Alcone Marketing Group – Consumer Lab

The Consumer Lab is the consumer insights and brand strategy group at Alcone Marketing Group, a consumer activation company.

Growing a New Niche in Retail Banking

Top-performing banks around the world are tailoring their services across all
channels to adapt to the preferences of mass affluent customers–a small but
increasingly influential segment. Although mass affluent customers are 30% more
likely to prefer the online channel, banks can still target them by enhancing
their experience in the branch and on the phone.

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Growing a New Niche in Retail Banking
The growing number of well-to-do consumers has already captured the attention of the retail market, and now banks are getting on board: In early September 2007, HSBC announced the roll out of HSBC Premier — offering borderless banking and preferential services — which they describe as “the first truly global personal banking service for the world’s…mass affluent,” a demographic group that is variously defined as possessing between US$100,000 and $1 million in liquid assets and that has demonstrated a taste for luxury and exclusivity. Another early entrant to the field, Citibank, describes Citigold, which offers exclusive services and rewards to mass affluent customers, as a “premium banking relationship…designed to give you — and your finances — the attention you deserve.”

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Filed under: banking, Consumer, trends

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