Targeting the Australian Mass Affluent

Date: 2015-11

For banks looking to increase their turnover, targeting the mass affluent represents the single greatest return for effort. Effectively engaging with the segment will, on average, result in four times as much business for a bank without any change to overall customer numbers.

– Understand best-practice examples from competitors within the market and where the mass affluent fit in terms of strategy.
– Place a dollar value on the difference between a mass affluent client and a retail market equivalent.
– Compare mass affluent and mass market cross-selling opportunities.

– In which segments is the mass affluent opportunity sufficiently developed as to be a viable market in terms of size and assets?
– What products represent the greatest earning potential from a mass affluent client?
– How much more business can a mass affluent client base bring a bank?
– What is the mass affluent cross-selling opportunity?

Key Highlights
The mass affluent market in Australia offers a large client pool with significant assets to service. Authorized deposit-taking institutions (ADIs) that are able to successfully appeal to this segment will enjoy significant advantages in terms of potential business volumes.

The mass affluent provide several opportunities for banks to earn income from a greater range of products. Much of the focus is on their assets, but the segment has significant credit needs that represent the bulk of their earning potential for an ADI.

The need for advice cannot be underscored and any mass affluent proposition in Australia will need to include this aspect. Besides representing a potential fee-earning service, the advice allows ADIs to deepen the client relationship and de-commoditize the client’s view of financial services.”

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