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.
Mass affluents in Singapore hold significantly more product types than retail consumers, with the greatest differentials for investments, insurance products, credit cards, and savings accounts. Providers should consider offering robot-advice investment tools to cost-effectively service their needs.
Mass affluents are nearly twice as likely as retail consumers to be using a savings account to fund their retirement and to fund a future investment. Banks can help by adding savings goal features that allow savers to monitor their progress and that use prompts and notifications to modify behavior where necessary.
Mass affluents are more willing than retail consumers to consider switching to a digital-only bank. Competitive rates will play a decisive role in persuading mass affluents to switch to a newly established provider, meaning new entrants will have to compete aggressively on price to win over mass affluents.
Verdict Financial's "Mass Affluents: Attitudes and Needs in Singapore" is one of a series of snapshots offering insight into the mass affluent consumer segment in Singapore. It examines mass affluents' detailed attitudes towards personal finance. This snapshot is based on findings from our 2015 Retail Banking Insight Survey.
The snapshot offers insight into:
Mass affluents' product preferences and motivations for taking out specific products.
Attitudes towards digital channels and new entrants.
Preferences with respect to using financial management services.
Reasons To Buy
Improve your targeting of mass affluents in Singapore by learning about their preferences and attitudes to financial services.
Identify the drivers that motivate mass affluents to purchase key financial products.
Learn how likely they are to switch to a new provider and their reasons for doing so.
Entrants and Technology
Single User License:
Corporate User License:
Standard and Chartered
Mass affluent, consumer, current account, savings account,
select a license
NEWSLETTER BY CATEGORY
Coherent, high-quality, thoroughly-researched reports. We received a very quick response to all our queries which eventually expedited the entire process.... "VP Innovation, Engineered Profiles LLC"
Well structured, the insights they shared with us were very helpful and reliable. Their timely assistance make their services invaluable to us. I would highly recommend them and would definitely use them again in the future if needed... "President, VPP E-Data Services, VPP E-Data Services"
The report sent to us was on the point, and its information was quite extensive, well structured, and well researched. More importantly what we valued was your response time and professionalism. As a leading global consulting firm, our clients expect high quality deliverables in short periods of time, so a reliable research partner is essential. For the price that you have charged the quality of your services were exceptional. We look forward to continue our relationship with your team on future engagements.... "Senior Associate, Booz Allen Hamilton"
This is with regards to your report on India PVC pipes and fitting market outlook industry outlook to 2019. This is a very well written report and accept my compliments on the same.... ... "Mohit Mittal, Consultant, KPMG Advisory Services"
I am pleased to see the very useful and productive information in the report..Very well structured great presentation reflect professionalism in your research studies.... "Mustafa Masood, Financial Analyst , Coldwell Banker Riyadh"