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Mass Affluent Banking in Western Europe 2023

Publisher GlobalData
Published May 13, 2024
Length 62 Pages
SKU # GBDT18815317

Description

Mass Affluent Banking in Western Europe 2023


Summary

This report analyzes Western Europe’s mass affluent market, including 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.

Based on the consumer profiles covered in this report, a few general results can be gleaned. For example, most customers conduct their banking digitally either on a mobile app or on a provider’s website. Despite the digitization of retail banking and new challenger entrants, Western European mass affluent consumers generally still hold a reasonably strong preference for traditional banks. This report provides crucial insights into the behaviors of mass affluent customers, empowering banks to tailor their offerings effectively. By leveraging data on market sizes and growth projections for Western European markets, banks can strategically attract and cater to this lucrative demographic, enhancing their competitiveness and profitability.

Scope
  • The future growth rate of the mass affluent in this region will slow significantly compared to its historical growth.
  • Mass affluent customers still prefer to use traditional banks the most for any banking product.
  • Customers in this region are not sold on the idea of paying for a premium current account. Banks need to do more in order to make themselves more attractive to customers in order to cross-sell more products and services.
Reasons to Buy
  • Understand how consumer preferences vary between different customer demographics.
  • Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
  • 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

62 Pages
  • Executive Summary
    • The mass affluent across Western Europe will grow only marginally
    • Growth drivers
    • Regional breakdown
    • The mass affluent in Belgium
    • The mass affluent in France
    • The mass affluent in Germany
    • The mass affluent in Italy
    • The mass affluent in Luxembourg
    • The mass affluent in the Netherlands
    • The mass affluent in Spain
    • Financial attitudes
    • Financial goals are centered on a comfortable retirement
    • Research methods
    • How valuable are mass affluents in Western Europe?
    • Credit penetration
    • Intesa Sanpaolo: Exclusive Credit Card
    • Premium accounts
    • Mortgage insight
    • Insurance penetration
    • Banking channel usage: Overall
    • Mass affluent preferred channel of acquisition
    • How valuable are mass affluents?
    • Investment penetration
    • Investment preferences
    • The mass affluent still want a face-face meeting
    • Other investment penetration
    • Offshore investment drivers
    • Preferences for new investment provider
    • BNP Paribas Fortis: Priority Banking Exclusive; Iris investment advisory contract
    • The major retail banks dominate among the mass affluent as well
    • AXA stands out among mass affluents with high market shares, NPS, and tenure
    • Cross-selling and bundling in Belgium
    • Crédit Agricole leads the French market across all products and affluence groups
    • France has the most loyal mass affluent customers with low switching rates
    • Cross-selling and bundling in France
    • One third of current accounts in Germany are consolidated at Sparkassen
    • All German banks achieved a positive NPS
    • Cross-selling and bundling in Germany
    • The Italian market is dominated by Intesa Sanpaolo
    • Low rate of switching despite many passives and detractors in Italy
    • Cross-selling and bundling in Italy
    • The Dutch market is highly concentrated with little competition
    • Low satisfaction and short tenures among the Dutch mass affluent
    • Cross-selling and bundling in the Netherlands
    • ABN Amro Netherlands: Preferred Banking
    • Spain
    • Santander’s Openbank is a good platform for the rest of the bank
    • Cross-selling and bundling in Spain
    • Methodology
    • Methodology and sources

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