How AI is helping banks customize services to Kenyans
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Edith Chumba, Head of Wealth & Retail Banking at Standard Chartered./HANDOUT Standard Chartered Bank has launched a new wealth campaign in Kenya, intensifying its focus on affluent clients.
The move is part of a global strategy to grow its wealth management business.
The bank is investing USD 1.5 billion into its affluent segment over the next five years.
This investment will enhance the bank’s competitive edge and strengthen its presence in wealth management.
“Our vision focuses on a global affluent continuum, allowing us to seamlessly cater to clients' financial needs through private banking,” said Edith Chumba, Head of Wealth & Retail Banking at Standard Chartered.
"As our clients accumulate wealth, they want high value returns and we are uniquely positioned to offer them tailored solutions that fit their financial journeys right from the start.”
The repositioning is being rolled out under the banner “Now’s your time for wealth.”
The campaign highlights Standard Chartered’s international network, financial expertise, and bespoke investment solutions.
“We are well positioned to continue showing them market opportunities and supporting their wealth ambitions with our diversified wealth product offering,” Chumba said.
“This includes our clear wealth advisory approach that is enabled by digital wealth capabilities and our open architecture platform of differentiated and comprehensive wealth solutions tailored to their needs.”
Standard Chartered plans to use half of its investment to recruit and develop top-tier relationship managers and wealth specialists.
Another 25 per cent will go towards building brand awareness and strengthening its association with wealth management.
With four global wealth hubs in Singapore, Hong Kong, Dubai, and Jersey, the bank is targeting both local and cross-border financial needs of its affluent clientele.
The move comes as Kenya emerges as a growing wealth hub.
According to the 2024 Africa Wealth Report, Kenya ranks fourth on the continent in terms of the number of dollar millionaires, after South Africa, Egypt, and Nigeria.
That number is projected to grow by 65 per cent over the next decade.
The bank says its data-driven, personalised client engagement reinforces its role as a global wealth manager.
