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Mass Affluent Banking in the Anglo Region 2023

Publisher GlobalData
Published May 08, 2024
Length 56 Pages
SKU # GBDT18815316

Description

Mass Affluent Banking in the Anglo Region 2023


Summary

This report analyzes the Anglo region's mass affluent market, covering the US, the UK, Canada, Australia, and New Zealand. This includes overall mass affluent market size (number of individuals) and their distribution in the region. The report provides analysis of the factors driving affluence and examines mass affluent individuals’ financial goals, banking patterns, investment preferences, and insurance preferences. The report also covers the region's competitor benchmarking and case studies.

GlobalData forecasts steady growth of the mass affluent population across Anglo markets until 2027f, despite a decline in 2022. Canada, the UK, and the US will be the primary drivers of this growth. New Zealand entered an economic recession at the end of 2023, while Australia is teetering on the brink. Australia is unlikely to see significant growth in its mass affluent population by 2027f, whereas New Zealand may experience higher growth rates, albeit from a lower initial base.

Scope
  • US customers are the most valuable to their respective market in terms of credit ownership. Mass market customers account for the majority of the lending market in the other countries.
  • Premium accounts, especially fee-based accounts, are unpopular among mass affluent customers in these markets. The packages offered are not attractive enough to mass affluents, many of whom can get better benefits from credit cards aimed at the mass affluent.
  • Equities and mutual funds stand out as the favored investment options across Anglo countries. Within these nations, the UK exhibits the lowest penetration rates for both products, signaling a more risk-averse attitude toward investment compared to its counterparts.
Reasons to Buy
  • Access the latest consumer survey data on channel behavior, provider preferences, and product holding.
  • Identify the areas for improvement that matter to particular consumers
  • Benefit from the provision of actionable steps that can help your business target specific customer profiles.

Table of Contents

56 Pages
  • Executive summary
    • The Anglosphere’s mass affluent population is forecast to grow by 6% in 2024
    • Growth drivers
    • Regional breakdown
    • The affluent population in Australia
    • The affluent population in Canada
    • The affluent population in New Zealand
    • The affluent population in the UK
    • The affluent population in the US
    • Financial attitudes
    • Financial goals are centered around a comfortable retirement
    • Research methods
    • How valuable are mass affluent customers?
    • Credit penetration
    • Premium accounts
    • Mortgage insight
    • Insurance penetration
    • Banking channel usage: everyday banking
    • Mass affluent customers’ preferred provider of new products
    • Case study: HSBC Premier checking account
    • How valuable are mass affluent investors?
    • Investment penetration
    • Investment preferences
    • Preferred means of investing
    • Life insurance, offshore account, pension, and investment property penetration
    • Offshore investment drivers
    • New investment provider preferences
    • Case study: CommBank Premier Banking
    • Market shares for key banking products
    • Mass affluent customer tenure and NPS by provider
    • Cross-selling and bundling
    • Market shares for key banking products
    • Mass affluent customer tenure and NPS by provider
    • Cross-selling and bundling
    • Market shares for key banking products
    • Mass affluent customer tenure and NPS by provider
    • Cross-selling and bundling
    • Market shares for key banking products
    • Mass affluent customer tenure and NPS by provider
    • Cross-selling and bundling
    • Market shares for key banking products
    • Mass affluent customer tenure and NPS by provider
    • Cross-selling and bundling
    • Case study: Citigold US
    • Methodology

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