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Mass Affluents in China: Product Holding and Preferences

Mass Affluents in China: Product Holding and Preferences

  • July 2016
  • 33 pages
  • ID: 3978506
In this report:
Longstanding reputation (##%), financial stability (##%), and international brand (##%) are key drivers for mass affluents when choosing a savings provider.
Bank of East Asia (China) signed a strategic partnership agreement with WeBank (China's first online-only bank) in 2015 to work together in areas including interbank lending, customer referrals, credit cards, personal loans, and wealth management.

Summary

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Brief

Mass affluent populations around the globe are increasing in size, making them an increasingly decisive segment for financial providers. These consumers possess more financial products than average, maintain bigger levels of savings and investments, and are more likely to use added-value services. This makes them an attractive and profitable segment to target.

Main highlights

- Mass affluents are more inclined than retail consumers to keep their savings with their principal bank. More than three quarters (76.0 percent) of mass affluents use the same provider for both products, which is marginally better than the 70.0 percent of retail consumers. This also makes mass affluents a particularly valuable segment in which to drive cash flow for lending operations.

- ICBC enjoys a strong lead over its rivals in the current account market, with a 27.0 percent share among mass affluents vs 25.0 percent for the retail market. China Construction Bank follows closely with a market share of 24%. Collectively, the best three banks hold 64.0 percent of the mass affluent market in China (CN).

- Longstanding reputation (34.0 percent), financial stability (29.0 percent), and worldwide brand (22.0 percent) are top drivers for mass affluents when choosing a savings provider. The first two factors are significantly more crucial to mass affluents than retail consumers, suggesting that traditional, established banks have an intrinsic advantage when competing for this segment.

- Conditions appear favorable for future growth in P2P lending in China (CN), with 66.0 percent of mass affluents claiming to be happy to borrow from such a lender, and 50.0 percent happy to invest funds in this sector. Regulators need to ensure strict oversight in order to prevent any main losses that may dent consumer confidence.

Abstract

Verdict Financial's Mass Affluents: Product Holding and Preferences in China report is one of a series of snapshots offering insight into the mass affluent consumer segment in China (CN). It examines mass affluents' financial product holdings in detail. This snapshot is based on findings from our 2015 Retail Banking Insight Consumer Survey.

Great reasons to purchase

- Improve your targeting of mass affluents in China (CN) by learning about their preferences with respect to product features.Identify the main factors that drive mass affluents' choice of providers.

- Comprehend the extent to which mass affluents are using P2P lenders

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