Mass Affluent Consumer Banking

How Banks Can Identify, Target, and Serve This $177 Trillion Global Market

Report by Maria Elm  | Aug 30, 2024
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Executive Summary
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Table of Contents
Executive Summary
Mass affluent customers are an enormous opportunity for retail banks
Mass affluent consumers’ priorities and anxieties create some specific needs
Banks have struggled to serve the mass affluent market
Banks now have a growing array of tools to break into the mass affluent space
Banks should prioritize three strategies when serving mass affluent customers
EMARKETER Interviews
Sources
Media Gallery
About This Report
Mass affluent consumers are a $177.2 trillion global market that banks have struggled to serve. Now emerging technologies are finally enabling them to capture this lucrative demographic.
Topics
Banking
Wealth & Asset Management
US
Table of Contents
Executive Summary
Mass affluent customers are an enormous opportunity for retail banks
Mass affluent consumers’ priorities and anxieties create some specific needs
Banks have struggled to serve the mass affluent market
Banks now have a growing array of tools to break into the mass affluent space
Banks should prioritize three strategies when serving mass affluent customers
EMARKETER Interviews
Sources
Media Gallery

On paper, mass affluent consumers (those with $100,000 to $1 million in liquid assets) are a prize for banks. But targeting difficulties and product limitations have prevented them from serving the market. Now new technologies are opening this opportunity.

Key Question: What do bank strategists and marketers need to know to attract, convert, and retain mass affluent customers?

Wealth Bands Worldwide, by Population and Assets, 2023
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Key Stat: The 613 million individuals worldwide who fall into the mass affluent category hold $177.2 trillion in assets, or more than a third of global wealth, per 2023 UBS estimates. They’ve historically been underbanked, giving early-moving financial institutions (FIs) an advantage.

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    Table of Contents

    1. Executive Summary
    2. Mass affluent customers are an enormous opportunity for retail banks
    3. Mass affluent consumers’ priorities and anxieties create some specific needs
    1. Banks have struggled to serve the mass affluent market
    2. Banks now have a growing array of tools to break into the mass affluent space
    3. Banks should prioritize three strategies when serving mass affluent customers
    1. EMARKETER Interviews
    2. Sources
    3. Media Gallery

    Charts in This Report

    Wealth Bands Worldwide, by Population and Assets, 2023Projected Wealth Mobility Worldwide, 2000-2030
    Average Share of Personal Income US Consumers Expect to Spend on Select Categories Next Month, by Income Bracket, Jan 2024 (% of personal income)Share of Total Customers vs. Deposits at US Traditional Banks, by Wealth Bands, April 2024 (% of total)
    Extremely Important Factors for Trust in a Banking Brand According to US Affluent* Millennials vs. Total Millennials, Oct 2023 (% of respondents)Share of Time Spent on Noncore vs. Core Activities Among Relationship Managers Worldwide, Jan 2023 (% of total)
    Data Types Relationship Managers Worldwide Collect and Use as Primary vs. Alternative Data Source for Client Profiling, Jan 2024 (% of respondents)

    Interviewed for This Report

    Justin MacInnis
    CIBC
    Senior Consultant, Digital Strategy
    Interviewed January 12, 2024

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    authors

    Maria Elm

    Contributors

    Suzy Davidkhanian
    VP, Content
    Tiffani Montez
    Naomi Rebuelta
    Copy Editor
    Amy Rotondo
    Director, US Research
    Matt Torpey
    Senior Chart Editor
    Julia Woolever