Mass affluent populations around the world are growing in size, making them an increasingly important segment for financial providers.
These consumers possess more financial products than average, maintain higher levels of savings and investments, and are more likely to use added-value services. This makes them an attractive and profitable segment to target.
- Mass affluents in China hold more products than average, and are significantly more likely to own investments and insurance products than the general population. Providers should consider offering robo-advice investment tools to cost-effectively service their needs.
- Mass affluents are far more likely to be saving in order to fund a future financial investment. Banks can cater for this by allowing easy switching of funds between deposit and equity accounts and providing customers with a single view of all their holdings across different asset classes.
- Mass affluents are relatively skeptical about the benefits of money management and account aggregation services. They are less likely than the general population to view them as being helpful, and more likely to be concerned about the security implications of handing over account details to a third party.
Verdict Financials “Mass Affluents: Attitudes and Needs in China” is one of a series of snapshots offering insight into the mass affluent consumer segment in China. It examines mass affluent attitudes towards personal finance. This snapshot is based on findings from our 2015 Retail Banking Insight Survey, and offers insight into:
- Mass affluents’ product preferences and motivations for taking out specific products.
- Attitudes towards digital channels and new entrants.
- Preferences with respect to using financial management services.
Reasons To Buy:
- Improve your targeting of mass affluents in China by learning about their preferences and attitudes to financial services.
- Identify the key drivers that motivate mass affluents to purchase key financial products.
- Learn how likely they are to switch to a new provider and their reasons for doing so.