Mass affluent populations around the world are growing in size, making them an increasingly important segment for financial providers. These consumers possess more financial products than average, maintain higher levels of savings and investments, and are more likely to use added-value services. This makes them an attractive and profitable segment to target.
Websites are the main research channel for mass affluents. Just over a third visited bank websites when researching their most recent savings account, compared to around a quarter of retail consumers. Mass affluents are also more likely to consult third-party websites.
Digital channels are used far more frequently than branches and call centers, with human channels being used for more complex activities. However, AI-based chat bots will allow digital channels to handle such activities more effectively over time.
Mass affluents are more likely to be very satisfied with their online and mobile banking services with respect to functionality, usability, and security than retail consumers.
This may be due to mass affluents using these channels with greater frequency and hence being more familiar with them.
Verdict Financial’s “Mass Affluents: Channel Use in the UK” is one of a series of snapshots offering insight into the mass affluent consumer segment in the UK. It examines mass affluents’ use of channels with respect to financial services in detail. This snapshot is based on findings from our 2015 Retail Banking Insight Survey.
The snapshot offers insight into:
The channels used when consumers research and apply for current accounts, savings accounts, mortgages, and loans.
What channels are used for particular tasks, and levels of satisfaction with each channel.
Why consumers don’t use particular channels.
Reasons To Buy
Improve your targeting of mass affluents in the UK by learning about their preferences with respect to channel use.
Learn how consumers use banking channels on an ongoing basis.
Understand what you need to do to drive uptake of digital channels.