform does not charge for transactions. Rather, clients pay a flat fee, allowing them to hold their entire portfolio on a single investment platform, across all asset classes, investment strategies, solutions, and products.

That, combined with Edelweiss’ customer-centric wealth management business helped it weather the pandemic and thrive in a digitised marketplace for wealth managers.

Despite India’s complete lockdown, Edelweiss added net new assets and clients, gained market share based on a reputation for furiously maintaining its fiduciary role in wealth management.

Assets under management at Edelweiss rose at a compounded annual growth rate of 44% to US$15.1 billion. And in a rarity of sorts for the largely legacy wealth management industry, Edelweiss managed to improve on its Net Promoter Score (NPS), a favourite metric used by tech firms to measure customer satisfaction. The NPS for Edelweiss’ customers rose 1.5 times from 12 in fiscal 2016 to 31 in the 2020 fiscal year.

Edelweiss wins Asian Private Banker’s Best Private Bank – India Domestic for 2020.