Mass Affluents: Channel Use in China

Publisher Name :
Date: 30-Sep-2016
No. of pages: 33

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


  • The Chinese mass affluent space is around 36 million individuals. Demographically, this segment tends to be older, more established, and with greater liquidity. They are also knowledgeable with regards to financial products and more active in the management of their finances. Physically visiting a branch remains the main channel of research for mass affluents when considering a current account provider, and this is demonstrated by a 12 percentage point variance compared to the retail segment.

  • For 88% of mortgages given to mass affluents the branch played a role in the customer journey. However, mass affluents use other channels as part of the application process, with call centers particularly important.

  • The telephone channel is important to mass affluents when arranging a loan. 28% of consumers also used post. If document capture systems can be implemented then the reliance on this channel can diminish, meaning speedier disbursement of funds to the applicant.

  • Mass affluents are avid users of social media, with 91% using social media platforms daily compared to 85% of retail consumers. Financial services providers in China must take note of this opportunity in order to increase engagement with this lucrative segment.


Synopsis

Verdict Financial's "Mass Affluents: Channel Use in China" is one of a series of snapshots offering insight into the mass affluent consumer segment in China. It examines mass affluents' channel preferences in detail. This snapshot is based on findings from our 2015 Retail Banking Insight Survey.

It offers insight into:


  • Which channels mass affluents use for their current accounts, savings accounts, mortgages, and loans, and the extent to which banks are cross-selling to this segment.

  • The factors that drive mass affluents' choice of channel use.

  • Which channels are favored by mass affluents


Reasons To Buy


  • Improve your targeting of mass affluents in China by learning about their preferences with respect to channel features. Identify the key factors that drive mass affluents' choice of channels.

  • Understand the extent to which mass affluents are using P2P lenders and social media.


Companies Mentioned


  • China Everbright Bank

  • Bank of China

  • China Development Bank

  • ICBC

  • China Construction Bank

  • PPDAI

  • WeLend

  • CreditEase

  • Webank

  • NAB

  • Agricultural Bank of China

  • HSBC China

  • Postal SavingsBank of China

  • China Merchants Bank

  • SPD Bank

  • Bank of Beijing

  • Bank of Communications

  • Ping An Bank

  • Bank of East Asia

  • Baixin Bank

  • ICICI bank

  • Baidu and People's Bank of China.

Mass Affluents: Channel Use in China

Table of Contents

Segment Overview
Research
Application
Ongoing Use and Satisfaction
Reasons for Non-use

  • Customer Segmentation in UK Insurance: Exclusivity
    Published: 04-Mar-2017        Price: US 2795 Onwards        Pages: 27
    A small group of consumers positively identify with the Exclusivity customer segment. Around 14% fit into this category. Here, the apparent value for money and level of service received from an insurer is just as important as the brand of the provider. In this regard, Exclusivity consumers fall into two separate groups, each of which prioritizes the brand of an insurer for different reasons. Standard demographic analysis often fails to reveal sufficiently deep insight into how consume......
  • Retail Banking Country Snapshot: Poland 2016
    Published: 16-Feb-2017        Price: US 3450 Onwards        Pages: 46
    Summary Poland has an oligopolistic market for banking services, with the two largest providers PKO Bank Polski and mBank controlling over a third of the current account market. PKO Bank Polski also dominates the market for savings and mortgages. Although online product application is gaining at the expense of branches, uptake is limited by the failure of banks to offer fully digital onboarding. Mobile banking has been eagerly embraced by younger consumers, although u......
  • 2017: Key Trends in Retail Banking
    Published: 30-Jan-2017        Price: US 5250 Onwards        Pages: 25
    Threat posed by the commoditization of banking in terms of pressures on margins and reduced customer loyalty is constantly growing. However, data analytics will enable banks to gain an edge by offering insight that is tailored, relevant, and actionable. For open banking and data analytics to fulfil its potential, consumers must be willing to give consent for their data to be shared with their bank. 63% of North American consumers are willing to share data with their bank in order to r......
  • UK IFAs, Investment Managers and Platforms 2017
    Published: 28-Jan-2017        Price: US 3450 Onwards        Pages: 29
    Summary Independent financial advisors (IFAs) are a key distribution network for investors in the UK. Product providers will do well to understand the priorities and criteria advisors use in selecting their investment partners and platforms, particularly with a growing tendency to cooperate with discretionary fund managers (DFMs). As nearly all advisors in the UK use a platform (or multiple) to manage their clients' assets, understanding why certain platforms are favo......
  • Global Customs Audit Market 2017-2021
    Published: 21-Dec-2016        Price: US 3500 Onwards        Pages: 58
    One of the key growth stimulators in the global customs audit market is the severe penalties imposed by authorities for trade-related transgressions. As smuggling and security concerns are increasing, customs professionals are making regulations stringent, propelling the growth of the market. Also, companies focus on enhancing supply chain efficiency, which has prompted them to employ customs brokers to simplify the process. The analysts forecast the global customs audit market to gro......
  • Global Analytics and Risk Compliance Solutions for Banking Market 2016-2020
    Published: 16-Dec-2016        Price: US 2500 Onwards        Pages: 111
    Financial services, insurance, and banks are among the most data-driven industries. Commercial banks and insurance companies operate within regulatory environments that require firms to store and analyze several years of transactional data. For making the most from the business financial services, companies rely on relational technologies coupled with business intelligence tool to handle the ever-increasing data and analytics burden. In today's world of information, financial service industry......
  • Retail Banking Country Snapshot: Turkey 2016
    Published: 15-Dec-2016        Price: US 3450 Onwards        Pages: 49
    Summary Turkey has a growing financial services market, enlivened by the innovative approach traditional banks have taken. Ownership of key financial products is widespread, with consumers favoring local providers that have a good reputation. Fintech providers are widely known in the country, though the traditional banks have developed advanced online and mobile services. Usage of branches for more complex interactions endures, though usage of online and mobile servic......
  • Retail Banking Country Snapshot: Indonesia 2016
    Published: 13-Dec-2016        Price: US 3450 Onwards        Pages: 44
    Summary Indonesia has a sizable segment that resembles a development stage similar to markets such as Malaysia. Consumers within this segment are very much like those in developed markets, whereby they embrace the convenience brought to banking by digital platforms and are sensitive about price. On the other hand, a significant proportion of the adult population still do not have a bank account. This highlights the massive opportunities that lie ahead in the Indonesia......
  • High Net Worth trends in China 2016
    Published: 08-Dec-2016        Price: US 1995 Onwards        Pages: 67
    Synopsis This report provides projections of the volume and wealth of China HNWIs. This includes demographic trends (2011-2015) and findings of the proprietary Wealth Insight HNWI Database. Summary This report is the result of WealthInsight's extensive research covering the high net worth individual (HNWI) population and wealth management market in China. The report focuses on HNWI performance between the end of 2011 a......
  • SERVICES
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - sales@rnrmarketresearch.com / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs