Mass Affluent Banking in Western Europe 2023

Mass Affluent Banking in Western Europe 2023

Summary

This report analyzes Western Europe’s mass affluent market, including 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, most customers conduct their banking digitally either on a mobile app or on a provider’s website. Despite the digitization of retail banking and new challenger entrants, Western European mass affluent consumers generally still hold a reasonably strong preference for traditional banks. This report provides crucial insights into the behaviors of mass affluent customers, empowering banks to tailor their offerings effectively. By leveraging data on market sizes and growth projections for Western European 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 in this region will slow significantly compared to its historical growth.
• Mass affluent customers still prefer to use traditional banks the most for any banking product.
• Customers in this region are not sold on the idea of paying for a premium current account. Banks need to do more in order to make themselves more attractive to customers in order to cross-sell more products and services.

Reasons to Buy

• Understand how consumer preferences vary between different customer demographics.
• Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
• 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.