Mass Affluent Banking in the Middle East 2023

Mass Affluent Banking in the Middle East 2023

Summary

This report analyzes the Middle East's mass affluent market. This includes overall mass affluent market size (number of individuals) and their distribution in the region. The report provides analysis of the factors driving affluence and examines mass affluent individuals’ financial goals, banking patterns, investment preferences, and insurance preferences. The report also covers the region's competitor benchmarking and case studies.

Based on the consumer profiles covered in this report a few general results can be gleaned. For example, compared to the mass market, mass affluent customers require more frequent interactions with their providers and are more comfortable engaging through non-conventional channels such as chatbots and video banking. Middle Eastern mass affluents are also highly open to alternative providers, putting traditional banks at risk of losing these profitable customers. This report provides crucial insights into the behavior of mass affluent customers, empowering banks to tailor their offerings effectively. By leveraging data on market sizes and growth projections for Middle Eastern markets, banks can strategically attract and cater to this lucrative demographic, enhancing their competitiveness and profitability.

Scope

• The future growth rate of the mass affluent segment will slow significantly compared to historical growth.
• Digital wallets are now the preferred provider type for deposit accounts, budgeting tools, and foreign exchange transactions.
• Nearly all mass affluents in the region are open to paying a fee for premium account features, creating an opportunity for banks to leverage with targeted premium offers.

Reasons to Buy

• Access the latest consumer survey data on channel behavior, provider preferences, and product holding.
• Identify the areas for improvement that matter to particular consumers
• Benefit from the provision of actionable steps that can help your business target specific customer profiles.