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Mass Affluents: Product Holding and Preferences in the UK

Published: Jul 6, 2015 | Pages: 34 | Publisher: Verdict Financial | Industry: Financial Services | Report Format: Electronic (PDF)

Summary
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.

Key Findings
-Santander is the leading current account provider among mass affluents. Its 123 Current Account has proved an effective acquisition tool, with mass affluents being attracted by high levels of interest and access to preferential deals on savings accounts, loans, and travel insurance.

-Mass affluents are significantly more likely than retail consumers to possess savings accounts that offer competitive interest rates, online access, and fair withdrawal fees. 

-This highlights the importance of easy, multi-channel access to funds and market-leading rates in attracting mass affluents.

-Mass affluents overwhelmingly choose their mortgage provider on the basis of product characteristics and being an existing customer. As mass affluents are more likely to have complex, non-standard finances, they stand a better chance of being approved for a loan by their main banks on the basis of them having a better understanding of their financial arrangements.

Synopsis
Verdict Financial's "Mass Affluents: Product Holding and Preferences 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' financial product holdings in detail. This snapshot is based on findings from our 2015 Retail Banking Insight Consumer Survey. 

It offers insight into:

-Which providers they use for their current accounts, savings accounts, mortgages, and loans, and the extent to which banks are cross-selling to this segment.

-The factors that drive mass affluents' choice of financial products.

-The product features favored by mass affluents.

Reasons To Buy
-Improve your targeting of mass affluents in the UK by learning about their preferences with respect to product features.

-Identify the key factors that drive mass affluents' choice of providers.

-Understand the extent to which mass affluents are using P2P lenders.
 Table of Contents
Overview Current Accounts Savings Accounts Mortgages Personal Loans

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