Non-Resident Indians (NRIs) have carved a niche for themselves in many parts of the globe as successful entrepreneurs, professionals like doctors and engineers, teachers, artists and in many other professions. NRI Banking services provide a banking and wealth management platform that caters exclusively to the evolving needs and requirements of successful NRIs. Here, we will try and summarize the wealth management expectations of NRIs:
Wide-ranging product availability
A broad selection of wealth management options including equities, bonds, commodities, cash bonds, mutual funds, structured notes, hedge fund investments and equity-linked products and research and market information services that can deliver global insights.
Lifestyle privileges
Offering insights into the latest trends in luxury living, being invited to exclusive cultural and entertainment shows and wealth management seminars are some of the lifestyle privileges that NRIs look forward to from their banking partner.
Global access and banking convenience
A significant portion of NRIs are globetrotters either working or having business at different international locations. They would like to access their private banking / wealth management accounts from anywhere across the world, at anytime, preferrably through secure digital channels like Internet Banking or Mobile Banking.
Global banking convenience would also mean being able to access a wide network of banking business centres and ATMs worldwide from where they can access and conduct banking transactions easily. A globally accessible phone banking channel would also be an advantage.
Exclusive banking offers
Providing exclusive banking offers acts as a magnet for NRI customers. Examples could include annual fee waivers on credit cards, complimentary global fund transfers, preferential pricing on transactional services and traditional banking products, enhanced rewards programs etc.
Linked access to banking facilities in India
Many NRIs still have binding ties with India including banking and financial relationships. A wealth management provider who can provide easy link-up access to their banking account in India would be preferred to a provider who cannot.
A number of banks have come up with exclusive services to target this segment. In fact, ATMs and relationships to provide high-end access to their NRI Banking wealth management customers.