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Mass Affluents: Attitudes and Needs in Singapore

Mass Affluents: Attitudes and Needs in Singapore

  • July 2016
  • 20 pages
  • ID: 4012197
  • Format: PDF
  • By GlobalData

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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
- Mass affluents in Singapore hold significantly more product types than retail consumers, with the greatest differentials for investments, insurance products, credit cards, and savings accounts. Providers should consider offering robot-advice investment tools to cost-effectively service their needs.

- Mass affluents are nearly twice as likely as retail consumers to be using a savings account to fund their retirement and to fund a future investment. Banks can help by adding savings goal features that allow savers to monitor their progress and that use prompts and notifications to modify behavior where necessary.

- Mass affluents are more willing than retail consumers to consider switching to a digital-only bank. Competitive rates will play a decisive role in persuading mass affluents to switch to a newly established provider, meaning new entrants will have to compete aggressively on price to win over mass affluents.

Synopsis
Verdict Financial's “Mass Affluents: Attitudes and Needs in Singapore” is one of a series of snapshots offering insight into the mass affluent consumer segment in Singapore. It examines mass affluents' detailed attitudes towards personal finance. This snapshot is based on findings from our 2015 Retail Banking Insight Survey.

The snapshot offers insight into:

- Mass affluents' product preferences and motivations for taking out specific products.

- Attitudes towards digital channels and new entrants.

- Preferences with respect to using financial management services.

Reasons To Buy
- Improve your targeting of mass affluents in Singapore by learning about their preferences and attitudes to financial services.

- Identify the drivers that motivate mass affluents to purchase key financial products.

- Learn how likely they are to switch to a new provider and their reasons for doing so.

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