VRL’s new
90-page research report on
The Global Mass Affluent explores the potential of
this fast-growing segment.
The report provides an overview of
the business enivrinoment in key regions, such as Asia-Pacific, the
US, Europe, Latin America and the Middle East.
Go deeper with GlobalData
Overall, it finds that the rapid
growth of the mass affluent segment has sparked retial and private
banks to reprioritise their market segmentation strategies.
Key questions
It covers central business
questions facing wealth managers, such as what are my clients’
needs, how to target the right audience, effective marketing
strategies and who is influencing my customers’ opinions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFew banks have not set their sights
on increasing their share of the mass affluent market (see
pages 6-7). The major international institutions have shown
they are prepared to battle it out with local banks for the hearts
and minds (and wallets) of the middle classes.
All banks have a long way to go to
catch up with HSBC, which has long been regarded as the global
leader in the mass affluent segment, with more than 4.5m premier
customers around the world.
Based on the bank’s own
projections, this part of its business could be worth more than
$4bn in revenue annually. Through the course of this report,
various aspects of HSBC’s mass affluent strategy are examined, to
see what can be learned, as well as comparing the approaches
adopted by other international and national banks.
Local vs
international
A 2011 McKinsey survey of 20,000
consumers in 13 Asian markets found more than 80% of consumers in
emerging Asian markets, and 63% of consumers in developed Asian
markets, consider it important to deal with a local institution.
Yet international banks such as ANZ and Standard Chartered are
pushing ahead with plans to expand their presence across Asia.
Other key findings impacting the
Asian region from the report include:
- Rapidly emerging markets
like Vietnam, though still under-banked, offer high potential for
international wealth managers, while domestic banks are still slow
to venture into the wealth management space. - Indian banks are slowly
discovering the mass affluent segment, after being predominantly
focused on UHNWIs and HNWIs. However, the infrastructure to serve
the mass affluent segment remains underdeveloped. - Chinese banks are well
positioned to capitalise on the fast-emerging middle class,
particularly in the highly industrialised metropolis on the coast
and Beijing. - Asia’s banks are planning
for growth of the mass affluent segment of 10% to 20% in key
markets every year.
The report also looks at the steps
that can be taken to rebuild client trust, how to make the best use
of the available media, with a focus on social media, and how
building a distinctive brand is becoming critical for new client
acquisition.
“Most wealth mangers have gone
through the motions of segmentation, but too many have yet to
address the hard choices that will provide the platform for a
distinctive brand proposition, supported by a distinctive service,
giving a message that is clear to introducers as well as clients,”
states the report.
In conclusion, the VRL report
explains that to be successful in emerging markets will require
addressing fundamental change and being agile. It will require
changes to the client-adviser relationship, investment in enabling
technology and a new perspective on how to view emerging
markets.
To purchase The Global Mass
Affluent report from VRL, or request more information, please
contact either Jeannie Lam (EMEA) +44 (0)20 7563 5605 or by email:
info@vrlfinancialnews.com.
Christina Yeo (Asia-Pacific) can also be contacted for more
information or to purchase the report at: +65 6383 4688 or
christina.yeo@vrlfinancialnews.com.sg
