The Global Mass Affluent Market Research Report


Dallas, TX -- (SBWIRE) -- 07/03/2012 -- - Engaging successfully with the mass affluent market is key for all banking service providers to maximise profitability and increase revenue
- This report shows how to tailor product offerings and market to a new breed of discerning consumers
- It features interesting developments across the newer markets in Asia, as well as Central America
- Benchmark against the more established players in the US and Europe

Executive summary

The concept of the mass affluent is relatively easy to understand, even if the precise definition changes depending where you are in the world. For instance, the threshold for mass affluent status in the US is usually pitched at $100,000 in liquid assets, whereas in parts of Asia the limit is lower to reflect prevailing average incomes and other economic factors. However, research shows that the growth of developing economic powerhouses is already starting to impact on personal fortunes among households with more than $100,000 in investable assets. Of course, the mass affluent are not a homogeneous group. In some parts of the world they are relatively mature, whereas in the emerging economic powerhouses they are usually younger and still in wealth building mode. Their attitudes to advice are similarly diverse.


1. The report contains a global macro perspective, but also a bottom up country and bank based approach
2. It examines the financial concerns and the priorities of mass affluent consumers
3. It shows the products needed by an ageing population in western countries
4. But also those needed by prospective, younger clients in future key markets like India and China

Key highlights

1. The Global Mass Affluent are those in the middle class characterised by above-average incomes, a forward-thinking economic standpoint and $100,000 of liquid assets
2. In percentage terms, the middle classes in emerging markets offer the greatest opportunities
3. With clients and potential clients looking for a holistic solution to their financial requirements, banks are not just competing against each other, but also other specialists
4. Banks need to rethink how they communicate with existing clients, and reach out to new ones. Social media is under-utilised

Reasons to buy
1. Review mass affluent strategies in key geographic regions
2. Learn of forthcoming trends from market watchers
3. Gauge the growth potential in various markets
4. Discover how to compete with established market leaders
5. Fulfill the evolving expectations of the middle classes towards their bank
6. Find out how to use traditional customer services effectively, as well as new online and mobile banking technology

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Table of contents

Executive Summary

1 Who are the Mass Affluent - and what do they want?
1.1 Hard work, smart investing key
1.2 Attitude as important as assets
1.3 UK offers growth opportunities
1.4 Global wealth increased to $231 trillion in 2011
1.5 Swiss lead the wealth league
1.6 North America remains a formidable money machine
1.7 Emerging powers in the mass affluent market
1.8 Uncertain times for the UK affluent investor
1.9 The younger affluent emerges
1.10 Affluent customers increasingly turn to financial advisors
1.11 Acquiring and retaining customers – the 5 lead banks
1.12 The ‘squeezed middle’…
1.13 …or the ‘growing middle’?
1.14 Preparing the next generation
1.15 Affluent parents include their children in financial discussions
1.16 Risk tolerance returning for some
1.17 More affluent more positive

2 Where can the mass affluent be found
2.1 Asia Pacific
2.1.1 Emerging affluent in India
2.1.2 Citi targets emerging affluent
2.1.3 ICICI Bank launches dual credit cards targeted at affluent segments
2.1.4 Kotak Mahindra Bank broadens focus
2.1.5 New approach needed for Indian mass affluent
2.1.6 Asian migration impacts ANZ strategy
2.1.7 Affluent Singaporeans are less aggressive in their long term goals
2.1.8 Affluent segment in Malaysia aggressive in growing wealth
2.1.9 Spotlight – Indonesians plan for the future
2.1.10 Affluent segment in Indonesia
2.1.11 Asian Affluent getting younger
2.1.12 Affluent Australians are third lowest across Asia-Pacific in wealth generation
2.1.13 Maybank Islamic launches affluent card
2.1.14 Chinese banks play their cards right
2.1.15 Chinese middle classes attract interest
2.1.16 Challenges to building market share
2.1.17 CIMB looks to offshore wealth
2.1.18 Malaysian banks see mass affluent potential
2.1.19 Case study – Standard Chartered
2.1.20 Mass affluent segments emerge in Vietnam
2.1.21 Vietnamese premier banking options grow
2.1.22 Vietnamese banks roll out new offerings
2.1.23 Affluent demand something different
2.1.24 Local institutions favoured
2.2 North America
2.2.1 Information – key to investment
2.2.2 Emerging markets matter
2.2.3 Hispanic market proves challenging
2.2.4 Citigroup looks to technology to boost offering
2.2.5 Case study – Citibank
2.2.6 Bank of America Merrill Lynch changes tack
2.2.7 Case study – Bank of America
2.2.8 Addressing the financial concerns and priorities of the mass affluent consumers
2.3 Europe
2.3.1 Financial crisis takes its toll across Europe
2.3.2 Former USSR still under-served
2.3.3 Offshore options appeal to the mass affluent
2.3.4 UK regulator expresses concerns
2.3.4 Case study – Lloyds
2.4 The Middle East
2.4.1 Dubai Bank shifts focus
2.4.2 Bank Dhofar launches Visa Platinum debit card targeted at mass affluent
2.5 Latin America
2.5.1 Banco Santander to target the mass-affluent segment through ‘Santander Select’
2.5.2 Expansion on the cards
2.5.3 ITAU takes a segmented approach
2.5.4 Case study – Banamex

3 How should the mass affluent be targeted
3.1 No room for complacency
3.2 Winning over wary customers
3.3 Money management opportunity neglected
3.4 Confidence remains fragile
3.5 The value in understanding the customer
3.6 Customer expectations
3.7 Mixed mass affluent messages
3.8 Mass affluent – overly exposed to the effects of inflation
3.9 Personal service appreciated
3.10 Incentivising regular, loyal customers
3.11 The four stages of retail banking innovation
3.12 Information facilitates selling of additional services
3.13 It’s all about relationships
3.14 Packages key weapon in targeted approach
3.15 UOB targets service for affluent customers
3.16 Metro Bank targets service for affluent customers
3.17 Citibank Korea targets emerging affluent

4 Who is competing for mass affluent money
4.1 Case study – OCBC Bank
4.2 Banks need to bite back against brokers
4.3 Impending retirement refocuses priorities
4.4 Building customer rapport
4.5 What banks need to do
4.6 Banks must find answers to critical questions
4.7 Super-normal growth from upper-end segments targeted
4.8 Organisational implications for financial institutions
4.9 Customers crave a sole provider
4.10 Executive agenda for 2012
4.11 Case study – State Bank of India

5 Marketing to the masses
5.1 Knowing your market
5.2 The power of the brand
5.3 The need for a new investor experience
5.4 Key elements for managing wealth
5.5 Don’t miss the social media bandwagon
5.6 Private banks lagging behind in social media
5.7 Don’t ignore digital
5.8 New media matters
5.9 Traditional media hasn’t lost its voice
5.10 Building a rapport with local media
5.11 Multi-media messaging
5.12 Mixed news for private bank brands
5.13 Blogs, Facebook do reach a mass affluent audience
5.14..although many banks aren’t paying attention
5.15 Banks need to alter their view of social media
5.16 The influence of affluent women

6 Who do the mass affluent listen to
6.1 Consumers reluctant to pay for financial advice
6.2 $700 billion mass affluent opportunity
6.3 Untapped Bank of American Clients
6.4 Self direction the way forward
6.5 Motivating the bankers is key
6.6 Reputation rises in importance among investors
6.7 The mass affluent are self-sufficient
6.8 DIY brokers win favour with mass affluent
6.9 UK bucks wider wealth adviser trend
6.10 Investment advice fee unwelcomed
6.11 Not all clients are the same

List of Tables

Table 1: Top 20 contributors of global wealth growth in value terms, January 2010 – June 2011
Table 2: Santander in 2011 – Latin American at a glance

List of Figures

Figure 1.1: Affluent investor confidence
Figure 1.2: Increased confidence in financial advisors over the past 12 months, by age
Figure 1.3: Tiers of affluence
Figure 1.4: The Consumer Financial Monitor – financial management by segment, Q3 2011
Figure 2.1: Country-wise comparison
Figure 2.2: Indian market overview
Figure 2.3: Financial product ownership of the emerging affluent
Figure 2.4: How does the emerging affluent segment in India define financial success?
Figure 2.5: The emerging affluent uses credit card to pay for
Figure 2.6: Top consumer attitudes of the emerging affluent
Figure 2.7: Top banking needs of the emerging affluent
Figure 2.8: How much do you need and how long will it take you to achieve this sum (USD?)
Figure 2.9: Singaporean affluent (%) that see wealth creation opportunities in regions
Figure 2.10: Affluent in Singapore opt for high interest savings and shares
Figure 2.11: Affluent segment in Singapore
Figure 2.12: Affluent segment in Asia
Figure 2.13: Mass affluent in US push back retirement date
Figure 2.14: Mass affluent in US – greatest financial concerns
Figure 2.15: What does the term ‘wealth’ mean to you?
Figure 2.16: Wealth potential driven by ageing population and growing number of affluent individuals
Figure 2.17: Affluent segment in Europe
Figure 5.1: Mobile technology and social media
Figure 6.1: Perceived UK monetary value of financial advice (%)
Figure 6.2: Consumers increasingly turned to family and friends for financial advice over the past year
Figure 6.3: Consumers trust financial advisors the most
Figure 6.4: The importance of a bank’s mass-affluent strategy

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