Mass Affluents are Increasingly Important for Financial Providers, States Verdict Retail in Its New Report Available at MarketPublishers.com

29 Jun 2016 • by Natalie Aster

LONDON – At present, mass affluent populations demonstrate growth all over the world, and this makes them an increasingly important segment as related to financial providers due to the fact that these consumers own more financial products than other people, they maintain higher levels of investments and savings. Besides, they are more interested in added-value services than other consumers.

At present, the current account market for mass affluents is ruled by DBS and POSB. Their combined share stands at more than 55.8%.

When it comes to choosing a savings provider, branch location and locality represent major drivers. Though digital channels play an increasingly important role, banks should preserve their physical presence. Personal recommendations also have large impact on the choice, and a focus on advocacy can be a solution for banks.

In Singapore, HSB (backed by the government) is the number one player in the local mortgage marketplace. DBS is the largest player amongst commercial lenders.

New research report “Mass Affluents: Product Holding and Preferences in Singapore” drawn up by Verdict Retail provides a comprehensive guide to trends in the mass affluent consumer segment in Singapore. This study delves deep into financial product holdings of the mass affluents. It covers such issues as a choice of providers of current accounts, mortgages, loans, and more.

The report throws light on factors that impact the affluents while they choose financial products. Details on features of products favored amongst these consumers can be found in the research study, too.

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Natalie Aster
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