Mass Affluents: Channel Use in Australia
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Australian mass affluents skew towards the older ages, and thus are slightly more conservative when it comes to digital advancement in banking. Although they fully utilize the online channel they are not yet embracing mobile as much as the retail segment. This will change, however, and authorized deposit-taking institutions need to be ready for this with apps that can accommodate them. This consumer segment is very much comfortable with the online channel (it is the one they find most convenient) and providers will need to maintain a user-friendly platform to meet the banking needs of the mass affluent segment.
Scope
• The size of the mass affluent market in Australia is estimated to be around 3.3 million individuals. Considering its size and on a per capita level, mass affluents are a more lucrative segment than even the HNW segment.
• Physically visiting a branch remains the main channel of research for over half of both the mass affluent and retail consumer segments.
• Mass affluent consumers are keen on engaging with financial providers over social media. At the same time, the segment has also shown interest in using social media to conduct banking activities such as making payments.
• Consumers don’t just go online to check balances anymore – they are performing complex banking activities more frequently online. This is even more true of mass affluents, as they have more complex financial needs and are generally more intensive users of bank services.
Reasons 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
Commonwealth Bank
NAB
Westpac
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