Global Priority Banking Report

  • ID: 4431437
  • Report
  • Region: Global
  • 30 pages
  • Retail Finance Intelligence (RFI)
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Introduction

The mass affluent population is an often overlooked part of the financial services sphere in many markets, which is evidenced by the lack of ‘priority banking’ services in some of the world’s most developed economies. The mass affluent population varies in size (and proportion) dramatically across different nations, but almost always accounts for a very large proportion of a nation’s privately held wealth. The fact that such a segment is often overlooked is precisely what makes it such a fascinating topic.

Since they control such a large proportion of the nation’s wealth, it is important to understand the investment profiles, goals, and strategies of mass affluent individuals.
Financial institutions must manage the risks, uncertainties and volatility of the market and ensure that mass affluent individuals accomplish their overall wealth goals.
Ownership and management of wealth are thus often separated, and it is the relationship between the owners of wealth and their financial services providers that this report will also explore.

This report is divided into three main sections:
1. Sizing the opportunity
2. Understanding the priority banking landscape
3. Customer experience

While this report focuses on mass affluent individuals, it discusses them in the context of three wealth categories:
1. HNW individuals - those individuals that have US$1m or more in investible assets
2. Mass Affluent individuals - those typically with between US$100,000 and $1m in investible assets
3. Mass market – those typically with less than US$100,000 in investible assets

This report is based on RFi Group’s collected from interviews with more than 20,000 mass affluent individuals each of the following 19 countries: Australia, Brazil, Canada, China, Egypt, Hong Kong, India, Indonesia, Malaysia, Mexico, Peru, Singapore, South Korea, Taiwan, Thailand, UAE, UK, US and Vietnam

Highlights

This new global report draws upon RFi Group’s extensive ongoing research conducted among consumers around the world.

Using data collected from more than 20,000 interviews with affluent consumers in 19 markets, the report demonstrates that the mass affluent population is an often overlooked part of the financial services sphere.
As the mass affluent control such a large proportion of each nation’s wealth, it is important to understand the investment profiles, goals, and strategies of these individuals.  RFi Group’s data on the demographics and behaviour among these individuals helps us address these questions, however it has been widely acknowledged that it can be a difficult task for financial institutions to manage this wealth.  This report explores these risks and uncertainties, as well as the relationship between the owners of wealth and their financial services providers.

Features and Benefits

  • Understand the size and demographics of the mass affluent population
  • Identify the mass affluent investment profiles, goals and strategies
  • Importance of customer satisfaction in priority banking

Key Questions Answered

  • Why is the mass affluent segment so often overlooked?
  • How can financial institutions manage the risks, uncertainties and volatility of the mass affluent market?
  • What are the typical reasons for not using a priority banking service?
  • Is a priority banking service offering ultimately worth the effort?
  • What are the drivers of customer satisfaction?
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About the Author

Introduction
The size of the mass affluent population
Mass affluent investible assets

Section Two - Understanding the priority banking landscape
Penetration of priority banking services among mass affluent
Is a proprity banking service offering worth the effort?
What is the upside in product terms?
Section Three - Customer experience
Satisfaction and advocacy 
What are the drivers of customer experience?

Section Four - Conclusion

Section Five - The wealth model

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