Mass Affluents: Product Holding and Preferences in the UK
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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.
Scope
• Santander is the leading current account provider among mass affluents. Its 123 Current Account has proved an effective acquisition tool, with mass affluents being attracted by high levels of interest and access to preferential deals on savings accounts, loans, and travel insurance.
• Mass affluents are significantly more likely than retail consumers to possess savings accounts that offer competitive interest rates, online access, and fair withdrawal fees.
• This highlights the importance of easy, multi-channel access to funds and market-leading rates in attracting mass affluents.
• Mass affluents overwhelmingly choose their mortgage provider on the basis of product characteristics and being an existing customer. As mass affluents are more likely to have complex, non-standard finances, they stand a better chance of being approved for a loan by their main banks on the basis of them having a better understanding of their financial arrangements.
Reasons to Buy
Improve your targeting of mass affluents in the UK by learning about their preferences with respect to product features.
Identify the key factors that drive mass affluents’ choice of providers.
Understand the extent to which mass affluents are using P2P lenders.
Gocompare.com
HSBC
Lloyds Bank
Nationwide
NatWest
Santander
Yorkshire Building Society.
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