Mass Affluents: Channel Use in Singapore

(MoneyNewsWire.Net, October 26, 2016 ) It is divided into four short sections, starting with an overview which then looks into the channel preferences of mass affluents for different banking activities such as researching and applying for products. The report ends with analysis on channel preferences and reasons for non-use.

Report Summary

Singaporean mass affluents tend to be older, and thus are slightly more conservative when it comes to digital advancement in banking. They are also more loyal than their retail counterparts.

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This consumer segment is very comfortable with the online channel and providers will need to maintain a user-friendly platform to meet the banking needs of the mass affluent segment. Security measures overall, but particularly with mobile banking, inhibit adoption. Providers that can allay these concerns will have an advantage in appealing to this segment.

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Key Finding

- Physically visiting a branch remains a key channel of research and application for the mass affluent.
-Mass affluents are more likely to make a decision based on their own analysis rather than on recommendations from friends and family.
-As a segment, mass affluents are more likely to be victims of fraud than retail customers.
-Almost 4 in 5 (79%) of mass affluent consumers are in full-time employment.

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Reason to Buy

-How are the demographics of the mass affluent segment influencing their channel preferences?
-Which channels do mass affluent consumers use to conduct their research on banking products?
-What are the preferred channels of application among the mass affluent consumer segment?
-How does the mass affluent segment utilize social media and digital channels in banking?

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