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.
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?
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
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
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