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Personal Finance News Releases
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(MoneyNewsWire.Net, November 22, 2016 ) In this altered environment, banks have adopted various strategies to decrease operating costs and increase revenue potential. Consequently, the banks globally changed their business models to focus more on segments that yield larger profits. Mass affluent consumers are one such segment, offering significant profit potential compared to the mass market due to their relatively high income, frequent travel, and increased spending.
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The report extensively details mass affluent consumers and their sub-groups, their various financial goals, behaviors and investment trends, and their future financial requirements. It includes in-depth analysis of various strategies adopted by banks across the world to attract mass affluent consumers. The use of digital technology in service delivery and the role of data analytics in determining future courses of action for banks are also extensively discussed. The report also diagnoses the limitations and hindrances faced by banks in designing customer-specific offerings, and includes case studies on strategies and products devised by banks to acquire mass affluent consumers
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Table of content
1 Executive Summary 2 Global Snapshot of the Mass Affluent Market 2.1 Market Potential of Mass Affluent Consumers 2.2 The Mass Affluent - Key Financial Challenges 2.3 Evolving Regulatory Framework 3 Why Banks Serve Mass Affluent Consumers? 4 How Should Banks Target Mass Affluent Consumers? 4.1 Winning the Elusive Market 4.1.1 Developing specialized menu of products and services 4.1.2 Providing exemplary customer experience 4.1.3 Offering personalized advice and assistance to consumers 4.1.4 Engaging consumers through digital channels 4.2 In-Depth Analysis of Mass Affluent Consumers 4.3 Why Have Banks Been Slow to Capitalize on the Market? 5 Case Studies 5.1 Santander Select - a mix of products and services for mass affluent consumers 5.2 Capitec Bank - targeting the mass affluent for sustainable growth 5.3 Product bundling - HSBC's linking of the Premium credit card with Premium banking 5.4 Citizens Bank's expansion strategy to target mass affluent 5.5 Bank of America simplified financial management with Merrill Edge 5.6 SunTrust Bank's SummitView - a disruption in online financial planning platform 6 The Way Forward for Banks 7 Appendix 7.1 Methodology 7.2 Contact Timetric 7.3 About Timetric 7.4 Timetric's Services 7.5 Disclaimer
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