The Australian mass affluent segment is very savvy when it comes to managing their finances. Compared to retail consumers, mass affluent also have greater liquidity, allowing them to take advantage of their extra cash to maximize returns and reduce cost through their financial product holdings. In general, mass affluent are sensitive towards APR and will shop around for financial products or use a combination of products that give them the best return.
• Mass affluent consumers in Australia realize they are important to their banking providers. They know they have extra liquidity and that banks want their business. Therefore, personalized services and extra perks are essential.
• Mass affluent consumers tend to shop around for the best product offering. With their extra liquidity and less financial pressure, mass affluent can afford to be picky and demand a special deal from banks.
• A heated property market has driven the popularity of mortgage offsetting in Australia. This has made mass affluent in the market choose mortgage providers they already have a savings account with, or vice versa, in order to benefit from offsetting.
• With higher liquidity to manage, mass affluent are able to leverage the extra cash to make investments for the purpose of making further returns, and therefore margin lending offers an opportunity for providers in Australia.
Reasons to Buy
What do mass affluent look for when choosing a banking product
How did mass affluent choose their most recently opened current account
What are the features mass affluent look for when choosing a savings account
Why is offsetting a mortgage so popular among mass affluent
How can banks increase personal loans business from the mass affluent segment
Table of Contents
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