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Mass Affluent Banking
Datamonitor, Feb 2011, Pages: 60
Introduction
Although mass affluent customers reportedly can generate four times as much revenue as retail customers, this market remains a difficult one for banks to serve well while maintaining profitability. Banks with mass affluent propositions need to know what strategies for customer acquisition, increasing share of wallet, product and service proposition, and customer service work profitably.
Features and benefits
- The Global Wealth Model data and forecasts tell you how many mass affluent clients are in your target market, helping you to plan for future business
- Extensive mass affluent customer survey data covering Asia-Pacific, Europe and North America highlights what your clients want from your service
- In-depth customer targeting and product/service strategies highlight how your competitors are capitalizing on the demands of mass affluents.
- Analysis of three business models: banking-led vs. investment-led; relationship management vs. non-advisory; free bundled vs. fee-based bundled models
Highlights
- Asian mass affluents are fairly unconcerned with getting good interest rates on their transaction accounts, and somewhat unconcerned with getting the highest interest rate on their savings account. They tend not to choose their transaction account based on bank charges, as they are instead attracted by advertising and familiarity with the bank.
- Among the five banks in The analysis that do not offer relationship managers, only one offers an interest-free overdraft. RBS Royalties Private gives clients a £500 interest-free overdraft, while the remaining players have various fees and conditions on their overdraft offers
- Unlike their Asian counterparts, Western European mass affluents do not look to financial products to help reduce stress, although they very much demand that their FS provider makes it simple to manage their finances.
Your key questions answered
- How many mass affluent individuals are there in my target country?
- What do customers most value in a mass afluent service in my country?
- How are my competitors serving the mass afflunet client base?
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