Mass Affluent Banking in the Middle East – Regional Breakdown by Market Trends, Investment Preferences and Competitor Benchmarking

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Mass Affluent Banking Market in the Middle East Report Overview

Investment penetration and value are significantly higher among the mass affluent in the Middle East. Offshore investment penetration is especially high and will further increase in the future. Digital wallets are the most popular new investment providers across markets, and half of mass affluents also prefer arranging their investments on a mobile app or digital platform. Nonetheless, a third still prefers to invest in person or over the phone. Providing physical space or personnel for enhanced human interaction is a service that can position traditional providers at an advantage compared to digital players. Having a sense of financial protection and security is the main financial goal of this demographic. Hence, most of them save for the future instead of living well now. This highlights the demand for long-term investment assets among Middle Eastern mass affluents.

The ‘Mass Affluent Banking in the Middle East’ report analyzes the behaviors and preferences of mass affluent customers in the Middle Eastern 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 the Middle Eastern countries.

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Key Countries ·       Saudi Arabia

·       Bahrain

·       Egypt

·       Israel

·       Kuwait

·       Qatar

Key Investment Channels ·       Mobile App

·       Online Banking

·       Instant Messaging

·       Bank Branch

·       Chatbot

·       Video Banking

·       Call Centre

Key Investment Preferences ·       Bonds

·       Equity

·       ETFs

·       Mutual Funds

Leading Banks ·       Garanti Bankasi

·       Akbank

·       Ziraat Bankasi

·       Yapi Kredi

·       Turkiye Is Bankasi

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Mass Affluent Banking in the Middle East – Key Drivers

Income from oil prices, diversification efforts, Islamic finance, and financial market reforms are the key factors driving mass affluent banking in the Middle Eastern region.

  • Income from oil price: The green energy transition is developing at a much slower pace than planned. Thus, the world population’s reliance on oil will persist in the short and medium term. This will result in continued investment in oil production and revenue will flow to producing nations. Income from the oil sector will trickle down into the broader economy, generating wealth in other sectors due to increased economic activity in these nations.
  • Diversification efforts: A few newly rich Middle Eastern governments have been reinvesting oil profits into different projects and initiatives to create more reliable and sustainable revenue sources for the future. This is because they are focusing on the long-term impact of the future transition to renewable energy sources. In this regard, the UAE was one of the first in the region to invest heavily in luxury industries, real estate, and tourism, repositioning itself as a finance and business hub and attracting many mass affluent visitors and expats each year.

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Mass Affluent Banking in the Middle East – Regional Breakdown

Mass Affluent Banking in the Middle East – Regional Breakdown
The mass affluent numbers across the Middle East grew significantly in 2022 despite the cost-of-living squeeze. The region’s slowing growth reflects the combined effect of tighter monetary policies, oil production cuts, geopolitical tensions, and other domestic challenges.

A few of the countries with the biggest opportunity for capturing mass affluent customers are Bahrain, Egypt, Israel, Kuwait, and Qatar. Saudi Arabia was the biggest mass-affluent market in the region in 2023 while Egypt’s mass-affluent segment will grow the most over the forecast period. The Saudi Arabian government is aiming to diversify the country’s revenue streams in the form of major projects revolving around luxury products and services. The affluent, Generation Z and females have a demand for such products and services.

Mass Affluent Banking in the Middle East by Countries, 2023 (%)

Mass Affluent Banking in the Middle East by Countries, 2023 (%)

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Mass Affluent Banking in the Middle East – Banking Overview

Mass affluents favor non-traditional banking channels for more frequent contact. While mobile banking and online banking are the most frequently used channels, mass affluent clients require regular human contact from their banks. Hence, to acquire and retain mass affluent customers in the Middle East, banks need to facilitate adequate access to staff and advisors.

Mass Affluent Banking in the Middle East by Investment Channels, 2023

Mass Affluent Banking in the Middle East by Investment Channels, 2023

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Mass Affluent Banking Market in the Middle East – Investment Preferences Outlook

The key investment preferences of the mass affluent banking market are bonds, equity, mutual funds, and ETFs. Most mass affluents maintain substantial deposits, making them the core market for these products. In terms of total savings value, the mass affluent hold a significantly larger share when compared to their proportion of the overall population. The discrepancy is largest in Turkiye. Since the Middle Eastern mass affluents prioritize asset accumulation over debt repayment, they aim for a sense of financial protection at present as well as in the future in the form of savings.

Mass Affluent Banking in the Middle East by Investment Preferences Outlook 2023 (%)

Mass Affluent Banking in the Middle East by Investment Preferences Outlook 2023 (%)

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Mass Affluent Banking in the Middle East – Competitive Landscape

A few of the retail banks dominating mass affluent in Middle Eastern countries are Garanti Bankasi, Akbank, Ziraat Bankasi, Yapi Kredi, and Turkiye Is Bankasi. Garanti Bankasi accounted for the highest market share in 2023. It led the Turkish market across all products and affluence groups. The bank had a healthy distribution of customer tenures overall. However, the bank could focus on acquiring new mass affluent customers with a new differentiated premium account offer.

Retail Banks in the Middle East Catering to the Mass Affluent, 2023 (%)

Retail Banks in the Middle East Catering to the Mass Affluent, 2023 (%)

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Segments Covered in the Report

Middle East Mass Affluent Banking Countries Outlook (2023)

  • Saudi Arabia
  • Bahrain
  • Egypt
  • Israel
  • Kuwait
  • Qatar

Middle East Mass Affluent Banking Channels Outlook (2023)

  • Mobile App
  • Online Banking
  • Instant Messaging
  • Bank Branch
  • Chatbot
  • Video Banking
  • Call Centre

Middle East Mass Affluent Banking Investment Preferences Outlook (2023)

  • Bonds
  • Equity
  • ETFs
  • Mutual Funds

Key Highlights

  • The future growth rate of the mass affluent segment will slow significantly compared to historical growth.
  • Digital wallets are now the preferred providers for deposit accounts, budgeting tools, and foreign exchange transactions.
  • Nearly all mass affluents in the region are open to paying a fee for premium account features and creating an opportunity for banks to leverage targeted premium offers.

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Garanti Bankasi
Akbank
Ziraat Bankasi
Yapi Kredit
Turkiye Is Bankasi
QNB Finansbank
DenizBank
Halkbank
VakifBank
HSBC
Saudi National Bank
Al Rajhi Bank
Arab National Bank
Banque Saudi Fransi
Riyad Bank
Saudi Investment Bank
Saudi British Bank
Bank Albilad
Alinma Bank
Bank AlJazira
Abu Dhabi Commercial Bank
Emirates NBD
First Abu Dhabi Bank
Commercial Bank of Dubai
Dubai Islamic Bank
Citibank
Commercial Bank International
Bank of Sharjah

Table of Contents

Market Landscape

Understanding the Mass Affluent

Banking

Investment Preferences

Competitor Benchmarking

Appendix

Frequently asked questions

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