Banks have been slow to recognize the demand for ethical products; however, consumers are increasingly factoring environmental and social issues into their decision-making.
Consider the demand for ethical banking and develop well-designed products.
Acquire an understanding of mass affluent consumers' needs and ways to cater to these.
How can providers make money from serving mass affluent consumers?
What should providers consider when serving the mass affluent?
How does ethical banking attract the mass affluent segment?
Ethical offerings could be "deepened" to appeal to a greater number of well-off individuals with the resources to commit to high-impact social investment.
For banks, the higher growth among the mass affluent segment provides a significant opportunity. Mass affluent individuals are more likely to have higher balances and require niche products, providing additional revenue opportunities as well as improved scale.