Foreign private banks in India have had a hard time building relationships with Indian investors. In 2014, three global private banks--UBS, Morgan Stanley and EFG--exited India's nascent private banking industry in the light of cultural and regulatory challenges.

But as those foreign players retreated, Barclays, now one of India's leading private banks, went the opposite direction, and instead began investing in a new digital platform that would place it at the forefront of providing digital wealth management services to its current and second generational clients.

It aims to empower clients with real-time access to detailed information about their accounts, provide advanced portfolio analytics, transaction authorizations, and detailed market research. The platform will be unique in India's private banking industry, enhancing its position in the market and hopefully attracting the wealthy second generation who are seeking modern private banking digital platforms to stay in touch with their portfolios and advisors twenty-four seven.

Satya Bansal, chief executive officer, wealth and investment management, Barclays (India), believes that the future for private banks in India depends on going digital, as mobile Internet users in India are expected to reach 213 million by mid-2015. According to Bansal, 95-100% of their clients would be holding cell phones, therefore portable devices have become the cornerstone of Barclay's digital strategy across India.

But Barclays isn't moving away from direct and personal interactions, especially with their wealthy clients as nothing replaces the human touch. Instead, the British private bank is keen on enhancing its customer experience by allowing its clients to be able to contact and work with the bank anytime and anywhere.

"Digitally-enabled platforms are rapidly changing the way people are doing their day-to-day activities, steering organizations and distributors to fundamentally change the way they are doing business. Clearly, there is a huge opportunity in private banking, which was traditionally driven by face to face interactions. Our strategy is not to do away with, or minimize face-to-face engagement, but to further strengthen it, supported by a digital platform," Bansal says.