Standard Chartered Revamps Priority Banking to Accelerate Wealth Management Growth in India

Standard Chartered Bank has relaunched its priority banking offering in India as part of changes to its retail and wealth business, as per news reports.  

The service is now targeted at customers with assets between ₹50 lakh and ₹2.5 crore. The bank said the relaunch is intended to align services more closely with specific customer segments. 

Strategy Refined After 2024 Review 

The revised approach was first outlined in October 2024. Prior to this, the bank followed a broad retail model, offering most products across customer categories.  

The updated strategy narrowed the focus to affluent individuals and small and medium enterprises, with wealth-related services forming a larger part of customer engagement. 

Scope of Priority Banking Services 

Under the refreshed offering, priority banking customers receive access to wealth advisory support, international banking services, and dedicated relationship managers. The bank has also included lifestyle-linked benefits such as travel and wellness privileges.  

Alongside this, an invite-only metal credit card, called ‘Beyond’, has been introduced. Standard Chartered has around 700,000 credit card customers in India, and the new card is not positioned as a volume-driven product. 

Branch Upgrades and Physical Presence 

The bank operates 98 branches across 41 cities in India. Of these, 20 branches currently function as large-format centres focused on affluent banking. During the year, the bank plans to upgrade or relocate another 15 branches, compared with 11 upgrades carried out last year.  

Recent branch upgrades have been completed in cities including Mumbai, Delhi, Kolkata, Chennai, Bhubaneswar and Dehradun. 

Staffing Plans and Specialist Roles 

To support priority and private banking customers, the bank plans to deploy 380-400 relationship managers. A further 250-270 relationship managers will serve SME clients. 

In addition, around 60 specialists have been assigned across wealth advisory and bancassurance roles. In total, this brings the number of specialised staff involved in these segments to about 750-800. 

Customer Base and Eligibility 

Standard Chartered has about 1.7 million customers in India. Of these, around 125,000 currently meet the eligibility criteria for priority banking. Around 500,000 customers have a relationship with the bank limited to a single product. The bank also serves about 38,000 SMEs with annual turnover ranging from $1 million to $100 million. 

Read More: Standard Chartered Expands Fraud Probe Following ₹80 Crore HNI Fund Diversion in Bengaluru! 

Conclusion 

The changes show a shift towards segment-led banking, with priority services linked to eligibility criteria, specialised staff, and a reworked physical branch network. 

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