Mass Affluent Banking in Anglo Region – Regional Breakdown by Market Trends, Investment Preferences and Competitor Benchmarking

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Mass Affluent Banking in Anglo Region Report Overview

Being financially independent and asset accumulation are the primary goals for mass affluence in Anglo markets. Banks targeting the mass affluent should therefore focus on building savings and investment offerings to expand their customer bases.

The ‘Mass Affluent Banking in Anglo Region’ report analyzes the behaviors and preferences of mass affluent customers in the Anglo market. This includes financial goals, banking patterns, investment preferences, and insurance preferences. The report also identifies the banking and investment preferences of the mass affluent customers and gives an insight into the competitive benchmarks used by the banks to strengthen their offerings and gain market share across all Anglo countries.

Key Countries ·       The US

·       New Zealand

·       Australia

·       Canada

·       The UK

Key Investment Products ·       Equity

·       Bonds

·       ETFs

·       Mutual Funds

Leading Banks (US) ·       Bank of America

·       Credit Union

·       Wells Fargo

·       JPMC

·       Chase

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Mass Affluent Banking in Anglo Region – Key Drivers

Rising incomes: The mass affluent populations in the US, the UK, and Australia will benefit from a sustained increase in income over the next few years. As these individuals experience higher earnings, they seek sophisticated financial products and investment opportunities to optimize their wealth. This growing affluence propels the demand for personalized financial services, driving the expansion of the mass affluent landscape. In New Zealand and Canada, this demographic has remained stable in the top percentile of earners, suggesting no future downturns for the mass affluent populations in these countries.

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Mass Affluent Banking in Anglo Region – Regional Breakdown

Mass affluent numbers in the Anglo region declined in 2022 amid the cost-of-living squeeze and poor markets. However, there will be significant growth over 2023e–27f as interest rates fall and equity markets bounce back, boosting wealth in the region. The US, New Zealand, Australia, Canada, and the UK are a few of the countries witnessing a steady growth of the mass affluent population across Anglo markets. The US dominates the mass affluent population in Anglo markets, which is unsurprising given that it has by far the largest population among these countries.

Mass Affluent Banking Analysis in Anglo Countries, 2023 (%)

Mass Affluent Banking Analysis in Anglo Countries, 2023 (%)

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Mass Affluent Banking in Anglo Region – Banking Overview

US mass affluent customers are much more prominent in the credit space compared to other countries. Credit for mass affluents accounts for over half of loans in the US, despite such clients accounting for less than 36% of customers in the country. While the mass affluent account for more of each market than their mere numbers would suggest in other countries, there is a gap in credit penetration outside the US. In addition, mass affluent customers strongly favor online banking over mobile apps, highlighting their older age profile. Furthermore, across all Anglo markets, home and motor insurance are the most held products among the mass affluent.

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Mass Affluent Banking in Anglo Region – Investment Preferences

The key investment preferences of the mass affluent customers are bonds, equity, ETFs, and mutual funds among others. Mass affluent investors account for almost all the types of investments in each market, highlighting their willingness to use investment offerings provided by banks. They are also good targets for saving and term deposit account cross-selling, as they make up most of the savings market. In the US and Canada, mutual funds are the most popular investment products, owing to marketing efforts and strong mutual fund industries.

Investment Preferences among Mass Affluent Banking Customers’ in Anglo Region, 2023 (%)

Mass Affluent Banking Investment Preferences in Anglo Region, 2023 (%)

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Mass Affluent Banking – Competitive Landscape

Mass affluent customers like the security and safety of banking with a big brand and the reputation that backs them. Banks with specific mass affluent programs for their customers are far more attractive to mass affluent customers and subsequently attain more market share. CommBank, ANZ, National Bank of Canada, Credit Union, HSBC, Westpac, Royal Bank of Scotland, NatWest, Bank of America, and Wells Fargo are a few of the leading banks among mass affluent customers. Bank of America dominates in the US, especially among mass affluent customers.

Retail Banks Offering Mass Affluent Banking in the US, 2023 (%)

Mass Affluent Banking Market Analysis in US by Banks, 2023 (%)

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Key Highlights

  • US customers are the most valuable to their respective markets in terms of credit ownership. Mass market customers account for the majority of the lending market in other countries.
  • Premium accounts, especially fee-based accounts, are unpopular among mass affluent customers in these markets. The packages offered are not attractive enough to mass affluents, many of whom can get better benefits from credit cards aimed at the mass affluent.
  • Equities and mutual funds stand out as the favored investment options across Anglo countries. Within these nations, the UK exhibits the lowest penetration rates for both products, signaling a more risk-averse attitude toward investment compared to its counterparts.

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  • Access the latest consumer survey data on channel behavior, provider preferences, and product holding.
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Ally Bank
ANZ
ASB
ATB Financial
Bank Australia
Bank of America
Bank of Montreal
Bank of New Zealand
Bank of Scotland
Bankwest
Barclays
Bendigo & Adelaide
Capital One
Chase
Chime
CIBC
CommBank
Co-operative Bank
Desjardins
First Direct
Halifax
Heartland Bank
HSBC
ING
JPMorgan Chase
Kiwibank
Lloyds Bank
NAB
National Bank of Canada
Nationwide
NatWest
PNC Bank
RBC
Royal Bank of Scotland
Santander
Scotiabank
Simplii Financial
St.George
Suncorp
Tangerine
TD Bank
TSB Bank
Wells Fargo
Westpac
Westpac

Table of Contents

Market Landscape

Understanding the Mass Affluent

Banking

Investment Preferences

Competitor Benchmarking

Appendix

Frequently asked questions

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