Financial services providers are under pressure from shareholders to increase growth and profitability despite a tougher regulatory climate and a fragile macro economy. The mass affluent segment demands more complex offerings compared to the mass market. However, although additional resources are required per customer, the margins available make this customer segment valuable.
Discover the size of the mass affluent opportunity.
Sculpt products and services to align with the specific needs of mass affluents.
Understand how the needs of the 'Aspirationals' (50k-150k) differ from the needs of the 'Affluents' (150k-500k).
Learn how financial institutions can improve their mass affluent propositions.
What is the market opportunity for UK mass affluents?
What are the specific attitudes and behaviors of UK mass affluent when compared to the mass market?
What strategies should financial institutions implement to acquire new and keep existing mass affluent customer?
Mass affluents are highly differentiated, ranging from high-income earners with little accumulated wealth to those that have portfolios more in line with what is found in the private banking. Tiers of graduated programs help ensure appropriate levels of relationship development for a diverse client.
Banks need to tailor the focus of their service to suit the specific needs of sub-segments. For customers at the lower end of the mass affluent market, it may be appropriate to promote the service as exclusive retail banking. For very wealthy customers it may be more appropriate to market the banks wealth management services.
Identification of future mass affluent consumers is key. If a bank can identify customers who are likely to become mass affluents in the near future, it can offer a graduated or tiered premier service to deepen the relationship at an early stage.